Pennsylvania Code › Title 58 - RECREATION › Part VII - GAMING CONTROL BOARD › Subpart E - Slot Machine, Table Game and Associated Equipment Testing and Control; Accounting and Internal Controls › Chapter 465a - ACCOUNTING AND INTERNAL CONTROLS › Section 465a.5 - Annual audit; other reports; suspicious activity and currency transaction reporting

Current through Register Vol. 54, No. 28, July 13, 2024
(a) A slot
				  machine licensee shall, at its own expense, have its annual financial
				  statements audited in accordance with generally accepted auditing standards
				  (when applicable, the Standards of the Public Company Accounting Oversight
				  Board (United States)) by an independent certified public accountant or, when
				  appropriate, an independent registered public accounting firm licensed to
				  practice in this Commonwealth.
(b)
				  The annual financial statements shall be prepared on a comparative basis for
				  the current and prior fiscal year and present the financial position and
				  results of operations in conformity with generally accepted accounting
				  principles in the United States.
(c) One copy of the audited financial
				  statements, together with any management letter or report prepared thereon by
				  the slot machine licensee's independent certified public accountant or
				  independent registered public accounting firm, shall be filed with the Bureau
				  of Licensing not later than 90 days after the end of the licensee's fiscal
				  year.
(d) The slot machine licensee
				  shall file with the Bureau of Licensing one copy of any other reports on
				  internal controls, administrative controls or other matters relative to the
				  slot machine licensee's accounting or operating procedures rendered by the
				  licensee's independent certified public accountant or independent registered
				  public accounting firm within 120 days following the end of the licensee's
				  fiscal year or upon receipt, whichever is earlier.
(e) If the slot machine licensee or its
				  holding company, intermediary or principal entity is publicly held, the slot
				  machine licensee shall submit a notice to the Bureau of Licensing when the
				  licensee, its holding company, intermediary or principal entity files any
				  report, including forms S-1, 8-K, 10-Q, 10-K, proxy or information statements
				  and registration statements with the SEC or other domestic or foreign
				  securities regulatory agency. The notice must include a listing of the reports
				  or forms filed and the date of the filing. The notice to the Bureau of
				  Licensing shall be made within 10 business days of the time of filing with the
				  applicable Commission or regulatory agency.
(f) If an independent certified public
				  accountant or independent registered public accounting firm that was previously
				  engaged as the principal accountant to audit the slot machine licensee's
				  financial statements resigns or is dismissed as the slot machine licensee's
				  principal accountant, or another independent certified public accountant or
				  independent registered public accounting firm is engaged as principal
				  accountant, the slot machine licensee shall file a report with the Bureau of
				  Licensing within 10 business days following the end of the month in which the
				  event occurs, setting forth the following:
(1)
				  The date of the resignation, dismissal or engagement.
(2) Whether in connection with the audits of
				  the 2 most recent years preceding a resignation, dismissal or engagement there
				  were any disagreements with the former accountant on any matter of accounting
				  principles or practices, financial statement disclosure or auditing scope or
				  procedure, including a description of each disagreement. The disagreements to
				  be reported include those resolved and those not resolved.
(3) Whether the principal accountant's report
				  on the financial statements for either of the past 2 years contained an adverse
				  opinion or disclaimer of opinion or was qualified. The nature of the adverse
				  opinion, disclaimer of opinion or qualification shall be described.