Ohio Administrative Code › Title 3772 - Casino Control Commission › Chapter 3772-74 - Fantasy Contests › Section 3772-74-15 - Inspection and audits

Current through all regulations passed and filed through July 1, 2024
(A)
								Fantasy contest
			 operators shall contract with a third party to perform an independent audit to
			 ensure compliance with fantasy contest law. The audit shall be performed and a
			 copy of the report provided to the commission at least once every licensure
			 period, unless otherwise instructed by the commission at a meeting held under
			 section 3772.02 of the Revised
			 Code.
(B)
								Fantasy contest operators shall contract with a third
			 party to perform an independent financial audit. The audit shall be performed
			 and a copy of the report provided to the commission at least once every
			 twelve-month period, unless otherwise instructed by the commission at a meeting
			 held under section 3772.02 of the Revised
			 Code.
(C)
								Any third party contracted to perform an audit under
			 this rule must be a certified public accountant or, when appropriate, an
			 independent registered certified public accounting firm and shall be approved
			 by the commission, at a meeting held under section
			 3772.02 of the Revised Code,
			 prior to the audit engagement.
(D)
								The fantasy
			 contest operator shall ensure the qualifications, good standing, and
			 independence of any third party prior to engagement. The commission, at a
			 meeting held under section
			 3772.02 of the Revised Code, may
			 deny, restrict, or condition any request for approval of any third party and
			 may require documentation regarding the qualifications, good standing, and
			 independence of the third party, as well as any other documentation needed to
			 process the request for approval, from the fantasy contest operator or the
			 third party.
(E)
								Any audit conducted under this rule shall be in
			 accordance with fantasy contest law, generally accepted auditing standards,
			 and, when applicable, the standards of the accountancy board.
(F)
								The third party
			 approved to conduct any audit under this rule shall submit the audit results in
			 the manner prescribed by the executive director no later than such results have
			 been made available to the fantasy contest operator.
(G)
								Audit
			 requirements under this rule may be waived by the commission pursuant to rule
			 3772-74-05
			 of the Administrative Code. These waiver requests should contain documentary
			 support as to why the waiver is justified based upon risk, audits that have
			 been or will be conducted by the commission, or other good cause. Any waiver
			 based upon audits conducted by the commission may result in the cost of the
			 audit being charged to the fantasy contest operator.
(H)
								The executive
			 director may do the following:
(1)
									Require the production of and inspect and audit the
			 documents of all persons that conduct or participate in conducting fantasy
			 contests, including those that at one time conducted or participated in the
			 conduct of fantasy contests in this state but have ceased doing so;
			 and
(2)
									Perform all other things necessary to ensure the
			 integrity of fantasy contests and for the effective licensing, regulating,
			 investigating, and penalizing of all persons conducting or participating in the
			 conduct of fantasy contests authorized by fantasy contest law.