(1) Subject to subsection (2) a public company shall, and any other company may, have an audit committee composed of not less than 3 directors of the company, a majority of whom are not officers or employees of the company or any of its affiliates.
(2) A company may apply to the Registrar for an order authorising the company to dispense with an audit committee, and the Registrar may, if he or she is satisfied that the shareholders will not be prejudiced by such an order, permit the company to dispense with an audit committee on such reasonable conditions as he or she thinks fit.
(3) An audit committee shall review the financial statements of the company before such financial statements are approved under section 152.
(4) The auditor of a company is entitled to receive notice of every meeting of the audit committee and, at the expense of the company, to attend and be heard thereat; and, if so requested by a member of the audit committee, shall attend every meeting of the committee held during the term of office of the auditor.
(5) The auditor of a company or a member of the audit committee may call a meeting of the committee.
Company Auditor