W. Va. Code R. § 179-4-101

Current through Register Vol. XLI, No. 36, September 6, 2024

Section 179-4-101 - Minimum Internal Control Standards; Purpose

101.1. The Commission shall establish minimum internal control standards for the operation of West Virginia Lottery table games at the limited gaming facility, which shall apply to all persons and entities licensed under this Act, as well as all related parties.

101.2. The limited gaming facility licensee shall establish its own minimum internal control standards for the operation of West Virginia Lottery table games at the limited gaming facility, which must be approved by the Commission.

101.3. For each video lottery game, the supplier with a level one license that manufactured that video lottery game shall establish rules for that game, which must be approved by the Commission.

101.4. The procedures of the internal control system are designed to ensure all of the following:

101.4.a. That assets of the limited gaming facility licensee are safeguarded;

101.4.b. That the financial records of the limited gaming facility licensee are accurate and reliable;

101.4.c. That the transactions of the limited gaming facility licensee are performed only in accordance with the specific or general authorization of this part;

101.4.d. That the transactions are recorded adequately to permit the proper recording of the adjusted gross receipts, fees, and all applicable taxes;

101.4.e. That accountability for assets is maintained in accordance with generally accepted accounting principles;

101.4.f. That only authorized personnel have access to assets;

101.4.g. That recorded accountability for assets is compared with actual assets at reasonable intervals and appropriate action is taken with respect to any discrepancies;

101.4.h. That the internal control functions, duties, and responsibilities are appropriately segregated and performed in accordance with sound practices by competent, qualified personnel and that no employee of the limited gaming facility licensee is in a position to perpetuate and conceal errors or irregularities in the normal course of the employee's duties; and

101.4.i. That gaming is conducted with integrity and in accordance with the Act and this rule.

W. Va. Code R. § 179-4-101