S.D. Admin. R. 20:18:35:40 - Annual financial audit
A financial audit of the sports wagering operations of the licensee shall be conducted by certified public accountants authorized to practice in the state of South Dakota and provided to the commission each year within 180 days of the licensee's fiscal year that meets the following requirements:
(1) Inclusion of an
audited balance sheet and audited profits-and-losses statement and breakdown of
expenditures and subsidiaries of advance deposit sports wagering
activities;
(2) Inclusion of a
supplement schedule indicating financial activities on a calendar-year basis if
the licensee's fiscal year does not correspond to the calendar year;
(3) Report of any material errors, and
irregularities that may be discovered during the audit, or notice of any audit
adjustments;
(4) Availability, upon
request, of an engagement letter for the audit between the licensee and the
auditing firm; and
(5) Inclusion of
a supplemental schedule for South Dakota operations and a breakdown of sports
wagering activities by each South Dakota casino in which there is an agreement.
The supplemental schedule may be unaudited; however, if unaudited the top
financial officer of the company shall provide a statement attesting to the
accuracy of the information provided to the commission.
Notes
General Authority: SDCL 42-7B-7, 42-7B-11(13).
Law Implemented: SDCL 42-7B-43, 42-7B-76.
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