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Can you summarize 86 ILAC Chapter IV, Part 3000, Subpart 3000?
RIVERBOAT AND CASINO GAMBLING > OWNER'S INTERNAL CONTROL SYSTEM
Short Summary
This legal document governs the establishment, maintenance, and updating of an Internal Control System by Owner Licensees in the Riverboat and Casino Gambling industry in Illinois. The purpose of the system is to ensure the safeguarding of assets, accuracy and reliability of financial records, proper authorization of transactions, adequate recording of transactions for reporting purposes, restricted access to assets, periodic comparison of recorded accountability with actual assets, appropriate segregation of functions and responsibilities, integrity in gaming operations, and compliance with the Act and rules of the Board. The document outlines the minimum standards for the Internal Control System, which should include detailed descriptions of gaming, administrative, and accounting procedures. It covers various topics such as organization chart, job duties, management information system, sensitive key controls, live games, electronic gaming devices, casino cashiering and credit, admissions, currency transaction reporting, internal audit, surveillance, security, purchasing and contract administration, and forms. The document does not specify any penalties for non-compliance or violations. The Board has delegated the responsibility to the Administrator for approving the Internal Control Systems of Owner Licensees, subject to meeting the requirements outlined in Sections 3000.300 and 3000.320 of the Illinois Administrative Code. Violations of the Internal Control System may result in Board disciplinary action for Owner Licensees and employees of Riverboat Gaming Operations. Additionally, the Internal Control System of each Owner Licensee or applicant found preliminarily suitable may be reviewed for compliance by an independent certified public accountant registered in the State of Illinois under the Illinois Public Accounting Act.
Whom does it apply to?
Owner Licensees in the Riverboat and Casino Gambling industry
What does it govern?
Internal Control System in the Riverboat and Casino Gambling industry in Illinois
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are specified for non-compliance or violations.
Jurisdiction
Illinois