038-7 Wyo. Code R. §§ 7-7 - Independent Audit of Internal Control Procedures

(a) Sports wagering operators shall have their internal control procedures independently audited at least once every two (2) years with the results documented in a written report. This includes internal control procedures conducted by a sports wagering vendor on behalf of the sports wagering operator. Reports shall be maintained and available to the Commission.

(b) Such independent audits may be conducted by the Commission, or a Commission approved third-party auditor. The Commission may, in its discretion, allow for an internal audit department within the sports wagering operator or parent company of the sports wagering operator, which is independent of the sports wagering operation, to serve as a third-party auditor for use in completing this audit.

(c) The Commission, or third-party auditor shall be responsible for auditing the sports wagering operator's compliance with the statute and these rules, including those standards adopted in appendix A of GLI-33, the internal control system, and any other applicable rules and regulations.

(d) Documentation, including checklist, programs, reports, corrective actions, and other items, shall be prepared to evidence all independent audit work performed as it relates to the requirements of this section, including all instances of noncompliance.

(e) Independent audit reports shall include objectives, procedures and scope, findings and conclusions, and recommendations.

(f) Independent audit findings shall be reported to management. Management shall be required to respond to the independent audit findings and the stated corrective measures to be taken to avoid recurrence of the audit exception. Such management responses shall be included in the final independent audit report.

(g) Follow-up observation and examinations shall be performed to verify that corrective action has been taken regarding all instances of noncompliance cited by the independent audits, or by the Commission. The verification shall be performed within six (6) months following the date of notification.

(h) Where approved by the Commission, it is acceptable to leverage the results of prior audits conducted within the audit period by the same third-party auditor in another sports wagering jurisdiction. Such leveraging shall be noted in the audit report. This leveraging does not include any internal control procedures unique to the state, which will require new audits.

Notes

038-7 Wyo. Code R. §§ 7-7

Amended, Eff. 10/5/2021.