52-110 - Audit Committees [NI Advance Notice - Lapsed]

Concurrently Published:

• 52-110CP - Audit Committees [CP Advance Notice - Lapsed]
• 52-110F1 - Audit Committee Information Required in an AIF [F Advance Notice - Lapsed]
• 52-110F2 - Disclosure by Venture Issuers [F Advance Notice - Lapsed]
• BCN 2008/06 - Notice of Adoption of Multilateral Instrument 11-102 Passport System and related companion policy, and related consequential amendments, including adoption of National Instrument 52-110 Audit Committees, related forms and companion policy, and repeal of British Columbia Instrument 52-509 Audit Committees, and Sections 144 and 145 of the Securities Rules, Adoption of National Policy 11-202 Process for Prospectus Reviews in Multiple Jurisdictions, and National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions, and Recission of National Policy 12-201 Mutual Reliance Review System for Exemptive Relief Applications, and National Policy 43-201 Mutual Reliance Review System for Prospectuses [BCN - Lapsed]

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