First Nations Fiscal Management Act Adaptation Regulations — 5
st 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 explanations, and give access to any records, documents, books, accounts and vouchers of the institution that are under their control, that the auditor or examiner considers necessary to prepare a report required under this Act. Obligation to inform (2) If a commissioner or director of an institution does not have information or an explanation requested by an auditor or examiner under subsection (1), the commissioner or director shall obtain the information or explanation and provide it to the auditor or examiner. Restriction 126 Nothing in this Part or in any directions of the Minister shall be construed as authorizing the auditor or examiner of an institution to express any opinion on the merits of matters of policy, including the merits of (a) the objects or purposes for which the institution was established or the restrictions on the businesses or activities that it may carry on, as set out in this Act; or (b) any business or policy decision of the institution. Qualified privilege 127 An oral or written statement or report made under this Part by an auditor or examiner has qualified privilege. Audit committee 128 (1) Each institution shall establish an audit committee composed of not less than three commissioners or directors who are not officers of the institution and who are competent to perform the duties set out in subsection (2). Duties (2) An audit committee shall (a) review, and advise the board of directors in respect of, the financial statements that are to be included in the annual report of the institution; (b) oversee any internal audit of the institution; (c) review, and advise the board of directors in respect of, the annual auditor’s report in respect of the institution; (d) review, and advise the board of directors in respect of, any plan and report of a special examiner; and (e) perform any other functions that are assigned to it by the board of directors of the institution. Auditor’s or examiner’s attendance (3) An auditor and any examiner of an institution are entitled to receive notice of every meeting of the audit committee and, at the expense of the institution, to attend and be heard at each meeting. Required attendance (4) The auditor or examiner of an institution shall attend any meeting of the institution’s audit committee at which he or she is requested to attend by a member of that committee. Calling meeting (5) The auditor or examiner of an institution or a member of the institution’s audit committee may call a meeting of that committee. Disclosure of material developments 129 The chief executive officer of an institution shall, as soon as reasonably practicable, notify the Minister and any commissioner or director of the institution not already aware of them of any financial or other developments that, in the chief executive officer’s opinion, are likely to have a material effect on the performance of the institution, relative to its objectives or requirements for funding. Annual report 130 (1) Each institution shall, within four months after the end of each financial year, submit to the Minister an annual report on the operations of the institution in that year. Form and contents (2) The annual report of an institution shall be prepared in a form that clearly sets out information according to the major businesses or activities of the institution and shall include (a) the financial statements of the institution; (b) the annual auditor’s report; (c) a statement on the extent to which the institution has met its objectives for the financial year; (d) any quantitative information respecting the performance of the institution that the Minister may require to be included; and (e) any other information that is required under this Act or any other Act of Parliament. Annual meeting 131 (1) The board of directo