First Nations Fiscal Management Act Adaptation Regulations — 5
t 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 their 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 their opinion, should be brought to the attention of the institution or the Minister. 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. 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. Special examination 121 (1) Each institution shall, at least once every five years and at any other time required by its board of directors or by the Minister, cause a special examination to be carried out in respect of its operations to determine if the books, records, systems and practices referred to in section 119 were, in the period under examination, maintained in a manner that met the requirements of that section. Plan (2) Before commencing a special examination, an examiner shall survey the systems and practices of the institution to be examined and submit a plan for the examination, including a statement of the criteria to be applied in the examination, to the audit committee of the institution. Resolution of disagreements (3) Any disagreement between the examiner and the audit committee or board of directors of an institution with respect to a plan referred to in subsection (2) shall be resolved by the Minister. Reliance on internal audit (4) An examiner shall, as far as is practicable, rely on any internal audit conducted pursuant to subsection 119(3) in respect of the institution being examined. Report 122 (1) An examiner shall, on completion of a special examination in respect of an institution, submit a report on their findings, and a summary of that report, to the Minister and to the board of directors of the institution. Contents (2) The report of an examiner shall include (a) a statement whether in the examiner’s opinion, having regard to the criteria referred to in subsection 119(2), there is a reasonable assurance that there are no significant deficiencies in the systems and practices examined; and (b) a statement of the extent to which the examiner relied on internal audits. Posting of report (3) An institution shall, as soon as possible after receipt of an examiner’s report, post a summary of the report on an Internet website maintained by the institution. Examiner 123 (1) Subject to subsection (2), a special examination shall be carried out by the auditor of the institution. Other auditor (2) If, in the opinion of the Minister, a person other than the auditor of an institution should carry out a special examination in respect of the institution, the Minister may, after consulting with the board of directors of the institution, direct that the examination be carried out by another auditor who is qualified for the purpose. Consultation with Auditor General 124 The auditor or examiner of an institution may at any time consult the Auditor General of Canada on any matter relating to an audit or special examination. Right to information 125 (1) At the request of the auditor or examiner of an institution, the present or former commissioners, directors, officers, employees or agents or mandataries of the institution shall provide any information and expla