Canada Not-for-profit Corporations Act (S.C. 2009, c. 23)

Marginal note:Review engagement — designated corporations

• 188. (1) Subject to subsection (2), the public accountant of a designated corporation shall conduct a review engagement in the prescribed manner.

• Marginal note:Audit engagement — designated corporations

  (2) The public accountant of a designated corporation shall conduct an audit engagement in the prescribed manner if the corporation’s members pass an ordinary resolution requiring an audit engagement.

• Marginal note:Validity of resolution

  (3) The resolution is valid only until the following annual meeting of members or for the period specified in the resolution.

Marginal note:Audit engagement — other corporations

• 189. (1) Subject to subsection (2), the public accountant of a corporation that is not a designated corporation shall conduct an audit engagement in the prescribed manner.

• Marginal note:Review engagement — other corporations

  (2) The public accountant of a soliciting corporation that is not a designated corporation shall conduct a review engagement in the prescribed manner if

  • (a) the corporation has gross annual revenues for its last completed financial year that are equal to or less than the prescribed amount or is deemed to have such revenues under paragraph 190(b); and

  • (b) its members pass a special resolution requiring a review engagement.

• Marginal note:Validity of resolution

  (3) The resolution is valid only until the following annual meeting of members.

Marginal note:Deemed revenues

190. On the application of a soliciting corporation, the Director may, on any terms that the Director thinks fit and if the Director is satisfied that doing so would not be prejudicial to the public interest, deem the corporation to have

• (a) revenues referred to in paragraph 179(a); or

• (b) revenues referred to in paragraph 189(2)(a), if the corporation is not a designated corporation.

Marginal note:Report on financial statements

191. After conducting an audit engagement or a review engagement, the public accountant shall report in the prescribed manner on the financial statements required by this Act to be placed before the members, except any financial statements or part of those statements that relate to the period referred to in subparagraph 172(1)(a)(ii).

Marginal note:Reliance on other public accountant

• 192. (1) Despite section 193, a public accountant of a holding corporation may reasonably rely on the report of a public accountant of a body corporate or an unincorporated business the accounts of which are included in whole or in part in the financial statements of the corporation.

• Marginal note:Reasonableness

  (2) For the purpose of subsection (1), reasonableness is a question of fact.

• Marginal note:Application

  (3) Subsection (1) applies whether or not the financial statements of the holding corporation reported on by the public accountant are in consolidated form.