Marginal note:Annual auditor’s report
120. (1) Each institution shall cause an annual auditor’s report to be prepared in accordance with any directions of the Minister, on
(a) its financial statements; and
(b) any quantitative information required to be audited under subsection (3).
(2) A report under subsection (1) shall
(a) include separate statements as to whether in the auditor’s opinion
(i) the financial statements are presented fairly, in accordance with generally accepted accounting principles, applied on a basis consistent with that of the preceding year,
(ii) the quantitative information is accurate in all material respects and, if applicable, was prepared on a basis consistent with that of the preceding year, and
(iii) the transactions of the institution that have come to the auditor’s notice in the course of his or her examination for the report were carried out in accordance with this Act; and
(b) call attention to any other matter falling within the scope of the auditor’s examination for the report that, in his or her opinion, should be brought to the attention of the institution or the Minister.
Marginal note:Audit of quantitative information
(3) The Minister may require that any quantitative information required to be included in an institution’s annual report pursuant to paragraph (2)(a) be audited.
Marginal note:Presentation to Minister
(4) Each institution shall submit its audited financial statements to the Minister at least 30 days before the day of its annual meeting.
Marginal note:Special examination
121. (1) Each institution shall, at least once every five years and at any other time required by its board of directors or by the Minister, cause a special examination to be carried out in respect of its operations to determine if the books, records, systems and practices referred to in section 119 were, in the period under examination, maintained in a manner that met the requirements of that section.
(2) Before commencing a special examination, an examiner shall survey the systems and practices of the institution to be examined and submit a plan for the examination, including a statement of the criteria to be applied in the examination, to the audit committee of the institution.
Marginal note:Resolution of disagreements
(3) Any disagreement between the examiner and the audit committee or board of directors of an institution with respect to a plan referred to in subsection (2) shall be resolved by the Minister.
Marginal note:Reliance on internal audit
(4) An examiner shall, as far as is practicable, rely on any internal audit conducted pursuant to subsection 119(3) in respect of the institution being examined.
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