Ohio Administrative Code › Title 3772 - Casino Control Commission › Chapter 3772-10 - Internal Control Systems › Section 3772-10-07 - Audits; other reports; suspicious transaction reporting

Current through all regulations passed and filed through July 1, 2024
(A)
								Each casino operator must have its annual financial
			 statements audited by an independent certified public accountant or, when
			 appropriate, an independent registered certified public accounting firm,
			 licensed to practice in this state. The audit must be in accordance with
			 generally accepted auditing standards and, when applicable, the standards of
			 the accountancy board. The casino operator must report to the commission the
			 name of the independent certified public accountant or independent registered
			 certified public accounting firm as well as the lead audit partner or other
			 individual taking primary responsibility for the financial statement audit
			 engagement before the start of the engagement.
(B)
								The lead audit
			 partner or other individual taking primary responsibility for the financial
			 statement audit engagement may serve a maximum of five years in such a position
			 before being required to rotate off the engagement.
(C)
								The annual
			 financial statements audit must be prepared on a comparative basis for the
			 current and prior fiscal years and present financial position and results of
			 operations in conformity with generally accepted accounting principles. The
			 financial audit required by this rule must include an explanation reconciling
			 any differences between the financial statements included in any annual reports
			 and the audited financial statements.
(D)
								The casino
			 operator must require the independent certified public accountant or
			 independent registered certified public accounting firm auditing the casino
			 operator's financial statements to render a report on the prospective financial
			 statements, including a one-year forecast and three-year projection, expressing
			 an opinion as to whether the prospective financial information is properly
			 prepared on the basis of the assumptions and is presented in accordance with
			 the relevant financial reporting framework, and any additional reports required
			 by the executive director.
(E)
								The casino
			 operator must file with the commission the reports required by paragraphs (A)
			 and (D) of this rule in a format determined by the executive director within
			 one hundred twenty days following the end of the casino operator's fiscal year
			 or upon receipt, whichever is earlier.
(F)
								Each casino
			 operator must contract with a third party to perform an independent IT audit
			 and surveillance system audit. The third party must be approved by the
			 executive director as qualified, independent, and capable of performing the
			 audit. The audits must be performed, and a copy of the report provided to the
			 commission, at least once every licensure period. The audits and corresponding
			 report must assess the following:
(1)
									The design, controls, maintenance, and security of the
			 casino operator's IT and surveillance systems;
(2)
									The casino
			 operator's compliance with the IT and surveillance requirements of this
			 chapter; and
(3)
									Any other subject required by the executive
			 director.