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Can you summarize 491 IAAC 12.3?
ACCOUNTING AND CASH CONTROL > Facility internal controls.
Short Summary
This document outlines the requirements for internal controls in gaming facilities. It applies to all gaming facilities and mandates the submission of a description of internal controls to the commission at least 90 days before gaming operations commence. The internal controls should include administrative control, accounting control, competent personnel, segregation of incompatible functions, surveillance internal controls, game control, and preverified card control. The document specifies the criteria that the internal controls should meet, such as executing transactions in accordance with management’s authorization, recording transactions for financial statements, and providing access to assets only with management authorization. The document also emphasizes the need for an autonomous surveillance department, a system maintenance plan for video surveillance, and procedures for the storage and record of implements of gambling. Additionally, it outlines controls for the use of preverified cards. The commission representative reviews and approves the internal controls, and any changes to the approved controls must be submitted for approval. Occupational licensees are required to comply with the internal controls at all times.
Whom does it apply to?
Gaming facilities
What does it govern?
Internal controls for gaming facilities
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Not specified.
Jurisdiction
Iowa