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The board shall approve the financial statements before placing them before an annual

general meeting. 1998, c. 19, s. 66 (3).

Form of approval

(4)

The approval shall be evidenced by the signature at the bottom of the balance sheet by

two of the directors duly authorized to sign. 1998, c. 19, s. 66 (4).

Audit

67. (1)

The auditor shall, every year, make the examination that is necessary in order to

make an annual report on the financial statements to the corporation on behalf of the owners.

1998, c. 19, s. 67 (1).

Right of access

(2)

The auditor has right of access at all times to all records, documents, accounts and

vouchers of the corporation and is entitled to require from the directors, officers and employees

of the corporation or from persons under contract to the corporation to manage the property or its

assets the information and explanations that, in the auditor’s opinion, are necessary in order to

make the report. 1998, c. 19, s. 67 (2).

Standards

(3)

The auditor’s report shall be prepared in the prescribed manner and in accordance with

generally accepted auditing standards as are prescribed. 1998, c. 19, s. 67 (3).

Contents of report

(4)

The auditor shall include in the report the statements that the auditor considers

necessary if the corporation’s financial statements are not in accordance with the requirements of

this Act and the regulations made under it. 1998, c. 19, s. 67 (4).

Same, reserve fund study

(5)

The auditor shall state in the report whether the statement of reserve fund operations

and any other prescribed information relating to the operation of the reserve fund and contained

in the financial statements do not fairly present the information contained in the reserve fund

studies that the auditor has received. 1998, c. 19, s. 67 (5).

Presentation of report

(6)

The auditor shall present the auditor’s report to the audit committee described in

subsection 68 (1) or to the board if there is no audit committee. 1998, c. 19, s. 67 (6).

Immunity

(7)

Except with respect to the contents of the report, no action or other proceeding for

damages shall be instituted against an auditor or a former auditor for any oral or written

statement made in good faith in the execution or intended execution of the duty as auditor under

this Act. 1998, c. 19, s. 67 (7).

Audit committee

68. (1)

If the number of directors of the corporation is more than six, the directors may

elect annually from among their number a committee to be known as the audit committee to hold

office until the next annual general meeting. 1998, c. 19, s. 68 (1).

Members

(2)

The audit committee shall be composed of at least three directors and the majority of