New York Codes, Rules and Regulations
Title 3 - BANKING
Chapter I - GENERAL REGULATIONS OF THE SUPERINTENDENT
Part 22 - Common Trust Funds
Section 22.17 - Common trust funds to be audited annually

(a) A trust company administering a common trust fund shall, once during each 12-month period, or at such interval as the superintendent may determine, cause an audit to be made of the common trust fund by auditors responsible only to the board of directors of the trust company. The report of such audit shall include a list of the investment comprising the common trust fund at the time of the audit which shall show the valuation placed on each item on such list by the trust investment committee as of the date of the audit, a statement of purchases, sales and any other investment changes and of income and disbursements since the last audit, and appropriate comments as to any investments in default as to payment of principal or interest. The reasonable expenses of any such audit made by independent public accountants may be charged to the common trust fund.

(b) The trust company shall, without charge, send a copy of such audit annually to each person to whom a regular periodic accounting of the estates, trust or funds participating in the common trust fund ordinarily would be rendered or shall send advice to each such person annually that the report is available and that a copy will be furnished without charge upon request. Except as may be required by law, the trust company shall not publish or authorize the publication of any such report or the information contained therein and each copy furnished to any person as herein provided must bear a statement to the effect that the publication of such copy or the information contained therein is unauthorized, except that such publication in accordance with the rules and regulations of the Comptroller of the Currency regarding the maintenance of common trust funds is permitted.