South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:18 - GAMING COMMISSION - DEADWOOD GAMBLING › Chapter 20:18:22 - Accounting regulations › Section 20:18:22:11 - Reviewed or audited financial statements - Time for submission

Current through Register Vol. 51, page 10, July 15, 2024
Each licensed operator and route operator must submit to the
				  commission one copy of its reviewed financial statements not later than 180
				  days after the last day of the operator or route operator's business year. In
				  the event of a license termination, a change in the business entity, or a
				  change in the percentage of ownership of more than 20 percent, the operator or
				  route operator or former operator or route operator must, not later than 180
				  days after the event, submit to the commission one copy of its reviewed
				  financial statements covering the period since the previous statement. If a
				  license termination, a change in the business entity, or a change in the
				  percentage of ownership of more than 20 percent occurs within 180 days after
				  the end of the business year for which statements have not been submitted, the
				  operator or route operator may submit statements covering both the business
				  year and the final period of business. In lieu of reviewed financial
				  statements, an operator or route operator may submit audited financial
				  statements covering the relevant period.
If an operator or route operator changes its business year,
				  the operator or route operator must prepare and submit to the executive
				  secretary reviewed financial statements covering the "stub" period from the end
				  of the previous business year to the beginning of the new business year not
				  later than 180 days after the end of the stub period or incorporate the
				  financial results of the stub period in the statements for the new business
				  year.
Reports that directly relate to the independent accountant's
				  review or audit of the operator or route operator's financial statements must
				  be submitted within 180 days after the end of the operator or route operator's
				  business year.
The executive secretary may request additional information
				  and documents from either the operator or route operator or the operator's or
				  route operator's independent accountant, through the operator or route
				  operator, regarding the financial statements or the services performed by the
				  accountant. Following the executive secretary's review of submitted reviewed
				  financial statements and upon written notice to an operator or route operator
				  specifying the reasons therefor, the executive secretary may require an
				  operator or a route operator to submit audited financial statements for the
				  business year following the year covered by the submitted statements. Failure
				  to submit the requested information or documents may be grounds for
				  disciplinary action.
Any reviewed financial statements or audited financial
				  statements submitted pursuant to this rule shall be prepared in accordance with
				  generally accepted accounting principles. Reviews shall be conducted in
				  accordance with Statements on Standard Accounting Review Services and audits
				  shall be conducted in accordance with Statements on Auditing Standards issued
				  by the American Institute of Certified Public Accountants.
General Authority:
SDCL
					 42-7B-7,
					 42-7B-11(13).
Law Implemented:
SDCL
					 42-7B-7,
					 42-7B-11(13),
					 42-7B-17.