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Can you summarize OHAC Rule 3772-10-14?
Internal Control Systems > Internal audit standards.
Short Summary
This document outlines the internal audit standards that must be included in the internal controls of casino operators. The internal audit department of the casino operator must be independent and follow the standards, conventions, and rules governing audits in the United States. The responsibilities of the internal audit department include reviewing and appraising the adherence of internal controls to the relevant laws and rules, performing tests to ensure compliance, reporting instances of noncompliance and weaknesses in internal controls, recommending procedures to eliminate weaknesses, and performing tests to ensure compliance with specific administrative code rules. The auditing department must prepare documents to evidence all internal audit work performed, operate with audit programs, accurately document the work performed and conclusions reached, and provide audit reports to the commission on an approved schedule. Internal audit personnel must perform audits of major gaming areas and review various aspects of casino operations at least semi-annually. Audit reports must include audit objectives, procedures and scope, findings and conclusions, and management’s response. Follow-up examinations must be performed to verify corrective action has been taken, and internal audit observations should be performed on an unannounced basis. All exceptions disclosed during audits must be investigated and resolved, and management must respond to internal audit findings with corrective measures. The management responses must be included in the internal audit reports delivered to relevant parties. Last updated February 28, 2022 at 8:50 AM.
Whom does it apply to?
Casino operators
What does it govern?
Internal audit standards
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Ohio