(1) An auditor of a corporation shall make the examination that is in their opinion necessary to enable them 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 part thereof that relate to the period referred to in subparagraph 155(1)(a)(ii).
Reliance on other auditor
(2) Notwithstanding section 170, an auditor of a corporation may reasonably rely on 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 corporation.
Reasonableness
(3) For the purpose of subsection (2), reasonableness is a question of fact.
Application
(4) Subsection (2) applies whether or not the financial statements of the holding corporation reported on by the auditor are in consolidated form.