Mich. Admin. Code R. 432.554a - Independent compliance audit
Rule 554a.
(1)
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 testing laboratory or another professional
service provider authorized by the board to assess the fantasy contest
operator's and licensed management company's compliance with part 3 and part 4
of these rules, except for
R 432.535a, and verify the integrity
of the fantasy contest platform used by the fantasy contest operator and
licensed management company to operate fantasy contests.
(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 attestation standards established by the American Institute of Certified
Public Accountants or their equivalent as approved by the board.
(c) The audit report must include a listing
of all instances of non-compliance and an overall assessment of the integrity
of the fantasy contest platform used to operate fantasy contests.
(d) 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 by March 31 of each year.
(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
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.