Nunavut Planning and Project Assessment Act

Marginal note:Annual budget

• 39 (1) The Commission and the Board must each submit, annually, a budget for the following fiscal year to the federal Minister for review and approval.

• Marginal note:Accounts

  (2) The Commission and the Board must maintain books of account, and records in relation to them, in accordance with accounting principles recommended by the Canadian Institute of Chartered Accountants or its successor.

• Marginal note:Consolidated financial statements

  (3) The Commission and the Board must, within the time after the end of each fiscal year specified by the federal Minister, each prepare consolidated financial statements in respect of that fiscal year in accordance with the accounting principles referred to in subsection (2) and must include in the consolidated financial statements any documents or information that are required in support of them.

• Marginal note:Audit

  (4) The accounts, financial statements and financial transactions of the Commission and the Board must be audited annually by the auditor of the Commission or the Board, as the case may be, and, on request by the federal Minister, the Auditor General of Canada. The auditor and, if applicable, the Auditor General of Canada must make a written report of the audit to the Commission or the Board and to the federal Minister.