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Can you summarize 1 COCR 207-1 RULE 16 30-1610?
ACCOUNTING REGULATIONS > Internal control.
Short Summary
This document establishes the internal control procedures for licensed gaming operations in Colorado. The Division of Gaming is responsible for establishing minimum procedures for each group of licensees to ensure the security, accuracy, integrity, and propriety of licensed gaming. Licensees are required to establish their own internal control procedures that incorporate the minimum requirements set by the Division. These procedures must safeguard assets, record liabilities accurately, maintain reliable financial records, ensure transactions comply with accounting principles and regulations, and segregate functions and responsibilities. Licensees must describe their procedures in detail in a written system of internal control and submit it to the Division. The Division may revise the minimum procedures after considering input from interested parties. Licensees must comply with the revised procedures and amend their written system accordingly. The Division may require licensees to engage an independent certified public accountant to prepare a report on compliance with the internal control procedures. Failure to comply with the procedures may result in fines, penalties, or license revocation.
Whom does it apply to?
Licensees conducting gaming operations in Colorado
What does it govern?
Internal control procedures for licensed gaming operations in Colorado
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Fine, penalty, or revocation of license for failure to comply with the minimum procedures or approved variations
Jurisdiction
Colorado