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Can you summarize MIAC R. 432.1101 - R. 432.11503 PART 9?
Michigan Gaming Control Board - Administrative Rules - Casino Gaming (Parts 1-16) > INTERNAL CONTROL PROCEDURES
Short Summary
The provided legal document content pertains to the INTERNAL CONTROL PROCEDURES for casino licensees under the Michigan Gaming Control Board. These procedures aim to ensure the safeguarding of assets, accuracy and reliability of financial records, compliance with authorization, proper recording of adjusted gross receipts, fees, and taxes, adherence to generally accepted accounting principles, restricted access to assets, periodic comparison of recorded accountability with actual assets, segregation of functions and responsibilities, and conducting gaming with integrity. The document outlines the requirements for licensees to establish and maintain a written system of internal control, including detailed administrative and accounting procedures. The licensee must submit a written description of their internal control system to the board for review and approval before commencing gambling operations. Amendments to the internal control procedures must also be submitted to the board for approval. The board has the authority to approve or disapprove amendments and may request additional information or clarification. Non-compliance with approved internal control procedures may result in disciplinary action by the board. The document does not mention any specific exemptions or penalties for non-compliance.
Whom does it apply to?
Casino licensees and casino license applicants
What does it govern?
INTERNAL CONTROL PROCEDURES
What are exemptions?
No specific exemptions are mentioned.
What are the Penalties?
No specific penalties for non-compliance are mentioned.
Jurisdiction
Michigan