Marginal note:Qualified privilege
127. An oral or written statement or report made under this Part by an auditor or examiner has qualified privilege.
Marginal note:Audit committee
128. (1) Each institution shall establish an audit committee composed of not less than three commissioners or directors who are not officers of the institution and who are competent to perform the duties set out in subsection (2).
(2) An audit committee shall
(a) review, and advise the board of directors in respect of, the financial statements that are to be included in the annual report of the institution;
(b) oversee any internal audit of the institution;
(c) review, and advise the board of directors in respect of, the annual auditor’s report in respect of the institution;
(d) review, and advise the board of directors in respect of, any plan and report of a special examiner; and
(e) perform any other functions that are assigned to it by the board of directors of the institution.
Marginal note:Auditor’s or examiner’s attendance
(3) An auditor and any examiner of an institution are entitled to receive notice of every meeting of the audit committee and, at the expense of the institution, to attend and be heard at each meeting.
Marginal note:Required attendance
(4) The auditor or examiner of an institution shall attend any meeting of the institution’s audit committee at which he or she is requested to attend by a member of that committee.
Marginal note:Calling meeting
(5) The auditor or examiner of an institution or a member of the institution’s audit committee may call a meeting of that committee.
Marginal note:Disclosure of material developments
129. The chief executive officer of an institution shall, as soon as reasonably practicable, notify the Minister and any commissioner or director of the institution not already aware of them of any financial or other developments that, in the chief executive officer’s opinion, are likely to have a material effect on the performance of the institution, relative to its objectives or requirements for funding.
Marginal note:Annual report
130. (1) Each institution shall, within four months after the end of each financial year, submit to the Minister an annual report on the operations of the institution in that year.
Marginal note:Form and contents
(2) The annual report of an institution shall be prepared in a form that clearly sets out information according to the major businesses or activities of the institution and shall include
(a) the financial statements of the institution;
(b) the annual auditor’s report;
(c) a statement on the extent to which the institution has met its objectives for the financial year;
(d) any quantitative information respecting the performance of the institution that the Minister may require to be included; and
(e) any other information that is required under this Act or any other Act of Parliament.
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