Mississippi Administrative Code › Title 13 - Gaming › Part 7 - ACCOUNTING RECORDS › Chapter 3 - FINANCIAL STATEMENTS AND ANNUAL AUDIT › Rule 13-7-3.1 - Retention of Financial Records and Submission to Audits

Current through June 25, 2024
(a). Each licensee shall prepare financial
				statements covering all financial activities of the licensee's establishments
				for each business year. If the licensee or a person controlling, controlled by,
				or under common control with the licensee owns or operates room, food, or
				beverage facilities, the financial statement must cover those operations as
				well as gaming operations. Licensees shall submit the financial statements to
				the State Gaming Commission not later than three months following the end of
				the business year covered by the statement. Each financial statement must be
				signed by the licensee who thereby attests to the completeness and accuracy of
				the statement.
In the event of a license termination, change in the business
				  entity, or a change in the percentage of ownership of more than twenty percent,
				  the licensee or former licensee shall, not later than three months after the
				  event, submit to the Commission a financial statement covering the period since
				  the period covered by the previous financial statement.
(b). Each licensee shall prepare all
				financial statements utilizing a chart of accounts recognized by generally
				accepted accounting principles.
(c). Each licensee shall furnish to the
				Executive Director, upon written request, statistical and financial data for
				the purpose of compiling, evaluating, and disseminating financial information
				regarding the economics and trends within the gaming industry.
(d). Each licensee must submit an audit
				report of its financial statements to the State Gaming Commission each year.
				This audit must be performed by an independent accountant who holds a permit to
				practice public accounting in the State of Mississippi.
The independent accountant, through the licensee, must submit
				  an audit report which expresses an unqualified or qualified opinion, or
				  disclaim an opinion on the statements taken as a whole in accordance with
				  standards for the accounting profession established by rules and regulations of
				  the Mississippi State Board of Public Accountancy. The preparation of statement
				  without audit does not constitute compliance. The examination and audit must
				  disclose whether the accounts, records and control procedures maintained by the
				  licensee are as required by the regulations promulgated by the State Gaming
				  Commission.
(e). The
				licensee shall submit to the State Gaming Commission its audited statements no
				later than three months after the last day of the licensee's business year. If
				the license of a licensee is terminated within three months of a period covered
				by a audit, the licensee may submit compiled statements in lieu of the
				additional audited statement for the licensee's final period of
				business.
(f). If a licensee
				changes its business year, the licensee shall prepare and submit to the State
				Gaming Commission audited financial statements covering the period from the end
				of the previous business year to the beginning of the new business year no
				later than three months from the end of such period.
(g). All reports which directly relate to the
				independent accountant's examination of the licensee's financial statements
				must be submitted within three months after the end of the licensee's business
				year.
(h). The Executive Director
				may request additional information and documents from either the licensee or
				the licensee's independent accountant, through the licensee, regarding the
				financial statements or the services performed by the accountant.
(i). The licensee is responsible for the
				payment of all costs and fees generated by any audit required by the
				Commission. Failure to pay such costs and fees may result in revocation of the
				license.
(Adopted: 04/21/1994; Readopted:
				  04/29/1995.)
Miss. Code Ann.
				  §§
										75-76-27,
				  75-76-49