Point in Time - Financial Institutions Act

"Point in Time" Regulation Content

Financial Institutions Act

Audit and Audit Committee Regulation

B.C. Reg. 314/90

SECTION	EFFECTIVE DATE
NOTE: Links below go to regulation content as it was prior to the changes made on the effective date. (PIT covers changes made from September 19, 2009 to "current to" date of the regulation.)
Section 2	October 5, 2015
Section 3	November 1, 2012
Section 4	November 1, 2012

Section 2 BEFORE amended by BC Reg 185/2015, effective October 5, 2015.

G.A.A.P.

2 For the purposes of the Act "generally accepted accounting principles" means the principles recommended in the Handbook of the Canadian Institute of Chartered Accountants.

Section 3 BEFORE amended by BC Reg 210/2012, effective November 1, 2012.

Qualifications of auditor

3 A person is qualified to be an auditor of a financial institution if, in addition to being qualified under section 180 of the Company Act as it applies for the purpose of the Act,

(a) the person has not been a trustee in bankruptcy, receiver manager or liquidator of the financial institution or of any affiliate at any time during the 2 years just past,

(b) in the case of a person who is an individual, that individual either

(i) on the coming into force of this regulation, is in charge of audits of a financial institution, or

(ii) has been qualified as an auditor under section 180 of the Company Act for at least 5 years and has at least 2 years experience in auditing a financial institution under the direction of an auditor of it, and

(c) in the case of a firm of accountants, the member or employee of the firm designated by the firm to be in charge of the audit on behalf of the firm is qualified in accordance with paragraph (b).

Section 4 BEFORE amended by BC Reg 210/2012, effective November 1, 2012.

In addition to any other duties given to it under the Act or the regulations, the audit committee of a financial institution shall