N.M. Admin. Code § 15.4.10.8 - AUDIT PROCEDURES
A. The
board or its agents shall:
(1) conduct audits
on quarterly report forms and supporting documents, periodic and special audits
or reviews of the books and records of licensees, examine the books and records
of any licensee when conditions indicate the need for such action or upon the
request of the board;
(2) review
and observe methods and procedures used by licensees, which can include the
counting or handling cash or cash instruments; and
(3) determine each licensee's compliance with
the act and board rules.
B. Audits shall be conducted in conformity
with generally accepted auditing standards and compliance standards as
established by the board.
C. If not
in compliance, the licensee will have 15 days, after receiving notification
from the board or its agents, to submit the required supporting documentation
or prepare and submit an amended quarterly report.
D. During the audit, should it be determined
that an error on the report resulted in an under or over reporting of tax, the
board or its agents shall report its findings to the New Mexico taxation and
revenue department, per requirements set forth in the Tax Administration Act
and to the licensee.
E. Each
licensee shall submit a complete quarterly report for each quarter it holds a
valid bingo and raffle license. If a licensee has no bingo, raffle or pull-tab
activity during any quarter, for whatever reason, the licensee shall submit a
zero activity report for that quarter by the prescribed deadline.
F. A licensed distributor shall keep and
maintain a complete set of records which shall include details of all
activities of the distributor related to the conduct of the licensed activity
as may be required by the board, including the quantities and types of bingo
equipment, bingo paper, pull-tabs and associated supplies purchased and sold.
Such records shall be available upon request by the board or its agents and
shall be retained in accordance with Section
15.4.10.12 NMAC.
Notes
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