Indiana Administrative Code
Title 68 - INDIANA GAMING COMMISSION
Article 15 - ACCOUNTING RECORDS AND PROCEDURES
Rule 14 - Financial Statement Audits
Section 14-3 - Conditions of engagements
Current through September 18, 2024
Authority: IC 4-33-4; IC 4-35-4
Affected: IC 4-33; IC 4-35
Sec. 3.
An independent certified public accountant or independent certified public accounting firm selected to perform a financial statement audit must agree to abide by the following conditions of engagement, which must be stated in a written agreement with the casino licensee, to perform the audit:
(1) Inform the commission with respect to material errors and irregularities or illegal acts that come to its attention during the course of an audit.
(2) Inform the commission in writing of matters that come to its attention that represent significant deficiencies in the design or operation of the internal control structure.
(3) Provide each member of the professional audit staff assigned to the engagement a minimum of sixteen (16) hours of training in the gaming industry.
(4) Retain and make available to the commission all reports, working papers in both current and permanent files, audit programs, tax returns, and other information relating to engagements for a period of five (5) years after completion of the engagement.
(5) Respond timely to all reasonable requests of successor auditors.
(6) Submit peer reviewed reports to the commission.
(7) Have all engagement letters approved by the commission prior to undertaking assignments.
(8) Send copies of all reports and management letters directly to the commission in compliance with this rule.
(9) At the conclusion of the engagement, provide management and the commission, in a mutually agreeable format, recommendations designed to help the entity make improvements in its internal control structure and operation, and other matters that are discovered during the audit.
