W. Va. Code R. § 179-8-80

Current through Register Vol. XLI, No. 43, October 25, 2024

Section 179-8-80 - Purpose

80.1. The procedures of the internal control system are designed to ensure that:

80.1.a. Assets of the casino licensee are safeguarded;

80.1.b. Financial records of the casino licensee are accurate and reliable;

80.1.c. Transactions of the casino licensee are performed only in accordance with the specific or general authorization of this part;

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

80.1.e. Accountability for assets is maintained in accordance with generally accepted accounting principles;

80.1.f. Only authorized personnel have access to assets;

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

80.1.h. 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 casino licensee is in a position to perpetuate and conceal errors or irregularities in the normal course of the employee's duties; and

80.1.i. Gaming is conducted with integrity and in accordance with the Act and this rule.

W. Va. Code R. § 179-8-80