W. Va. Code R. § 179-8-107 - Special Audits and Licensee Annual Compliance Reports

107.1. To assure the integrity of gaming and compliance with the Act and this rule, the Commission may require a special audit of the casino licensee to be conducted by West Virginia Lottery personnel, by an independent certified public accountant who is, or whose firm is, licensed in West Virginia, or by a nationally recognized accounting firm. The Commission shall establish the scope, procedures and reporting requirements of a special audit.

107.2. The licensee shall prepare and submit annual compliance reports in a manner and form prescribed by the Commission. The annual compliance report shall address all of the following areas:

107.2.a. Compliance with procedures to ascertain that adjusted gross receipts are determined and state taxes paid, in conformity with the Act and this rule;

107.2.b. Compliance with Commission-approved internal control procedures, accounting procedures, credit procedures, dispute procedures, and Commission-imposed security and safety requirements;

107.2.c. A material deviation from the casino licensee's approved internal control procedures, accounting procedures, credit and dispute procedures, and Commission-imposed security and safety requirements;

107.2.d. Corrective action taken by the licensee to resolve deficiencies observed in subdivisions (a) to (c) of this subsection; and

107.2.e. Other matters required by the Commission to measure the licensee's compliance with the Act and this rule.

107.3. A casino licensee that is a public reporting company under the Securities and Exchange Act of 1934 shall submit a copy of all reports required by the Securities and Exchange Commission to the Director in a format prescribed by the Commission. The reports shall be due on the same filing dates as required by the Securities and Exchange Commission.

107.4. The casino licensee shall bear the expense of preparing an audit which is required by this rule and which is performed by an independent certified public accountant. Qualified personnel of the casino licensee shall prepare compliance reports and the casino licensee shall bear the expense of preparing the compliance reports.

107.5. The reporting year-end of the holder of the casino license shall be the licensee's fiscal year.

Notes

W. Va. Code R. § 179-8-107