Bill C-253: An Act to amend the Bank of Canada Act and to make consequential amendments to other Acts

Short Title Short title 1 This Act may be cited as the Bank of Canada Accountability Act . R.S., c. B- 2 Bank of Canada Act 2 Subsections 28(1) to (4) of the Bank of Canada Act are replaced by the following: Auditor 28 (1) The Auditor General of Canada and the firm of accountants appointed under subsection (1.1) are the auditors of the Bank. Appointment of second auditor (1.1) The Governor in Council shall, on the recommendation of the Minister, appoint a firm of accountants eligible to be appointed as auditor of a bank to audit the affairs of the Bank. Term of office (2) Every firm of accountants appointed after November 30, 1980 shall be appointed to perform annual audits for the five fiscal years following the year of its appointment. Vacancies (3) If any vacancy occurs in the office of auditor of the Bank held by the firm of accountants , notice of the vacancy shall be given without delay by the Bank to the Minister who, on being notified , shall appoint another firm of accountants eligible to be appointed under this section to audit the affairs of the Bank for the balance of the term of the firm of accountants that is replaced. Persons who may not act (4) No firm of accountants of which a director is a member is eligible for appointment as an auditor and no firm of accountants is eligible for appointment for a second successive term. R.S., c. A- 17 Auditor General Act 3 The definition registrar in section 2 of the Auditor General Act is replaced by the following: registrar  means the Bank of Canada and a registrar appointed under Part III.2 or Part IV of the Financial Administration Act ; ( registraire ) R.S., c. F- 11 Financial Administration Act 4 Subsection 85(1) of the Financial Administration Act is replaced by the following: Exemption for Bank of Canada 85 (1) Divisions I to IV, except for sections 89.8 to 89.92, 131.1, 132 to 147 and 154.01, do not apply to the Bank of Canada.