N.M. Admin. Code § 15.1.8.14 - TAX RETURNS; AUDITED FINANCIAL STATEMENTS; OTHER LICENSEES
A. Racetrack gaming operator, distributor,
and manufacturer licensees shall submit copies of their federal income tax
returns to the board within thirty (30) days of fling their returns with the
internal revenue service. If a licensee files an "application for automatic
extension of time to file U.S. income tax return" with the internal revenue
service, the licensee shall submit a copy of the request for extension within
thirty (30) calendar days of submitting such request to the internal revenue
service.
B. Racetrack gaming
operator, distributor, and manufacturer licensees shall submit annually two (2)
copies of their audited financial statements with comparative figures from the
prior year covering all financial activities of the licensee to the board no
later than one hundred twenty (120) days after the close of the licensee's
fiscal year end.
C. Each licensee
shall engage an independent certified public accountant who shall audit the
financial statements in accordance with auditing standards generally accepted
in the United States of America. The financial statements shall be prepared in
conformity with accounting principles generally accepted in the United States
of America, international financial reporting standards (IFRS) or any other
comprehensive system of accounting acceptable to the board.
D. In the event of a license termination or
change in business entity, the licensee or former licensee shall, not later
than ninety (90) days after the event, submit to the board two (2) copies of
its financial statements, or if required by the board, audited financial
statements, covering the period from the end of the period covered by the
previous financial statement to the date of the event. If a license termination
or change in business entity occurs within ninety (90) days after the end of a
business year for which a financial statement has not been submitted, the
licensee may submit financial statements covering both the business year and
the final period of business rather than separate statements.
E. If a licensee changes its business year,
the licensee shall prepare and submit to the board financial statements
covering the period from the end of the previous business year to the beginning
of the new business year, submitted within ninety (90) days after the end of
the period. Such financial statements shall be audited if required by the
board. With board approval, the licensee may incorporate the financial results
of the period in the financial statements for the new business year.
F. The licensee shall submit to the board a
copy of any audit and review findings reports and management advisory letters
with the audited financial statements and independent auditor's report on
compliance with minimum internal control standards. The licensee shall submit
audit and review reports and management advisory letters within thirty (30)
days of receipt.
G. The board may
request additional information and documents from either the licensee or the
licensee's independent certified public accountant, directly or through the
licensee, regarding the financial statements or services performed by the
accountant. The licensee shall provide all additional information requested by
the board.
Notes
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