Financial Administration Act (R.S.C., 1985, c. F-11)

Marginal note:Annual auditor’s report

• 132. (1) Each parent Crown corporation shall cause an annual auditor’s report to be prepared, in respect of itself and its wholly-owned subsidiaries, if any, in accordance with the regulations, on

  • (a) the financial statements referred to in section 131 and any revised financial statement referred to in subsection 133(3); and

  • (b) any quantitative information required to be audited pursuant to subsection (5).

• Marginal note:Contents

  (2) A report under subsection (1) shall be addressed to the appropriate Minister and shall

  • (a) include separate statements 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 corporation and of each subsidiary that have come to the auditor’s notice in the course of his examination for the report were in accordance with this Part, the regulations, the charter and by-laws of the corporation or subsidiary and any directive given to the corporation; and

  • (b) call attention to any other matter falling within the scope of the auditor’s examination for the report that, in his opinion, should be brought to the attention of Parliament.

• Marginal note:Regulations

  (3) The Treasury Board may make regulations prescribing the form and manner in which the report referred to in subsection (1) is to be prepared.

• Marginal note:Separate reports

  (4) Notwithstanding any other provision of this Part, the auditor of a parent Crown corporation may prepare separate annual auditor’s reports on the statements referred to in paragraph (1)(a) and on the information referred to in paragraph (1)(b) if, in the auditor’s opinion, separate reports would be more appropriate.

• Marginal note:Audit of quantitative information

  (5) The Treasury Board may require that any quantitative information required to be included in a parent Crown corporation’s annual report pursuant to subsection 150(3) be audited.

• Marginal note:Other reports

  (6) The auditor of a parent Crown corporation shall prepare such other reports respecting the corporation or any wholly-owned subsidiary of the corporation as the Governor in Council may require.

• Marginal note:Examination

  (7) An auditor shall make such examination as he considers necessary to enable him to prepare a report under subsection (1) or (6).

• Marginal note:Reliance on internal audit

  (8) An auditor shall, to the extent he considers practicable, rely on any internal audit of the corporation being audited that is conducted pursuant to subsection 131(3).