- (a) An institution administering a collective investment fund shall make an adequate audit of the fund at least once during every 12-month period. The auditors who perform this audit are responsible only to the board of directors of the institution.
- (b) When such audit is performed by independent public accountants, the reasonable expenses of such audit may be charged to the fund.
Cross References
This section cited in 10 Pa. Code § 15.7 (relating to annual financial report).