Marginal note:Special examination
64 (1) The Corporation shall cause a special examination to be carried out by the auditor in respect of itself and its wholly-owned subsidiaries, if any, to determine if the systems and practices referred to in paragraph 60(1)(b) were, in the period under examination, maintained in a manner that provided reasonable assurance that
(a) the assets of the Corporation and of each subsidiary were safeguarded and controlled; and
(b) the financial, human and physical resources of the Corporation and of each subsidiary were managed economically and efficiently, and the operations of the Corporation and of each subsidiary were carried out effectively.
Marginal note:Time for examination
(2) A special examination shall be carried out at least once every five years and at such additional times as the Governor in Council, the Minister or the Board may require.
Marginal note:Plan
(3) Before the auditor begins a special examination, the auditor 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.
Marginal note:Resolution of disagreements
(4) Any disagreement between the auditor and the audit committee or the Board over a plan referred to in subsection (3) may be resolved
(a) in the case of the Corporation, by the Minister; and
(b) in the case of a wholly-owned subsidiary, by the Corporation.
Marginal note:Reliance on internal audit
(5) The auditor shall, to the extent considered practicable, rely on any internal audit of the Corporation conducted pursuant to subsection 60(3).
Marginal note:Report
(6) The auditor shall, on completion of the special examination, submit a report on the findings of the auditor to the Board.
Marginal note:Contents
(7) The report referred to in subsection (6) shall include
(a) a statement whether in the auditor’s opinion, with respect to the criteria established pursuant to subsection (3), there is reasonable assurance that there are no significant deficiencies in the systems and practices examined; and
(b) a statement of the extent to which the auditor relied on internal audits.
Marginal note:Special report to Minister
(8) Where the auditor is of the opinion that the report referred to in subsection (6) contains information that should be brought to the attention of the Minister, the auditor shall, after consultation with the Board, report that information to the Minister and furnish the directors with a copy of the report.
Marginal note:Idem
(9) Where the auditor is of the opinion that the report referred to in subsection (6) contains information that should be brought to the attention of Parliament, the auditor shall, after consultation with the Minister and the Board, prepare a report thereon for inclusion in the next annual report of the Corporation and furnish the Board and the Minister with copies of the report.
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