Part 2 — Provincial Companies Subpart 1 Status and Powers of Provincial Companies
389 Notice of errors
forthwith notify the audit committee, the auditor and, if applicable,
a former auditor of the company of any error or misstatement of
which the director or officer becomes aware in an annual financial
statement or other statement on which the auditor or former auditor
has reported.
(2) If the auditor or a former auditor of a provincial company is
notified or becomes aware of an error or misstatement in an annual
financial statement or other statement on which the auditor or
former auditor reported,
RSA 2000
(a) the auditor must, if in the auditor's opinion the error or
misstatement is material, inform each director of the
company, the actuary, the former auditor, if applicable, and
the Minister, or
(b) the former auditor must, if in the former auditor's opinion
the error or misstatement is material, inform each director of
the company, the current auditor and the Minister.
(3) Where under subsection (2) the auditor or a former auditor of a
provincial company informs the directors of an error or
misstatement in an annual financial statement or other statement,
the directors must
(a) prepare and issue a revised annual financial statement or
other statement, or
(b) inform the Minister and the participating policyholders and
shareholders of the company of the impact of the error or
misstatement.
1999 cI-5.1 s389