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Can you summarize MIAC R 432.665?
AUDIT AND INTERNAL CONTROLS > Accounting records
Short Summary
This legal document governs the maintenance of accounting records for internet gaming operators and internet gaming platform providers. It requires them to maintain complete, accurate, and legible records of all transactions related to their internet gaming activities. The records should cover revenues, expenses, assets, liabilities, and equity, and must adhere to generally accepted accounting principles. The document also empowers the board to direct operators and providers to alter their record-keeping methods if they do not comply with accounting principles or lack sufficient detail. The accounting records should be maintained using a double entry system on an accrual basis, supported by detailed subsidiary records. These subsidiary records should include detailed general ledger accounts, records of investments, advances, loans, accounts receivable and payable, journal entries, tax work papers, records of costs for complimentary services, records required by the internal control system, and any other records mandated by the board. Additionally, the operators and providers must maintain all records supporting the adjusted gross receipts. Failure to maintain the necessary records may result in the board conducting an audit and determining the adjusted gross receipts based on available information. This document was last updated in December 2020.
Whom does it apply to?
Internet gaming operators and internet gaming platform providers
What does it govern?
Maintenance of accounting records for internet gaming operators and internet gaming platform providers
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Michigan