Mackenzie Valley Resource Management Act

Marginal note:Annual budget

• 26 (1) A board shall in each year submit for the consideration of the federal Minister an operating budget for the following fiscal year.

• Marginal note:Accounts

  (2) A board shall maintain books of account and related records in accordance with accounting principles recommended by the Canadian Institute of Chartered Accountants or its successor.

• Marginal note:Consolidated financial statements

  (3) A board shall annually prepare consolidated financial statements in accordance with the accounting principles referred to in subsection (2) and shall include in them such supporting information or statements as are required.

• Marginal note:Audit

  (4) The accounts, financial statements and financial transactions of a board may be audited by the Auditor General of Canada, who shall make a report of the audit to the board, which shall transmit the report to the federal Minister.

• Marginal note:Funding

  (5) The federal Minister may establish funding arrangements with each board specifying the manner in which funding will be made available pursuant to a budget approved by the federal Minister.