Audit Standards 

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Part 571

Subpart D—Audits

§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 independent of the gaming 

operation to provide 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 independent certified public 

accountant must be licensed by a state board of accountancy. 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.

(c) If a gaming operation has gross gaming revenues of less than $23,000,000 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, 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 operation has multiple gaming places, facilities or locations on the tribe's Indian 

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

(1) 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;
Audit Standards 

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(4) Unless waived in writing by the Commission, 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.

(e) If there are multiple gaming operations on a tribe's Indian lands and each operation has gross 

gaming revenues of less than $23,000,000 during the prior fiscal year, the annual audit 

requirement of paragraph (b) of this section is satisfied if:

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

(2) The consolidated financial statements include consolidating schedules for each operation;

(3) 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;

(4) Unless waived in writing by the Commission, 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

(5) 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.

§543.23 What are the minimum internal control standards for audit and 

accounting?

(d) Annual requirements. (1) Agreed upon procedures. A CPA independent of the gaming 

operation must be engaged to perform an assessment to verify whether the gaming operation is in 

compliance with these MICS, and/or the TICS or SICS if they provide at least the same level of 

controls as the MICS. The assessment must be performed in accordance with agreed upon 

procedures and the most recent versions of the Statements on Standards for Attestation 
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Engagements and Agreed-Upon Procedures Engagements (collectively “SSAEs”), issued by the 

American Institute of Certified Public Accountants.