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Can you summarize ARCO 23-115-206?
Office of the Arkansas Lottery > Internal controls Annual audit.
Short Summary
This legal document outlines the internal control and annual audit requirements for the Office of the Arkansas Lottery. The Office is responsible for establishing and maintaining effective internal controls over financial reporting and fraud prevention. The Director of the Office is required to approve a formal three-year audit plan and review it annually. The Office is also required to include provisions in contracts or licenses with vendors or retailers to allow Arkansas Legislative Audit access to audit their computer systems. The Office must notify Arkansas Legislative Audit of any known fraud or illegal acts and inform them of any material violations of applicable laws or agreements. The Office is responsible for preparing financial statements in accordance with accounting principles and providing access to financial records for audit purposes. Additionally, the Office must submit monthly reports to the Governor and Legislative Council, as well as a comprehensive annual financial report. The document also outlines record-keeping requirements for lottery transactions and the submission of estimated annual operating budgets. Arkansas Legislative Audit is responsible for conducting annual audits of the Office and may also conduct investigations or prepare special reports. Private certified public accountants or consultants may be contracted for additional audits or performance reviews. Overall, this document ensures financial integrity and accountability within the Office of the Arkansas Lottery.
Whom does it apply to?
The Office of the Arkansas Lottery
What does it govern?
Internal controls and annual audit requirements for the Office of the Arkansas Lottery
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Arkansas