(a) The board of trustees may contract for necessary goods and consolidated billing, accounting, and other services to be provided in connection with a deferred compensation plan.
(b) In a contract under Subsection (a), the board of trustees may provide for the board to audit periodically the person with whom the contract is made. The audit may cover:
(1) the proper handling and accounting of state or trust funds; and
(2) other matters related to the proper performance of the contract.
(c) The board of trustees may contract with a private entity to conduct the audit under Subsection (b).