52-110 - Audit Committees [NI - Rescinded]

Concurrently Published:

• 52-110F1 - Audit Committee Information Required in an AIF [F]
• 52-110F2 - Disclosure by Venture Issuers [F - Rescinded]
• BCN 2010/42 - Adoption of National Instrument 52-107 Acceptable Accounting Principles and Auditing Standards and amendments to various securities rules in connection with Canada’s changeover to IFRS [BCN]

PART 1 DEFINITIONS AND APPLICATION
1.1 Definitions
1.2 Application
1.3 Meaning of Affiliated Entity, Subsidiary Entity and Control
1.4 Meaning of Independence
1.5 Additional Independence Requirements
1.6 Meaning of Financial Literacy

PART 2 AUDIT COMMITTEE RESPONSIBILITIES
2.1 Audit Committee
2.2 Relationship with External Auditors
2.3 Audit Committee Responsibilities
2.4 De Minimis Non-Audit Services
2.5 Delegation of Pre-Approval Function
2.6 Pre-Approval Policies and Procedures

PART 3 COMPOSITION OF THE AUDIT COMMITTEE
3.1 Composition
3.2 Initial Public Offerings
3.3 Controlled Companies
3.4 Events Outside Control of Member
3.5 Death, Disability or Resignation of Member
3.6 Temporary Exemption for Limited and Exceptional Circumstances
3.7 Majority Independent
3.8 Acquisition of Financial Literacy
3.9 Restriction on Use of Certain Exemptions

PART 4 AUTHORITY OF THE AUDIT COMMITTEE
4.1 Authority

PART 5 REPORTING OBLIGATIONS
5.1 Required Disclosure
5.2 Management Information Circular

PART 6 VENTURE ISSUERS
6.1 Venture Issuers
6.2 Required Disclosure

PART 7 U.S. LISTED ISSUERS
7.1 U.S. Listed Issuers

PART 8 EXEMPTIONS
8.1 Exemptions

PART 9 EFFECTIVE DATE
9.1 Effective Date