Public Sector Pension Investment Board Act

Marginal note:Special examination

• 44 (1) The Minister shall cause a special examination to be carried out, at least once every six years, in respect of the Board and any of its subsidiaries to determine if the systems and practices referred to in paragraph 35(1)(b) were, in the period under examination, maintained in a manner that provided reasonable assurance that they met the requirements of paragraphs 35(2)(a) and (c).

• Marginal note:Consultation required

  (2) Before causing a special examination to be carried out, the Minister shall consult with the Minister of National Defence and the Minister of Public Safety and Emergency Preparedness.

• Marginal note:Plan

  (3) Before an examiner begins a special examination, the examiner shall survey the systems and practices of the Board and of the subsidiary being examined and submit a plan to the audit committee for the examination, including a statement of the criteria to be applied in the examination.

• Marginal note:Resolution of disagreements

  (4) Disagreements, if any, between the examiner and the audit committee with respect to a plan referred to in subsection (3) may be resolved by the Minister.

• Marginal note:Reliance on internal audit

  (5) An examiner shall rely on any internal audit conducted under subsection 35(3), to the extent that the examiner considers that reliance to be feasible.

• Marginal note:Costs of audit

  (6) The costs of a special examination are payable by the Board.