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First Nations Fiscal Management Act

Version of section 120 from 2006-04-01 to 2023-06-19:

Marginal note:Annual auditor’s report

  •  (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).

  • Marginal note:Contents

    (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.

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