Topic:"Compliance Legislation" in M03154

PROCEDURES - The Committee is responsible for ensuring that appropriate internal control procedures are in place (including internal control over financial reporting, as required by applicable Canadian and U.S. Federal securities laws) and...

AI summary The Committee oversees internal control procedures, financial reporting, and audit processes, ensuring compliance with Canadian and U.S. securities laws. It meets quarterly with management and auditors to review financial practices, investment policies, and reports, as outlined in the Audit Committee Charter.

ORDER WHEREAS Nova Scotia Power Incorporated ("NSPI"), by letter dated May 14, 2010, sought approval from the Nova Scotia Utility and Review Board (the "Board") for an Order approving amendments to NSPI's current accounting policies and pr...

AI summary Nova Scotia Power Incorporated (NSPI) sought approval to amend its accounting policies to align with US-GAAP starting in 2011. The Board reviewed the amendments, consulted a financial expert, and ultimately approved the changes. NSPI was ordered to file compliance filings and compare financial statements under both US-GAAP and C-GAAP for 2009 and 2010, but not for 2011, due to cost and clarity concerns.

POLICIES - 02 Source documents including, but not limited to, purchase orders, invoices, cancelled cheques, requests for cheques, and receipts should be retained for a minimum of seven years to comply with income tax regulations. Acceptabl...

AI summary The document outlines retention periods for various types of financial and internal documents, emphasizing compliance with tax regulations and accessibility for internal use. Source documents should be retained for seven years, while external auditors' information requires one year of retention. Internal documents not directly related to financial transactions should be kept for at least two years.

RECEIVED FEB 0 4 2011 February 4, 2011 Ms. Nancy McNeil Regulatory Affairs Officer/Clerk Nova Scotia Utility and Review Board 1601 Lower Water Street, 3 rd Floor Halifax, NS B3J 3P6 Nova Scotia Utility and Review Board Dear Ms. McNeil: Re:...

AI summary The document discusses the Nova Scotia Power Inc. (NSPI) submission of corrected accounting policy sections (5300 and 6200) in response to the Nova Scotia Utility and Review Board's (UARB) concerns regarding capital project approval tolerances and final cost approvals. NSPI confirms the corrected versions of the policies and explains that overspending on projects under $1 million will be reported quarterly, while larger projects require final cost approval.

ORDER WHEREAS Nova Scotia Power Incorporated ("NSPI"), by letter dated May 14, 2010, sought approval from the Nova Scotia Utility and Review Board (the "Board") for an Order approving amendments to NSPI's current accounting policies and pr...

AI summary Nova Scotia Power Incorporated (NSPI) sought approval to amend its accounting policies to align with US-GAAP. After a review by a Consultant and responses to information requests, the Board approved the amendments and required NSPI to file compliance filings comparing US-GAAP and C-GAAP for 2009 and 2010. NSPI requested an exception for 2011 to reduce costs and avoid market confusion.