35. (1) The Board shall appoint an auditor for the Foundation and fix the auditor’s remuneration.
Marginal note:Qualifications of auditor
(2) In order to be appointed, the auditor must be
(a) a natural person who
(i) is a member in good standing of an institute or association of accountants incorporated by or under an Act of the legislature of a province,
(ii) has at least five years experience at a senior level in carrying out audits,
(iii) is ordinarily resident in Canada, and
(iv) is independent of the Board, the directors, the officers and, if any, the members of the Foundation; or
(b) a firm of accountants of which the member or employee, jointly designated by the Board and the firm to conduct the audit of the books and records of the Foundation on behalf of the firm, meets the qualifications set out in paragraph (a).
- R.S., 1985, c. A-13, s. 35;
- 2005, c. 30, s. 77.
35.1 The accounts and financial transactions of the Foundation shall be audited annually and a report of the audit shall be made to the Board.
- 2005, c. 30, s. 77.
Marginal note:Annual report
36. (1) The Board shall, within four months after the end of each fiscal year of the Foundation, submit to the Minister a report, in both official languages, of the activities of the Foundation for that year. The report shall include
(a) the financial statements of the Foundation for that year, prepared in accordance with generally accepted accounting principles, and the auditor’s report on those financial statements;
(b) a detailed statement of its investment activities during that year and its investment portfolio as at the end of that year;
(c) a detailed statement of its funding activities;
(d) a statement of its plans for fulfilling its purpose for the next fiscal year; and
(e) an evaluation of the overall results achieved by the Foundation.
Marginal note:Tabling in Parliament
(2) The Minister shall cause a copy of the report to be laid before each House of Parliament on any of the first 15 days on which that House is sitting after the Minister receives it.
Marginal note:Making report available
(3) The Board shall, as soon as is practicable after it is tabled under subsection (2), make the report available for public scrutiny.
- R.S., 1985, c. A-13, s. 36;
- 2005, c. 30, s. 78.
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