(a). Each licensee shall prepare financial
statements covering all financial activities of the licensee's establishments
for each business year. If the licensee or a person controlling, controlled by,
or under common control with the licensee owns or operates room, food, or
beverage facilities, the financial statement must cover those operations as
well as gaming operations. Licensees shall submit the financial statements to
the State Gaming Commission not later than three months following the end of
the business year covered by the statement. Each financial statement must be
signed by the licensee who thereby attests to the completeness and accuracy of
the statement.
In the event of a license termination, change in the business
entity, or a change in the percentage of ownership of more than twenty percent,
the licensee or former licensee shall, not later than three months after the
event, submit to the Commission a financial statement covering the period since
the period covered by the previous financial statement.
(b). Each licensee shall prepare all
financial statements utilizing a chart of accounts recognized by generally
accepted accounting principles.
(c). Each licensee shall furnish to the
Executive Director, upon written request, statistical and financial data for
the purpose of compiling, evaluating, and disseminating financial information
regarding the economics and trends within the gaming industry.
(d). Each licensee must submit an audit
report of its financial statements to the State Gaming Commission each year.
This audit must be performed by an independent accountant who holds a permit to
practice public accounting in the State of Mississippi.
The independent accountant, through the licensee, must submit
an audit report which expresses an unqualified or qualified opinion, or
disclaim an opinion on the statements taken as a whole in accordance with
standards for the accounting profession established by rules and regulations of
the Mississippi State Board of Public Accountancy. The preparation of statement
without audit does not constitute compliance. The examination and audit must
disclose whether the accounts, records and control procedures maintained by the
licensee are as required by the regulations promulgated by the State Gaming
Commission.
(e). The
licensee shall submit to the State Gaming Commission its audited statements no
later than three months after the last day of the licensee's business year. If
the license of a licensee is terminated within three months of a period covered
by a audit, the licensee may submit compiled statements in lieu of the
additional audited statement for the licensee's final period of
business.
(f). If a licensee
changes its business year, the licensee shall prepare and submit to the State
Gaming Commission audited financial statements covering the period from the end
of the previous business year to the beginning of the new business year no
later than three months from the end of such period.
(g). All reports which directly relate to the
independent accountant's examination of the licensee's financial statements
must be submitted within three months after the end of the licensee's business
year.
(h). The Executive Director
may request additional information and documents from either the licensee or
the licensee's independent accountant, through the licensee, regarding the
financial statements or the services performed by the accountant.
(i). The licensee is responsible for the
payment of all costs and fees generated by any audit required by the
Commission. Failure to pay such costs and fees may result in revocation of the
license.
(Adopted: 04/21/1994; Readopted:
04/29/1995.)
