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Can you summarize MDCR 36.03.10.16?
Video Lottery Facility Minimum Internal Control Standards > Internal Audit Department Standards.
Short Summary
This document outlines the standards and procedures that facility operators of video lottery terminals must adhere to regarding their internal audit department. The facility operators are required to submit their internal audit department operating standards and procedures to the Commission for review and approval at least 60 days before commencing video lottery terminal operations. The internal audit department is expected to work independently of the audited departments, assess compliance with internal controls, test compliance, and report deficiencies or noncompliance to the audit committee, chief executive officer, management, and the Commission. The department must also recommend resolutions, meet periodically with the audit committee or director of internal audit, perform audits of designated departments, prepare audit reports, accurately document the audit process and results, submit audit reports to the Commission, and verify the correction of deficiencies or noncompliance. The document specifies the departments and operations that must be audited at least semiannually or annually, and encourages unannounced audits whenever possible.
Whom does it apply to?
Facility operators of video lottery terminals
What does it govern?
Video Lottery Facility Minimum Internal Control Standards
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Maryland