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C-67.3 - Act respecting financial services cooperatives

Section 152
Disposition versions

Full text
152. The auditor shall report to the board of directors in writing any operation, transaction or situation concerning the financial services cooperative that, in the auditor’s opinion, is not satisfactory and requires rectification.
In particular, the auditor shall submit a report on the activities and operations of the cooperative and transactions between the cooperative and restricted parties which have come to the auditor’s notice in the course of the audit and which lead the auditor to believe that the cooperative is in contravention of this Act or the regulations thereunder.
Where the report referred to in the second paragraph concerns a credit union, the auditor must forward it to the board of supervision and to the Authority.
Where the report referred to in the second paragraph concerns a federation, the auditor must forward it to the board of ethics and professional conduct and to the Authority.
2000, c. 29, s. 152; 2002, c. 45, s. 338; 2004, c. 37, s. 90; 2005, c. 35, s. 35, s. 36; 2016, c. 7, s. 197; 2021, c. 34, s. 36.
152. The auditor shall report to the board of directors in writing any operation, transaction or situation concerning the financial services cooperative that, in the auditor’s opinion, is not satisfactory and requires rectification; the auditor shall also forward a copy of the written report to the federation, if the auditor is responsible for auditing the combined financial statements.
In particular, the auditor shall submit a report on the activities and operations of the cooperative and transactions between the cooperative and restricted parties which have come to the auditor’s notice in the course of the audit and which lead the auditor to believe that the cooperative is in contravention of this Act or the regulations thereunder.
Where the report referred to in the second paragraph concerns a credit union, the auditor must forward it to the board of supervision and to the Authority.
Where the report referred to in the second paragraph concerns a federation, the auditor must forward it to the board of ethics and professional conduct and to the Authority.
The auditor responsible for auditing the combined financial statements is not required to submit the report described in the second paragraph. However, if, in the normal course of the audit, the auditor becomes aware of activities, operations or transactions that otherwise would have been in the report, the auditor must notify, in writing, the Authority, the federation’s board of directors and the board of supervision of the credit union concerned.
2000, c. 29, s. 152; 2002, c. 45, s. 338; 2004, c. 37, s. 90; 2005, c. 35, s. 35, s. 36; 2016, c. 7, s. 197.
152. The auditor shall report to the board of directors in writing any operation, transaction or situation concerning the financial services cooperative that, in the auditor’s opinion, is not satisfactory and requires rectification.
In particular, the auditor shall submit a report on the activities and operations of the cooperative and transactions between the cooperative and restricted parties which have come to the auditor’s notice in the course of the audit and which lead the auditor to believe that the cooperative is in contravention of this Act or the regulations thereunder.
Where the report referred to in the second paragraph concerns a credit union, the auditor must forward it to the board of supervision, to the federation and to the Authority.
Where the report referred to in the second paragraph concerns a federation, the auditor must forward it to the board of ethics and professional conduct and to the Authority.
2000, c. 29, s. 152; 2002, c. 45, s. 338; 2004, c. 37, s. 90; 2005, c. 35, s. 35, s. 36.
152. The auditor shall report to the board of directors in writing any operation, transaction or situation concerning the financial services cooperative that, in the auditor’s opinion, is not satisfactory and requires rectification.
In particular, the auditor shall submit a report on the activities and operations of the cooperative and transactions between the cooperative and restricted parties which have come to the auditor’s notice in the course of the audit and which lead the auditor to believe that the cooperative is in contravention of this Act or the regulations thereunder.
Where the report referred to in the second paragraph concerns a credit union, the auditor must forward it to the board of audit and ethics, to the federation and to the Authority.
Where the report referred to in the second paragraph concerns a federation, the auditor must forward it to the board of ethics and to the Authority.
2000, c. 29, s. 152; 2002, c. 45, s. 338; 2004, c. 37, s. 90.
152. The auditor shall report to the board of directors in writing any operation, transaction or situation concerning the financial services cooperative that, in the auditor’s opinion, is not satisfactory and requires rectification.
In particular, the auditor shall submit a report on the activities and operations of the cooperative and transactions between the cooperative and restricted parties which have come to the auditor’s notice in the course of the audit and which lead the auditor to believe that the cooperative is in contravention of this Act or the regulations thereunder.
Where the report referred to in the second paragraph concerns a credit union, the auditor must forward it to the board of audit and ethics, to the federation and to the Agency.
Where the report referred to in the second paragraph concerns a federation, the auditor must forward it to the board of ethics and to the Agency.
2000, c. 29, s. 152; 2002, c. 45, s. 338.
152. The auditor shall report to the board of directors in writing any operation, transaction or situation concerning the financial services cooperative that, in the auditor’s opinion, is not satisfactory and requires rectification.
In particular, the auditor shall submit a report on the activities and operations of the cooperative and transactions between the cooperative and restricted parties which have come to the auditor’s notice in the course of the audit and which lead the auditor to believe that the cooperative is in contravention of this Act or the regulations thereunder.
Where the report referred to in the second paragraph concerns a credit union, the auditor must forward it to the board of audit and ethics, to the federation and to the Inspector General.
Where the report referred to in the second paragraph concerns a federation, the auditor must forward it to the board of ethics and to the Inspector General.
2000, c. 29, s. 152.
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