Short Title Short title 1 This Act may be cited as the  Bank of Canada Accountability Act . R.S., c. B-2 Bank of Canada Act 2 Subsections 28(1) to (4) of the  Bank of Canada Act  are replaced by the following: Auditor 28 (1) The Auditor General of Canada and the firm of accountants appointed under subsection (1.1) are the auditors of the Bank. Appointment of second auditor (1.1) The Governor in Council shall, on the recommendation of the Minister, appoint  a firm  of accountants eligible to be appointed as  auditor  of a bank to audit the affairs of the Bank. Term of office (2) Every firm of accountants appointed after November 30, 1980 shall be appointed to perform annual audits for the five fiscal years following the year of its appointment. Vacancies (3) If  any vacancy occurs in the office of auditor of the Bank  held by the firm of accountants , notice  of the vacancy  shall be given  without delay  by the Bank to the Minister who,  on being notified , shall appoint  another  firm of accountants eligible to be appointed under this section to audit the affairs of the Bank for the balance of the term of the firm of accountants  that is  replaced. Persons who may not act (4) No firm of accountants of which a director is a member is eligible for appointment as an auditor and  no firm of accountants  is eligible for appointment for a second successive term. R.S., c. A-17 Auditor General Act 3 The definition  registrar  in section 2 of the  Auditor General Act  is replaced by the following: registrar  means the Bank of Canada and a registrar appointed under  Part III.2 or  Part IV of the  Financial Administration Act ; ( registraire ) R.S., c. F-11 Financial Administration Act 4 Subsection 85(1) of the  Financial Administration Act  is replaced by the following: Exemption for Bank of Canada 85 (1) Divisions I to IV, except for sections 89.8 to 89.92, 131.1,  132 to 147  and 154.01, do not apply to the Bank of Canada.