Bill C-2
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Auditor |
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Appointment
of auditor
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42. (1) The auditor of the Board shall be
appointed annually by the board of directors,
and may be removed at any time by the board
of directors.
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Re- appointment
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(2) On the expiration of the appointment of
the auditor of the Board, the auditor is eligible
for re-appointment.
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Continuation
in office
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(3) Notwithstanding subsection (1), if an
auditor of the Board is not appointed to take
office on the expiration of the appointment of
an incumbent auditor, the incumbent auditor
continues in office until a successor is ap
pointed.
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Definition of
``firm of
accountants''
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43. (1) In this section, ``firm of accoun
tants'' means a partnership, the members of
which are accountants engaged in the practice
of accounting, or a body corporate that is
incorporated by or under an Act of the
legislature of a province and engaged in the
practice of accounting.
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Qualification
of auditor
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(2) A natural person or firm of accountants
is qualified to be the auditor of the Board if
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Independence
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(3) For the purposes of this section,
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Joint
designation
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(4) Within 15 days after appointing a firm of
accountants as its auditor, the Board and the
firm shall jointly designate a member or
officer of the firm who has the qualifications
described in paragraph (2)(a) to conduct the
audit of the Board on behalf of the firm.
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Resignation
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(5) An auditor of the Board who becomes
disqualified under this section shall resign
without delay after becoming aware of the
disqualification.
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When
resignation
becomes
effective
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(6) A resignation of an auditor of the Board
becomes effective at the time the Board
receives a written resignation from the auditor
or at the time specified in the resignation,
whichever is later.
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Statement of
auditor
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(7) Where the Board's auditor resigns or
receives a notice or otherwise learns of a
meeting of the board of directors at which
another auditor is to be appointed in place of
the auditor and the auditor objects to being
replaced, the auditor shall submit to the Board
a written statement giving the reasons for the
resignation or the reasons why the auditor
objects to being replaced.
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Statement to
be sent to
Ministers
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(8) Where the Board receives a written
statement referred to in subsection (7) that
relates to a resignation of its auditor as a result
of a disagreement with the directors or officers
of the Board or that relates to a replacement or
proposed replacement of the auditor, the
Board shall without delay send a copy of the
statement to the Minister and to the appropri
ate provincial Ministers of the participating
provinces.
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Right to Information |
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Right to
information
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44. (1) On the request of the Board's
auditor, the present or former directors, offi
cers, employees or agents of the Board shall
provide to the auditor all information and
explanations, and all access to records, docu
ments, books, accounts and vouchers of the
Board and its subsidiaries, that the auditor
considers necessary to prepare any report
required by this Act and that they are reason
ably able to furnish.
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Directors'
duties
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(2) On the request of the Board's auditor, the
directors shall
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Reliance on
reports
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(3) The Board's auditor may reasonably
rely on any report of any other auditor of the
Board.
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No civil
liability
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(4) A person who in good faith makes an
oral or written communication under subsec
tion (1) or (2) shall not be liable in any civil
action arising from having made the commu
nication.
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Qualified Privilege |
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Qualified
privilege
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45. Any oral or written statement or report
made under this Act by the Board's auditor or
a former auditor of the Board has qualified
privilege.
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Special Audit |
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Special audit
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46. (1) The Minister may, if the Minister
considers it necessary, appoint an auditor to
conduct a special audit of the Board or any of
its subsidiaries.
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Costs of audit
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(2) The costs of a special audit are payable
by the Board.
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Other sections
to apply
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(3) Sections 43 to 45 apply in respect of a
special auditor, with any modifications that
the circumstances require.
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Special Examination |
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Special
examination
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47. (1) The Minister may cause a special
examination to be carried out in respect of the
Board or any of its subsidiaries to determine if
the systems and practices referred to in
paragraph 39(1)(b) were, in the period under
examination, maintained in a manner that
provided reasonable assurance that they met
the requirements of paragraphs 39(2)(a) and
(c).
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Consultation
required
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(2) Before causing a special examination to
be carried out, the Minister shall consult with
the appropriate provincial Ministers of the
participating provinces.
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Plan
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(3) Before an examiner commences a
special examination, the examiner shall sur
vey the systems and practices of the Board or
of the subsidiary being examined, as the case
may be, and submit a plan to the audit
committee for the examination, including a
statement of the criteria to be applied in the
examination.
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Resolution of
disagree- ments
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(4) Disagreements, if any, between the
examiner and the audit committee with re
spect to a plan referred to in subsection (3)
may be resolved by the Minister.
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Reliance on
internal audit
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(5) An examiner shall rely on any internal
audit conducted under subsection 39(3), to the
extent that the examiner considers that re
liance to be practicable.
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Report
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48. (1) An examiner shall, on completion of
the special examination, submit a report on the
examiner's findings to the Minister and the
appropriate provincial Ministers.
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Contents
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(2) The report of an examiner shall include
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Who conducts
examination
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49. (1) Subject to subsection (2), a special
examination referred to in section 47 shall be
carried out by the Board's auditor or, where
the Minister has consulted the board of
directors and is of the opinion that it is
necessary, by an auditor appointed by the
Minister.
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Sections 43 to
45 apply
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(2) Sections 43 to 45 apply in respect of an
examiner as though the references in that
section to an auditor were references to an
examiner.
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REPORTING |
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Quarterly Statements |
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Statements to
go to
Ministers
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50. The Board shall send copies of the
quarterly financial statements prepared in
accordance with subsection 39(6) to the
Minister and the appropriate provincial Minis
ters within 45 days after the end of the three
month period to which it relates.
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Annual Report |
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Annual report
required
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51. (1) The Board shall as soon as possible,
but in any case within 90 days, after the end of
each financial year provide the Minister and
the appropriate provincial Ministers with an
annual report on the operations of the Board in
that year and the Board shall make copies of
the report available to the public.
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Tabling in
Parliament
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(2) After receiving the annual report, the
Minister shall cause it to be laid before each
House of Parliament on any of the next 15 days
during which that House is sitting.
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Contents
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(3) The annual report shall contain
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PUBLIC MEETINGS |
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Public
meetings
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52. (1) The Board shall hold a public
meeting once every two years in each partici
pating province to discuss the Board's most
recent annual report and to give interested
persons an opportunity to comment on it.
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Notice of
meeting
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(2) The Board shall publish a notice of each
meeting at least 10 days before the date of the
meeting in at least one newspaper of general
circulation in the province where the meeting
will take place. The notice shall indicate the
date, time and place of the meeting and where
copies of the Board's most recent annual
report can be obtained.
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Directors and
officers to
attend
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(3) The Board shall require one or more
directors or officers of the Board to be at the
meeting to answer questions from the public
and shall have copies of the Board's most
recent annual report available for distribution
at the meeting.
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REGULATIONS |
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Regulations
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53. (1) The Governor in Council may make
regulations
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Application
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(2) A regulation made under subsection (1)
has no force or effect until the appropriate
provincial Minister of each of at least two
thirds of the participating provinces having in
total not less than two thirds of the population
of all of the participating provinces has
approved the regulation.
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Determi- nation of population
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(3) For the purposes of subsection (2), the
population of a province at any time in a year
in respect of which the determination of the
province's population is relevant means the
province's population on June 1 of that year,
as estimated by the Chief Statistician of
Canada.
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