For each common trust fund that it administers, a trust company shall set valuation dates at regular intervals of not more than 3 months. At regular intervals of not more than 12 months, a trust company shall have an audit of each common trust fund by an independent certified public accountant who shall report directly to the board of directors of the trust company. A trust company that administers a common trust fund may apply to a court for approval of an accounting of the fund. A petition for approval of an accounting under this section shall be made to the court of equity for the county where the trust company has its principal banking office. A court may impose conditions and notice requirements before approving an accounting under this section.