Mich. Admin. Code R. 432.554 - Independent financial audit
Rule 554.
(1) By
July 1 of each year, a fantasy contest operator and any licensed management
company that manages day-to-day fantasy contest operations of the fantasy
contest operator must contract with an independent certified public accountant
to perform an independent audit, in accordance with generally accepted
accounting principles, of the financial condition of the fantasy contest
operator's and licensed management company's total operations for the previous
fiscal year and assess the fantasy contest operator's and licensed management
company's compliance with
R 432.535a and section 14 of the
act, MCL 432.514.
(2) A fantasy contest operator and any
licensed management company that manages day-to-day fantasy contest operations
of the fantasy contest operator must submit an audit engagement letter to the
board at least 30 days before the commencement of the audit. The audit
engagement letter must meet all of the following conditions, at a minimum:
(a) The scope of the audit must include, at a
minimum, each area required under subrule (1) of this rule.
(b) The audit must be performed in accordance
with generally accepted auditing standards or their equivalent as approved by
the board.
(c) The audit must
assess the fair presentation of fantasy contest adjusted revenues and payment
of all required taxes and fees required under the act and these
rules.
(d) The audit report must
contain an opinion of the independent certified public accountant as to its
fair presentation in accordance with generally accepted accounting
principles.
(e) The audit must meet
any other conditions considered appropriate by the board.
(3) A fantasy contest operator and any
licensed management company that manages day-to-day fantasy contest operations
of the fantasy contest operator must submit the audit results under this rule
to the board not later than 180 days after the end of the fiscal year to which
the audit results apply.
(4) A
fantasy contest operator and any licensed management company that manages
day-to-day fantasy contest operations of the fantasy contest operator is
responsible for the cost of the audit.
Notes
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