N.M. Code R. § 15.1.8.8

Current through Register Vol. 35, No. 11, June 11, 2024

Section 15.1.8.8 - BOARD AUDIT PROCEDURES

A. The board will establish and maintain an audit and compliance services division that shall have the responsibility to:

(1) conduct periodic and special audits or reviews of the books and records of licensees;

(2) review the accounting methods and procedures used by licensees;

(3) review and observe methods and procedures used by licensees to count and handle cash, tokens, and credit slips;

(4) examine the licensees' records, procedures, and internal controls for the exchange of cash with a gaming patron;

(5) examine and review licensees' internal control procedures;

(6) examine accounting and bookkeeping records and ledger accounts of the licensee or an affiliate of the licensee;

(7) examine the books and records of any licensee when conditions indicate the need for such action or upon the request of the board; and

(8) determine each licensee's compliance with the act and board rules.

B. The audit and compliance services division shall conduct each audit in conformity with the statements on auditing standards or compliance standards established by the board. The audit and compliance services division shall prepare a report at the conclusion of each audit and will submit a copy of the report to the board.

C. At the conclusion of each audit, the audit and compliance services division shall review the results of the audit with the licensee. The licensee may, within 10 days of receipt of the review report, submit to the board, in writing, reasons why the board should reject the results of the audit. The board shall consider the licensee's submission in determining whether any corrective or disciplinary action is necessary.

D. When the audit and compliance services division finds the licensee is required to pay additional taxes or fees or is entitled to a refund, the audit and compliance services division shall report its findings, and the legal basis upon which the findings are made, to the board and to the licensee.

N.M. Code R. § 15.1.8.8

12/31/98; 15.1.8.8 NMAC - Rn & A, 15 NMAC 1.8.8, 10/15/00; A, 12/28/01; A, 2/28/05