Bill C-364

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First Reading

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	1st Session, 37th Parliament, 49-50 Elizabeth II, 2001
	House of Commons of Canada
	BILL C-364
	An Act to require Crown corporations and departments of government to have annual internal audits the reports of which are to be submitted to the Auditor General of Canada
	Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:
Short title	1. This Act may be cited as the Departmental Internal Audit Act.
Definitions	2. The definitions in this section apply in this Act.
``Auditor General'' « vérificateur général »	``Auditor General'' means the Auditor General of Canada appointed pursuant to the Auditor General Act.
``Crown corporation'' « société d'État »	``Crown corporation'' has the meaning assigned to that expression by section 83 of the Financial Administration Act.
``department'' « ministère »	``department'' has the meaning assigned to that expression by section 2 of the Financial Administration Act.
Purposes	3. The purposes of this Act are
	(a) to secure a greater involvement and commitment of Crown corporations and departments in their own financial regulation; and
	(b) to assist the Auditor General in the timely fulfilment of the duties required under the Auditor General Act.
Annual internal audit	4. (1) Every Crown corporation and department shall, in respect ofeach fiscal year, cause to be prepared an internal audit and financial statement of its operations.
Approved auditors	(2) The internal audit shall be carried out by
	(a) internal auditors consisting of members of the staff of the Crown corporation or department with the qualifications prescribed by the Auditor General;
	(b) external independent auditors who are not on the staff of the Crown corporation or department, and who are persons with the qualifications prescribed by the Auditor General; or
	(c) a combination of the persons described in paragraphs (a) and (b), as prescribed by the Auditor General.
Internal audit report	5. (1) The internal audit report shall be submitted to
	(a) the head of the Crown corporation or the minister for the department, as the case may be; and
	(b) the Auditor General.
Further examination	(2) The head or minister or the Auditor General, after reviewing the internal audit report, may require further examination of financial records to be carried out and, if warranted, a revised internal audit report to be submitted.
Use by Auditor General	6. The Auditor General may use the internal audit report prepared pursuant to section 5 in the fulfilment of the Auditor General's duties under the Auditor General Act and may also make further inquiries and examinations of the records of the Crown corporation or department as are necessary to fulfill those duties.
Qualifications prescribed	7. The Auditor General may, for the purpose of section 4, prescribe the qualifications of persons and combinations of persons who may carry out internal audits.

Bill C-364

BILL C-364