(A) At any time, the Plan Administrator may (but is not required to) engage an independent qualified public accountant to examine the plan’s financial statements or internal control procedures. If the Plan Administrator engages an independent accountant, the Plan Administrator must require that such engagement provide that the examination be made according to generally accepted auditing principles (or according to agreed-upon procedures that the plan-trustee approves in writing), and that the plan-trustee is entitled to rely upon the accountant’s examination and opinion and all reports relating to the examination.
(B) The Plan Administrator acknowledges that, since the plan-trustee does not handle transactions under the investments and does not keep accounts of the plan-trust, an examination by the independent qualified public accountant may be the only means by which the Plan Administrator and the plan-trustee may receive any assurance concerning the correctness of transactions and amounts under the plan investments.
(Ord. NIRC 97-1, passed 1-15-1997)