Canada Business Corporations Regulations, 2001

71.1 (1) Subject to subsection (2), the auditor’s report referred to in section 169 of the Act shall be prepared in accordance with Canadian GAAS.

(2) For an SEC registrant that has prepared its financial statements in accordance with US GAAP and subsections 71(3) to (6), and whose auditors are in compliance with the professional practice standards established or adopted by the Public Company Accounting Oversight Board of the United States, the auditor’s report may be prepared in accordance with US GAAS.

(3) If the auditor’s report referred to in subsection (2) is prepared in accordance with US GAAS and is for a financial year that begins on or before December 31, 2010 and ends on or after January 1, 2011, it shall comply with section 4.8 of NI 52-107, but for the purpose of applying that section,

• (a) the expression U.S. PCAOB GAAS has the meaning assigned to the expression US GAAS by section 70 of these Regulations; and

• (b) the expression SEC issuer has the meaning assigned to the expression SEC registrant by section 70 of these Regulations.

(4) If the auditor’s report referred to in subsection (2) is prepared in accordance with US GAAS and is for a financial year that begins on or after January 1, 2011, it shall comply with section 3.8 of NI 52-107, but for the purpose of applying that section,

• (a) the expression U.S. PCAOB GAAS has the meaning assigned to the expression US GAAS by section 70 of these Regulations; and

• (b) the expression SEC issuer has the meaning assigned to the expression SEC registrant by section 70 of these Regulations.