Ask Reggi Your Question Now
Can you summarize MIAC R 432.11204?
ACCOUNTING RECORDS AND PROCEDURES > Quarterly and annual audits and licensee annual compliance reports
Short Summary
This document pertains to the requirements for quarterly and annual audits and annual compliance reports for casino licensees in the state of Michigan. The Michigan Gaming Control Board (MGCB) requires independent certified public accountants licensed in Michigan to perform the audits. The audits must be conducted in accordance with generally accepted accounting principles and include the accountant’s opinion on the fair preparation and presentation of the financial condition. The MGCB may also require special audits to ensure gaming integrity and compliance. Casino licensees are required to file the audits with both the MGCB and the city. Additionally, the MGCB mandates annual compliance reports from licensees, addressing various areas such as tax compliance, adherence to internal control procedures, and corrective actions taken. The filing dates and number of copies required are determined by the MGCB. Public reporting companies under the securities and exchange act must also submit reports to the MGCB. The expenses for audits and compliance reports are borne by the casino licensees. The reporting year-end for casino license holders is typically December 31, unless approved otherwise by the MGCB.
Whom does it apply to?
Casino licensees in the state of Michigan
What does it govern?
Quarterly and annual audits and licensee annual compliance reports
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Not specified.
Jurisdiction
Michigan