September 20, 2021 

Proposed Changes to 25 C.F.R. Part 571

National Indian Gaming Commission

§571.7 Maintenance and preservation of papers and records.

(a) A gaming operation shall keep permanent books of account or records, including 

inventory records of gaming supplies, sufficient to establish the amount of gross and net 

income, deductions and expenses, receipts and disbursements, and other information 

required in any financial statement, report, or other accounting prepared pursuant to 

the Act or this chapter.

(1) A gaming operation shall also maintain and supply such books of account or records 

for the annual independent audit required under § 571.12. 

§ 571.12 Audit standards.

(a) Each tribe shall prepare comparative financial statements covering all financial activities of 

each class II and class III gaming operation on the tribe's Indian lands for each fiscal year.

(b) A tribe shall engage an independent certified public accountant to provide conduct an 

annual audit of the financial statements of each class II and class III gaming operation on the 

tribe's Indian lands for each fiscal year. The audit and auditor must meet the following 

standards:

(1) The independent certified public accountant must be licensed by a state board of 

accountancy.

(2) Financial statements prepared by the certified public accountant shall conform to 

generally accepted accounting principles and the annual audit shall conform to generally 

accepted auditing standards.

(3) The independent certified public accountant expresses an opinion on the financial 

statements. Note: a disclaimed opinion or adverse opinion does not satisfy 

this requirement.

(c) If a gaming operation has gross gaming revenues of less than $2,000,000 during the prior 

fiscal year, the annual audit requirement of paragraph (b) of this section is satisfied if:

(1) The independent certified public accountant completes a review of the financial 

statements conforming to the statements on standards for accounting and review 

services of the gaming operation; and

(2) Unless waived in writing by the Commission or its designee, the gaming operation's 

financial statements for the three previous years were sent to the Commission in 

accordance with § 571.13.

(d) If a gaming operationtribe has multiple gaming places, facilities, or locations operations on 

the tribe's Indian lands, the tribe may choose to satisfy the annual audit requirement of 

paragraph (b) with a consolidated audit if the following requirements are satisfiedof this section 

is satisfied if:
September 20, 2021 

Proposed Changes to 25 C.F.R. Part 571

National Indian Gaming Commission

(1) The tribe is the owner of all the facilities.

The tribe chooses to consolidate the financial statements of the gaming places, facilities 

or locations;

(2) The independent certified public accountant completes an audit conforming to 

generally accepted auditing standards of the consolidated financial statements;

(3) The consolidated financial statements include consolidating schedules for each 

gaming place, facility, or location;

(4) Unless waived in writing by the Commission or its designee, the gaming operation's 

financial statements for the three previous years, whether or not consolidated, were 

sent to the Commission in accordance with § 571.13; and

(5) The independent certified public accountant expresses an opinion on the 

consolidated financial statement as a whole and subjects the accompanying financial 

information to the auditing procedures applicable to the audit of consolidated financial 

statements. Note: a disclaimed opinion or adverse opinion does not satisfy this 

requirement.

(e) If there are multiple tribally-owned gaming operations on a tribe's Indian lands and each 

operation has gross gaming revenues of less than $2,000,000 during the prior fiscal year, 

thetribe may choose to satisfy the annual audit requirement of paragraph (b) of this section

with consolidated financial statements if the following requirements are met: the following are 

trues satisfied if:

(1) The tribe chooses to consolidate the financial statements of the gaming operations;

(12) The consolidated financial statements include consolidating schedules for each 

operation;

(23) The independent certified public accountant completes a review of the 

consolidated schedules conforming to the statements on standards for accounting and 

review services for each gaming facility or location;

(34) Unless waived in writing by the Commission or its designee, the gaming operations' 

financial statements for the three previous years, whether or not consolidated, were 

sent to the Commission in accordance with § 571.13; and

(45) The independent certified public accountant expresses an opinion on the 

consolidated financial statements as a whole and subjects the accompanying financial 

information to the auditing procedures applicable to the audit of consolidated financial 

statements. Note: a disclaimed opinion or adverse opinion does not satisfy this 

requirement.

§ 571.13 Copies of audit reports.

(a) Each tribe shall prepare and submit to the Commission two paper copies or one electronic 

copy of the financial statements and audit report(s) and opinion(s)s required by § 571.12, 

together with management letter(s), and other documented auditor communications and/or 

reports as a result of the audit, setting forth the results of each fiscal year. The submission must 

be sent to the Commission within 120 days after the end of each fiscal year of the gaming 

operation.
September 20, 2021 

Proposed Changes to 25 C.F.R. Part 571

National Indian Gaming Commission

(b) If a gaming operation changes its fiscal year, the tribe shall prepare and submit to the 

Commission two paper copies or one electronic copy of the financial 

statements, audit report(s), and audits opinion(s) required by § 571.12, together with 

management letter(s), setting forth the results of the stub period from the end of the previous 

fiscal year to the beginning of the new fiscal year. The submission must be sent to the 

Commission within 120 days after the end of the stub period, or a tribe may incorporate the 

financial results of the stub period in the financial statements for the new business year.

(c) When gaming ceases to operate and the tribal gaming regulatory authority has terminated 

the facility license required by § 559.6, the tribe shall prepare and submit to the Commission 

two paper copies or one electronic copy of the financial 

statements, audit reports, and opinionsaudits required by § 571.12, together with management 

letter(s), setting forth the results covering the period since the period covered by the previous 

financial statements. The submission must be sent to the Commission within 120 days after the 

cessation of gaming activity or upon completion of the tribe's fiscal year.