Current through Register Vol. 35, No. 11, June 11, 2024
Section 15.4.10.8 - AUDIT PROCEDURESA. The board or its agents shall:(1) conduct audits on quarterly report forms and supporting documents, periodic and special audits or reviews of the books and records of licensees, examine the books and records of any licensee when conditions indicate the need for such action or upon the request of the board;(2) review and observe methods and procedures used by licensees, which can include the counting or handling cash or cash instruments; and(3) determine each licensee's compliance with the act and board rules.B. Audits shall be conducted in conformity with generally accepted auditing standards and compliance standards as established by the board.C. If not in compliance, the licensee will have 15 days, after receiving notification from the board or its agents, to submit the required supporting documentation or prepare and submit an amended quarterly report.D. During the audit, should it be determined that an error on the report resulted in an under or over reporting of tax, the board or its agents shall report its findings to the New Mexico taxation and revenue department, per requirements set forth in the Tax Administration Act and to the licensee.E. Each licensee shall submit a complete quarterly report for each quarter it holds a valid bingo and raffle license. If a licensee has no bingo, raffle or pull-tab activity during any quarter, for whatever reason, the licensee shall submit a zero activity report for that quarter by the prescribed deadline.F. A licensed distributor shall keep and maintain a complete set of records which shall include details of all activities of the distributor related to the conduct of the licensed activity as may be required by the board, including the quantities and types of bingo equipment, bingo paper, pull-tabs and associated supplies purchased and sold. Such records shall be available upon request by the board or its agents and shall be retained in accordance with Section 15.4.10.12 NMAC.15.4.10.8 NMAC - N, 4/15/2013, Adopted by New Mexico Register, Volume XXXII, Issue 04, February 23, 2021, eff. 2/23/2021