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Can you summarize LAAC Title 42, Part III, Chapter 27, Section 2714?
Accounting Regulations > Internal Controls, Procedures
Short Summary
This document outlines the requirements for internal controls and procedures that must be followed by licensees and casino operators in Louisiana. It mandates that each licensee and casino operator must have a written system of internal controls, which should be submitted to the division for approval before commencing operations. The internal controls should ensure the safeguarding of assets, accuracy of financial records, adherence to internal controls for transactions, proper reporting of gaming revenue, and accountability for assets. The document provides a comprehensive list of elements that should be included in the internal controls, such as organizational charts, administrative and accounting procedures, job descriptions, cashier’s cage procedures, security measures, and rules governing specific games. Any changes or amendments to the internal controls must be submitted for prior written approval. Additionally, licensees and casino operators are required to engage an independent CPA to review the proposed internal controls and submit a report detailing the effectiveness and adequacy of the controls. The document emphasizes the continuing duty of licensees and casino operators to review and amend their internal controls to remain in compliance with the Act and these rules. Non-compliance with the requirements may result in the need for corrective measures.
Whom does it apply to?
Licensees and casino operators in Louisiana
What does it govern?
Internal controls and procedures for licensees and casino operators in Louisiana
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Not specified.
Jurisdiction
Louisiana