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Can you summarize MIAC R. 432.611 - R. 432.676 PART 6?
Internet Gaming > AUDIT AND INTERNAL CONTROLS
Short Summary
This legal document outlines the procedures and standards for internal controls in the context of internet gaming. It applies to internet gaming operators, internet gaming platform providers, suppliers, registered vendors, and third-party providers. The purpose of these internal control standards is to ensure the safeguarding of assets, accuracy and reliability of financial records, compliance with the relevant act and rules, proper recording of adjusted gross receipts, fees, taxes, and payments, adherence to generally accepted accounting principles for asset accountability, restricted access to assets by authorized personnel, completeness and accuracy of internet wagering account balances, adequate protection of internet wagering accounts and personal identifiable information, appropriate segregation of functions and responsibilities, and conducting internet gaming with integrity. The document also governs amendments to the internal control procedures, emergency procedures, maintenance of accounting records, requirements for annual audits and compliance reports, records retention requirements, deductions from gross receipts, and the submission of a written system of internal controls. It specifies that any amendments to the internal control procedures must be submitted to the board for approval, and the board retains the authority to require further amendment, approval, or denial. In the event of an emergency, internet gaming operators and platform providers are allowed to temporarily amend their internal control procedures, but must notify the executive director or their designee. The document also requires internet gaming operators and platform providers to maintain complete, accurate, and legible records of all transactions related to their internet gaming activities, and to undergo annual audits conducted by an independent certified public accountant. Annual compliance reports must also be prepared and submitted. The document further outlines the requirements for record retention, reporting of adjusted gross receipts, and deductions from gross receipts. It emphasizes the importance of maintaining internal control standards and complying with accounting principles. The document does not specify any exemptions or penalties for non-compliance.
Whom does it apply to?
Internet gaming operators, internet gaming platform providers, suppliers, registered vendors, and third-party providers
What does it govern?
Internal controls in the context of internet gaming
What are exemptions?
The document does not specify any exemptions
What are the Penalties?
The document does not specify any penalties for non-compliance
Jurisdiction
Michigan