2.6.1 DUTIES •The audit firm will audit OCDC’s 401(K) Plan for the year ending December 31st, 2024, in line with ERISA’s annual reporting requirements. The audit will cover the financial statements, including the statement of net assets available for benefits as of December 31st, 2023 and 2024, and the statement of changes in net assets available for benefits, along with related notes and supplemental schedules. The supplementary information will include assets held at the end of the year and assets acquired and disposed of within the year, required for the Plan’s Form 5500 filing with the EBSA of the DOL. 2.6.2 AUDIT OBJECTIVES •The audit will be conducted in accordance with auditing standards generally accepted in the United States of America (U.S. GAAP). However, as permitted by 29 CFR 2520.103-8 of the DOL’s Rules and Regulations for Reproting and Disclosure under ERISA, and as instructed by OCDC, the audit firm will not perform any auditing procedures on asset information prepared and certified by Empower, the trustee, in accordance with 29 CFR 2520.103-5. The audit firm will compare this information with the related information included in the financial statements and supplemental schedules. •Under ERISA, the Plan administrator is responsible to the Plan participants for the financial information and the ability of the certifying entity to issue such ERISA certification. Due to the significance of the information that the audit firm will not audit, the audit firm will not express an opinion on the financial statements and supplemental schedules. •Upon competition of the audit of the Plan’s financial statements, the audit form will issue a written report addressed to the Plan’s Board of Trustees. The audit firm will not provide assurance that a limited scope disclaimer of opinion, as permitted by Regulation 2520.103-8 of the DOL’s Rules and Regulations for Reporting and Disclosure under ERISA, will be expressed. Circumstances may arise that necessitate further modifications to the report, such as adding an emphasis-of-matter or other-matter paragraph. •The form and content of the information included in the financial statements and supplemental schedules, other than that derived from the information certified by the trustee, will be audited by the firm in accordance with U.S. GAAP and will be subject to tests of OCDC’s accounting records and other procedures the auditor considers necessary to express an opinion on whether the information is presented in compliance with DOL’s Rules and Regulations for Reproting and Disclosure under ERISA.
