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Can you summarize ARAR 006.06.120.0?
Franchise Holders Operating Electronic Games of Skill > Accounting and Internal Controls
Short Summary
This document governs the accounting and internal control requirements for Franchise Holders operating Electronic Games of Skill. The Franchise Holders are required to maintain complete, accurate, and legible records of all transactions pertaining to revenues and costs for each establishment. They must use a double entry system of accounting and maintain detailed, supporting, and subsidiary records. The Franchise Holders need to submit a chart of accounts and accounting classification for approval by the Commission. They must also maintain records related to investments, loans, receivable balances, and other financial aspects. The document outlines the requirements for the Franchise Holder’s system of internal controls, including administrative controls and accounting controls. The Franchise Holders must submit a narrative description of their internal controls to the Commission for approval. The document also specifies the records that need to be maintained regarding Franchise Holder ownership. Standard financial and statistical reports are required to be filed by the Franchise Holders, and annual audits of financial statements are mandatory. The document provides guidelines for the retention, storage, and destruction of books, records, and documents. Overall, the document aims to ensure transparency, accountability, and effective financial management in the operations of Franchise Holders operating Electronic Games of Skill.
Whom does it apply to?
Franchise Holders operating Electronic Games of Skill
What does it govern?
Accounting and Internal Controls
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Arkansas