Marginal note:Duty of replacement auditor
591. (1) Where an auditor of an authorized foreign bank has resigned or the appointment of an auditor has been revoked, no firm of accountants shall accept an appointment or consent to be appointed as auditor of the authorized foreign bank until the firm has requested and received from the other auditor a written statement of the circumstances and reasons why the other auditor resigned or why, in the other auditor’s opinion, the other auditor’s appointment was revoked.
(2) Notwithstanding subsection (1), a firm of accountants may accept an appointment or consent to be appointed as auditor of an authorized foreign bank if, within fifteen days after a request under that subsection is made, no reply from the other auditor is received.
Marginal note:Effect of non-compliance
(3) Unless subsection (2) applies, an appointment as auditor of an authorized foreign bank is void if subsection (1) has not been complied with.
- 1991, c. 46, s. 591;
- 1999, c. 28, s. 35.
Examinations and Reports
Marginal note:Examination of annual return
592. (1) The auditor of an authorized foreign bank shall make any examination that the auditor considers necessary to enable the auditor to report on the annual return.
Marginal note:Auditing standards
(2) The auditor’s examination shall, except as otherwise specified by the Superintendent, be conducted in accordance with the auditing standards referred to in subsection 323(2).
(3) The auditor’s report shall be filed with the Superintendent within five months after the end of the financial year of the authorized foreign bank.
Marginal note:Report to Superintendent and extended examination
(4) The Superintendent may, in writing, require that an authorized foreign bank’s auditor report to the Superintendent on the extent of the auditor’s procedures in the examination of the authorized foreign bank’s annual return and may, in writing, require that the auditor enlarge or extend the scope of that examination or direct that any other particular procedure be performed in any particular case, and the auditor shall comply with any requirement of the Superintendent and report to the Superintendent on it.
Marginal note:Special examination
(5) The Superintendent may, in writing, require that the auditor of the authorized foreign bank make a particular examination relating to the adequacy of the procedures adopted by the authorized foreign bank in respect of its business in Canada for the safety of its depositors and creditors, or any other examination that, in the Superintendent’s opinion, the public interest may require, and report to the Superintendent on it.
Marginal note:Special audit
(6) The Superintendent may direct that a special audit or report be made if, in the opinion of the Superintendent, it is so required and may appoint for that purpose a firm of accountants qualified under subsection 585(2) to be the auditor.
Marginal note:Expenses payable by authorized foreign bank
(7) The expenses entailed by any examination, audit or report referred to in any of subsections (4) to (6) are payable by the authorized foreign bank on being approved in writing by the Superintendent.
- 1991, c. 46, s. 592;
- 1999, c. 28, s. 35.
- Date modified: