jswizzle3737/ontario_laws_and_regs huggingface dataset:
1 The purpose of this Act is to promote the integrity of financial reporting in Ontario’s capital markets.  2006, c. 33, Sched. D, s. 1.
3 The Canadian Public Accountability Board, a corporation without share capital incorporated under the Canada Corporations Act by letters patent dated April 15, 2003, with the object of contributing to public confidence in the integrity of financial reporting by public companies, among other things, is hereby authorized to, (a)  maintain a register of public accounting firms that audit reporting issuers; and (b)  oversee the audit of the financial statements of reporting issuers.  2006, c. 33, Sched. D, s. 3.
4 The Chair of the Commission may be a member of the Board’s Council of Governors so long as the Board’s by-laws provide that he or she is a member of the Council.  2006, c. 33, Sched. D, s. 4; 2021, c. 8, Sched. 9, s. 38. Section Amendments with date in force (d/m/y) 2021, c. 8, Sched. 9, s. 38 - 29/04/2022
5 (1) The Board is not an agent of Her Majesty nor a Crown agent for the purposes of the Crown Agency Act.  2006, c. 33, Sched. D, s. 5 (1). Independent from but accountable to the Government of Ontario (2) The Board, in carrying out its mandate and in exercising its powers and duties under this Act, is independent from, but accountable to, the Commission and the Government of Ontario as set out in this Act.  2006, c. 33, Sched. D, s. 5 (2). Powers and duties
6 (1) The Board may, subject to this Act, its by-laws and its rules, do such things as are necessary to carry out its functions under section 3.  2006, c. 33, Sched. D, s. 6 (1). Specific duties (2) Without limiting the generality of subsection (1), the Board shall, subject to this Act, its by-laws and its rules, (a)  establish and maintain requirements for the participation of public accounting firms that audit reporting issuers in the Board’s oversight program; (b)  publish and maintain on its website a register of public accounting firms that are participants in the Board’s oversight program; (c)  conduct inspections of participating audit firms directly or through or in co-operation with professional regulatory authorities in order to assess the compliance of each participating audit firm with professional standards, the Board’s rules and the firm’s own quality control policies in connection with the issuance of audit reports on the financial statements of reporting issuers and, (i)  receive and evaluate reports and recommendations resulting from such inspections, and (ii)  require remedial action by participating audit firms when necessary or appropriate, following an inspection; (d)  conduct investigations of participating firms and impose, where indicated, restrictions, sanctions or requirements to upgrade supervision, training or education; (e)  conduct review proceedings when the recommendations made by the Board or the requirements, restrictions or sanctions applied by the Board in connection with an application for membership, an inspection or an investigation are contested by the participating audit firm that is the subject of the Board’s decision; and (f)  account to the Commission and the Government of Ontario on its activities in the manner set out in this Act.  2006, c. 33, Sched. D, s. 6 (2). Specific powers (3) Without limiting the generality of subsection (1) or (2), the Board may, subject to this Act, its by-laws and its rules, (a)  assist professional regulatory authorities in their supervision of public accounting firms, including referring cases of individual conduct to a professional regulatory authority and co-ordinating its disciplinary measures for a designated professional or an audit firm with those of the professional regulatory authority; (b)  notify the Commission, any regulatory authority, any law enforcement agency and any professional regulatory authority if, in the circumstances set out in section 13, it appears that there may have been a contravention of the law by any person or company; (c)  assist, and receive assistance from, foreign auditor oversight bodies in investigations of participating audit firms; and (d)  provide comments and recommendations on accounting and assurance standards to professional regulatory authorities and other relevant standard setting and oversight bodies.  2006, c. 33, Sched. D, s. 6 (3).
7 (1) The Board, in carrying out its mandate and in exercising its powers and carrying out its duties under this Act, shall operate in accordance with its letters patent, its by-laws and its rules, all as amended from time to time.  2006, c. 33, Sched. D, s. 7 (1). Rule changes (2) No rule made by the Board after the coming into force of this Act, including any amendment or repeal of any rule of the Board, takes effect in Ontario until it has been approved by the Minister and notice of the approval has been published in The Ontario Gazette and on the Board’s website.  2006, c. 33, Sched. D, s. 7 (2). Repeal of Act (3) The Lieutenant Governor, on the recommendation of the Minister, may by proclamation repeal this Act if the Board’s letters patent or its by-laws are amended and the Minister is of the opinion that the amendments have a negative effect on the operation of this Act.  2006, c. 33, Sched. D, s. 7 (3). Contents of notice (4) The notice of approved change required by subsection (2) shall set out the date of the approval, the date the approved change takes effect and the text of the change.  2006, c. 33, Sched. D, s. 7 (4). Legislation Act, 2006, Part III not to apply (5) Part III (Regulations) of the Legislation Act, 2006 does not apply to the by-laws or rules of the Board nor to any notice of the Minister under subsection (2).  2006, c. 33, Sched. D, ss. 7 (5), 17 (3). Publication of documents (6) The Board shall publish and maintain on its website its letters patent, its by-laws, and its rules, each as amended from time to time and, if an amendment is made, the Board shall also maintain on its website a copy of the relevant document as it read before the amendment.  2006, c. 33, Sched. D, s. 7 (6). Section Amendments with date in force (d/m/y) 2006, c. 33, Sched. D, s. 17 (3) - 30/06/2009
8 Every participating audit firm shall comply with the applicable by-laws and rules of the Board, the terms of its participation agreement, the terms of any inspection report or investigation report made by the Board as a result of an inspection or investigation of the firm and the decision of any review panel under the Board’s oversight program.  2006, c. 33, Sched. D, s. 8.
11 (1) The Board may require a participating audit firm to provide it with all the documents and information that the audit firm obtained or prepared in order to perform the audit firm’s audit of a reporting issuer and that, (a)  in the case of a reporting issuer to which the Business Corporations Act applies, are required to be supplied by the reporting issuer to the auditor under subsections 153 (5), (6) and (7) of that Act or under any other Act; or (b)  in the case of any other reporting issuer, are required to be supplied by the reporting issuer to the auditor under the laws of the jurisdiction under which it is incorporated or organized.  2006, c. 33, Sched. D, s. 11 (1). Confidentiality of documents, etc. (2) All documents and other information prepared for or received by the Board in the exercise of its mandate and all deliberations of the Board and its employees and agents, in connection with an inspection, investigation or review panel proceeding carried out under the Board’s oversight program, are confidential and may not be disclosed without, (a)  the written consent of all persons whose interests might reasonably be affected by the disclosure; or (b)  a court order authorizing the disclosure.  2006, c. 33, Sched. D, s. 11 (2). Testimony, production of documents (3) No member of the Council of Governors or the Board and no officer, employee, agent or representative of the Board shall be required in any proceeding, except a proceeding under this Act, to give testimony or produce any document with respect to documents or information that the person is prohibited from disclosing under this Act.  2006, c. 33, Sched. D, s. 11 (3). Restriction on disclosure (4) The Board may require the provision of information or the production of documents under subsection (1) that is, or are, the subject of solicitor-client privilege if access to the information or the documents is absolutely necessary to the purpose of the review of the audit.  2006, c. 33, Sched. D, s. 11 (4). Privilege preserved (5) Disclosure of information or documents under subsection (1) does not negate or constitute a waiver of any privilege and the privilege continues for all other purposes.  2006, c. 33, Sched. D, s. 11 (5); 2020, c. 11, Sched. 2, s. 1. Section Amendments with date in force (d/m/y) 2020, c. 11, Sched. 2, s. 1 - 08/07/2020
12 (1) A party to a hearing before a review panel established by the Board may appeal from the panel’s decision to the Divisional Court in accordance with the rules of court.  2006, c. 33, Sched. D, s. 12 (1). Question of law only (2) An appeal under subsection (1) may be made on a question of law only.  2006, c. 33, Sched. D, s. 12 (2). Arbitration (3) In lieu of an appeal under subsection (1), a party, other than the Board, may refer the matter to binding arbitration.  2006, c. 33, Sched. D, s. 12 (3). Application of Arbitration Act, 1991 (4) Subject to the regulations made under this Act, the Arbitration Act, 1991 applies to an arbitration proceeding under this Act.  2006, c. 33, Sched. D, s. 12 (4). Board a party (5) The Board is a party to an appeal or arbitration.  2006, c. 33, Sched. D, s. 12 (5). Right to be heard (6) The Minister is entitled to be heard, by counsel or otherwise, upon an argument of the appeal or at an arbitration hearing.  2006, c. 33, Sched. D, s. 12 (6).
13 (1) Despite subsection 11 (2), if the Board is provided with any document or other information that provides reasonable grounds to believe that any person or company may have contravened any law, the Board may notify the Commission, any regulatory authority, law enforcement agency or professional regulatory authority as the Board considers appropriate that it has discovered evidence of a contravention of the law, but the Board shall not disclose, (a)  privileged documents, privileged information or information based on privileged information or documents; or (b)  any specific information relating to the business, affairs or financial condition of a participating audit firm or of the client of any participating audit firm except to the extent that the disclosure is authorized in writing by all persons and companies whose interests might reasonably be affected by the disclosure.  2006, c. 33, Sched. D, s. 13 (1). Same (2) For greater certainty, the Board shall not use privileged documents or information in determining if it has reasonable grounds to believe that any person or company may have contravened any law for the purposes of subsection (1).  2006, c. 33, Sched. D, s. 13 (2).
14 (1) Despite subsection 11 (2), the Board may provide documents or other information to a foreign auditor oversight body relevant to that body’s review of an audit carried out on a reporting issuer that carries on business in that body’s jurisdiction.  2006, c. 33, Sched. D, s. 14 (1). Exception (2) The Board shall not provide privileged documents, privileged information or information based on privileged information or documents to a foreign auditor oversight body.  2006, c. 33, Sched. D, s. 14 (2); 2020, c. 11, Sched. 2, s. 2. Section Amendments with date in force (d/m/y) 2020, c. 11, Sched. 2, s. 2 - 08/07/2020
15 (1) No action or other proceeding for damages may be instituted against any member of the Council of Governors, any industry member as defined in the by-laws of the Board, any member of the Board’s board of directors or any officer, employee or agent of the Board for any act done in good faith in the performance or intended performance of any duty or in the exercise or the intended exercise of any power under this Act, or for any neglect or default in the performance or exercise in good faith of such duty or power.  2006, c. 33, Sched. D, s. 15 (1). Liability of Board (2) Subsection (1) does not relieve the Board of liability in respect of a tort committed by a person mentioned in subsection (1) to which it would otherwise be subject.  2006, c. 33, Sched. D, s. 15 (2).
16 (1) The Minister may make regulations, (a)  governing the preparation and submission of annual reports and budgets under section 9 and prescribing information to be included in the reports; (b)  naming instruments for the purposes of clause 9 (3) (a); (c)  prescribing rules in relation to the oversight program of the Board and providing that they shall be deemed to be rules of the Board; (d)  governing arbitrations under section 12.  2006, c. 33, Sched. D, s. 16 (1). Same (2) A regulation made under subsection (1) has effect only in Ontario.  2006, c. 33, Sched. D, s. 16 (2). 17 Omitted
(provides for amendments to this Act).  2006, c. 33, Sched. D, s. 17. 18 Omitted (provides for coming into force of provisions of this Act).  2006, c. 33, Sched. D, s. 18. 19 Omitted (enacts short title of this Act).  2006, c. 33, Sched. D, s. 19. ______________  Français