Canada Pension Plan Investment Board Act

Marginal note:Annual auditor’s report

• 40 (1) The Board shall cause an annual auditor’s report to be prepared, in respect of itself and each of its subsidiaries, on

  • (a) the annual financial statements referred to in section 39;

  • (b) any revised financial statement referred to in subsection 41(3); and

  • (c) the record of investments referred to in paragraph 39(1)(c).

• Marginal note:Contents

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

  • (a) include separate statements indicating 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 Board’s transactions and those of its subsidiaries that have come to the auditor’s notice in the course of the auditor’s examination for the report were in accordance with this Act and the by-laws, and the by-laws of the subsidiaries, as the case may be, and

    • (iii) the record of investments kept in accordance with paragraph 39(1)(c) fairly presents the information required by that paragraph; and

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

• Marginal note:Examination

  (3) An auditor preparing a report under subsection (1) shall make such examination as the auditor considers necessary for the purpose.

• Marginal note:Auditing standards

  (4) An auditor’s examination shall be conducted in accordance with generally accepted auditing standards, the primary source of which is the Handbook of the Canadian Institute of Chartered Accountants.

• Marginal note:Reliance on internal audit

  (5) In conducting an audit under this Act, an auditor shall rely on any internal audit conducted under subsection 39(3), to the extent that the auditor considers that reliance to be practicable.