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Bill C-253

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First Session, Forty-fourth Parliament,
70-71 Elizabeth II, 2021-2022
HOUSE OF COMMONS OF CANADA
BILL C-253
An Act to amend the Bank of Canada Act and to make consequential amendments to other Acts
FIRST READING, February 9, 2022
Mr. Scheer
441126


SUMMARY

This enactment amends the Bank of Canada Act to provide that the Auditor General of Canada is one of the auditors for the Bank of Canada and makes consequential amendments to the Auditor General Act and the Financial Administration Act.
Available on the House of Commons website at the following address:
www.ourcommons.ca


1st Session, 44th Parliament,
70-71 Elizabeth II, 2021-2022
HOUSE OF COMMONS OF CANADA
BILL C-253
An Act to amend the Bank of Canada Act and to make consequential amendments to other Acts
Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:

Short Title

Short title
1 This Act may be cited as the Bank of Canada Accountability Act.
R.‍S.‍, c. B-2

Bank of Canada Act

2 Subsections 28(1) to (4) of the Bank of Canada Act are replaced by the following:
Auditor
Start of inserted block
28 (1) The Auditor General of Canada and the firm of accountants appointed under subsection (1.‍1) are the auditors of the Bank.
End of inserted block
Appointment of second auditor
Insertion start (1.‍1) Insertion end  The Governor in Council shall, on the recommendation of the Minister, appoint Insertion start a firm Insertion end of accountants eligible to be appointed as Insertion start auditor Insertion end of a bank to audit the affairs of the Bank.
Term of office
(2) Every firm of accountants appointed after November 30, 1980 shall be appointed to perform annual audits for the five fiscal years following the year of its appointment.
Vacancies
(3)  Insertion start If Insertion end any vacancy occurs in the office of auditor of the Bank Insertion start held by the firm of accountants Insertion end , notice Insertion start of the vacancy Insertion end shall be given Insertion start without delay Insertion end by the Bank to the Minister who, Insertion start on being notified Insertion end , shall appoint Insertion start another Insertion end firm of accountants eligible to be appointed under this section to audit the affairs of the Bank for the balance of the term of the firm of accountants Insertion start that is Insertion end replaced.
Persons who may not act
(4) No firm of accountants of which a director is a member is eligible for appointment as an auditor and Insertion start no firm of accountants Insertion end is eligible for appointment for a second successive term.
R.‍S.‍, c. A-17

Auditor General Act

3 The definition registrar in section 2 of the Auditor General Act is replaced by the following:
registrar means the Bank of Canada and a registrar appointed under Insertion start Part III.‍2 or Insertion end Part IV of the Financial Administration Act; (registraire)
R.‍S.‍, c. F-11

Financial Administration Act

4 Subsection 85(1) of the Financial Administration Act is replaced by the following:
Exemption for Bank of Canada
85 (1) Divisions I to IV, except for sections 89.‍8 to 89.‍92, 131.‍1, Insertion start 132 to 147 Insertion end and 154.‍01, do not apply to the Bank of Canada.
Published under authority of the Speaker of the House of Commons

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