Common use of REPORTS BY CUSTODIAN'S INDEPENDENT PUBLIC ACCOUNTANTS Clause in Contracts

REPORTS BY CUSTODIAN'S INDEPENDENT PUBLIC ACCOUNTANTS. Custodian shall provide Company no less frequently than once per year with reports by independent public accountants on Custodian's system of internal accounting control relating to the services provided by Custodian under this Agreement. Such reports shall state that such system is sufficient to meet the objective of providing management with reasonable, but not absolute, assurance that assets for which custodian has responsibility are safeguarded against loss from unauthorized use or disposition, and that transactions are executed in accordance with appropriate authorizations and in conformity with the governing instruments and are recorded properly to permit the preparation of the required financial reports.

REPORTS BY CUSTODIAN'S INDEPENDENT PUBLIC ACCOUNTANTS. Custodian shall provide Company no less frequently than once per year from time to time with reports by independent public accountants on Custodian's system of internal accounting control relating to the services provided by Custodian under this Agreement. Such reports shall state that such system is sufficient to meet the objective of providing management with reasonable, but not absolute, assurance that assets for which custodian Custodian has responsibility are safeguarded against loss from unauthorized authorized use or disposition, and that transactions are executed in accordance with appropriate authorizations and in conformity with the governing instruments and are recorded properly to permit the preparation of the required financial reports.