(1) An auditor of a company shall make the examination that is in his or her opinion necessary to enable him or her to report in the prescribed manner on the financial statements required by this Act to be placed before the shareholders, except such financial statements or parts thereof that relate to the immediately preceding financial year referred to in section 149(1)(a)(ii).
(2) Despite section 172, an auditor of a company may reasonably rely upon the report of an auditor of a body corporate or an unincorporated business the accounts of which are included in whole or in part in the financial statements of the company.
(3) For the purpose of subsection (2) reasonableness is a question of fact.
(4) Subsection (2) applies whether or not the financial statements of the holding company reported upon by the auditor are in consolidated form.