Marginal note:Books and systems
(a) books of account and records in relation thereto to be kept, and
(b) financial and management control and information systems and management practices to be maintained,
in respect of itself and each of its wholly-owned subsidiaries, if any.
(2) The books of account, records, systems and practices referred to in subsection (1) shall be kept and maintained in such manner as will provide reasonable assurance that
(a) the assets of the Corporation and of each subsidiary are safeguarded and controlled;
(b) the transactions of the Corporation and of each subsidiary are in accordance with this Part and the by-laws of the Corporation or subsidiary and, in the case of a subsidiary of the Corporation, its charter or any other document by or in accordance with which it is established; and
(c) the financial, human and physical resources of the Corporation and of each subsidiary are managed economically and efficiently and the operations of the Corporation and of each subsidiary are carried out effectively.
Marginal note:Internal audit
(3) The Corporation shall cause internal audits to be conducted in respect of itself and each of its wholly-owned subsidiaries, if any, to assess compliance with subsections (1) and (2).
Marginal note:Financial statements
(4) The Corporation shall cause financial statements to be prepared annually in respect of itself and its wholly-owned subsidiaries, if any, in accordance with generally accepted accounting principles, as supplemented or augmented by regulations made under subsection (6).
Marginal note:Form of financial statements
(5) The financial statements of the Corporation and of a wholly-owned subsidiary shall be prepared in a form that clearly sets out information according to the major businesses or activities of the Corporation or subsidiary.
(6) The Treasury Board may, for the purposes of subsection (4), make regulations respecting financial statements of the Corporation, but those regulations shall only supplement or augment generally accepted accounting principles.
Marginal note:Reports to Minister
(7) The Board shall make to the Minister such reports of the financial affairs of the Corporation as the Minister requires.
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