Financial Administration Act
Marginal note:Special examination
138 (1) Each parent Crown corporation shall cause a special examination to be carried out in respect of itself and its wholly-owned subsidiaries, if any, to determine if the systems and practices referred to in paragraph 131(1)(b) were, in the period under examination, maintained in a manner that provided reasonable assurance that they met the requirements of paragraphs 131(2)(a) and (c).
Marginal note:Time for examination
(2) A special examination shall be carried out at least once every 10 years and at any additional times that the Governor in Council, the appropriate Minister, the board of directors of the corporation to be examined or the Auditor General of Canada may require.
(3) Before an examiner commences a special examination, he shall survey the systems and practices of the corporation 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 corporation, or if there is no audit committee, to the board of directors of the corporation.
Marginal note:Resolution of disagreements
(4) Any disagreement between the examiner and the audit committee or board of directors of a corporation with respect to a plan referred to in subsection (3) may be resolved
(a) in the case of a parent Crown corporation, by the appropriate Minister; and
(b) in the case of a wholly-owned subsidiary, by the parent Crown corporation that wholly owns the subsidiary.
Marginal note:Reliance on internal audit
(5) An examiner shall, to the extent he considers practicable, rely on any internal audit of the corporation being examined conducted pursuant to subsection 131(3).
- R.S., 1985, c. F-11, s. 138
- 2009, c. 2, s. 374
- Date modified: