Fla. Admin. Code Ann. R. 75-14.082 - Annual Financial Report

(1) Each slot machine licensee shall generate an annual financial report. The annual financial report shall be based on the slot machine licensee's audited financial statements, which shall be audited by an independent certified public accountant in accordance with generally accepted accounting and auditing standards. The audited financial statements shall be used to generate the slot machine licensee's annual financial report.

(2) The annual financial report shall be prepared on a comparative basis for the current and prior fiscal year.

(3) One copy of the annual financial report shall be filed with the division no more than 120 days after completion of the slot machine licensee's fiscal year.

(4) The annual financial reports shall be signed by the chief executive officer or chief gaming executive pursuant to subsection 75-14.015(2), F.A.C., and the financial vice president, treasurer, or controller of the slot machine licensee attesting that they have read the report and that to their knowledge the information contained in the report is accurate and complete.

(5) The annual financial report required by this section shall include a footnote reconciling and explaining any differences between the financial statements included in the slot machine licensee's annual financial report and the cumulative monthly remittance reports in Form DBPR PMW-3670, Slot Operations Cumulative Monthly Remittance Report, incorporated by reference in Rule 75-14.081, F.A.C. Such footnote shall disclose any adjustments to:

(a) Revenues from the slot machines;

(b) Total costs and expenses; and,

(c) Net income.

(6) Each slot machine licensee shall include in its annual financial report:

(a) Any opinion or report on the slot machine licensee's internal control procedures issued by its independent certified public accountant;

(b) A report expressing that the slot machine licensee has followed in all material respects during the period covered by this examination, the system of internal accounting controls on file with the division. Whenever the slot machine licensee has materially deviated from the system of internal accounting controls on file with the division, the report shall enumerate any deviations and any areas of the system no longer considered effective, and shall make recommendations regarding improvements in the system of internal accounting control;

(c) Any corrective actions taken to deviations referenced in paragraph (b); and,

(d) Any loans, installment contracts, guarantees, leases, or capital contributions with a value of $25, 000 or more per year.

(7) If an independent Florida certified public accountant who was previously engaged as the principal accountant to audit the licensee's financial statements resigns or is dismissed as the licensee's principal accountant, or another independent certified public accountant is engaged as principal accountant, the licensee shall file a report with the division within 48 hours of when such event occurs, setting forth the name and business address of the certified public accountant and the date of such resignation, dismissal, or engagement.

(8) Any adjustments resulting from the annual audit shall be recorded in the accounting records of the year to which the adjustment relates. In the event the adjustments were not reflected in the licensees' annual report, a revised annual report shall be required from the slot machine licensee within 30 days.

Notes

Fla. Admin. Code Ann. R. 75-14.082

Rulemaking Authority 551.103(1), 551.122 FS. Law Implemented 551.103(1)(d), (e), (g) FS.

New 6-25-06, Amended 5-30-17, Formerly 61D-14.082.

New 6-25-06, Amended 5-30-17, Formerly 61D-14.082.