§ 15.6. Annual audit.
(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).
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