(3) The total remuneration that each director or officer receives in a year from the port authority, including any fee, allowance or other benefit, shall be set out in the annual financial statements of the port authority for that year.
(4) The Governor in Council may make regulations in respect of the preparation, form and content of the documents referred to in paragraphs (2)(a) to (d) and the information referred to in subsection (3).
31. A port authority shall prepare quarterly financial statements and, as soon as is practicable after their completion, make them available for inspection by the public at its registered office during normal business hours.
32. (1) A port authority shall ensure that
(a) books of account and accounting records are kept; and
(b) financial and management control and information systems and management practices are maintained.
(2) The books, records, systems and practices shall be kept and maintained in a manner that will provide reasonable assurance that
(a) the assets of the port authority are safeguarded and controlled;
(b) the transactions of the port authority are in accordance with this Part and the letters patent and by-laws of the port authority; and
(c) the financial, human and physical resources of the port authority are managed economically and efficiently and the operations of the port authority are carried out effectively.
Special Examinations
33. (1) A port authority shall have a special examination carried out to determine whether the books, records, systems and practices referred to in subsection 32(1) were, in the period under examination, maintained in a manner that provided reasonable assurance that they met the requirements of subsection 32(2).
(2) A special examination shall be carried out at least once every five years and at any additional times that the Minister may require.
(3) Before beginning a special examination, the examiner shall survey the systems and practices of the port authority and submit a plan for the examination, including a statement of the criteria to be applied, to the audit committee of the port authority, or if there is no audit committee, to the board of directors, and, in the case where the Minister has required the special examination to be carried out, to the Minister.
(4) Any disagreement between the examiner and the audit committee or board of directors with respect to the plan is to be resolved by the Minister.
(5) The examiner shall, to the extent the examiner considers it feasible, rely on an internal audit carried out by the port authority.
34. (1) The examiner shall, on completion of the special examination, submit a report of the findings to the Minister and to the board of directors.
(2) The examiner's report shall include
(a) a statement as to whether in the examiner's opinion, with respect to the criteria established under subsection 33(3), there is reasonable assurance that there are no significant deficiencies in the systems and practices examined; and
(b) a statement of the extent to which the examiner relied on internal audits.
(3) A port authority shall, as soon as is practicable after it receives the report, have notice of the report published in a major newspaper published or distributed in the place where the port is situated.
(4) A port authority shall make the report available for inspection by the public at its registered office during normal business hours.
