Current through Register Vol. 43, No. 39, September 26, 2024
(a) Each facility
manager's internal control system shall include internal controls for
accounting records. The internal controls shall be submitted to and approved by
the commission according to K.A.R. 112-104-1. Each facility manager shall
maintain complete, accurate, and legible records of all transactions pertaining
to the revenues, expenses, assets, and liabilities of each gaming facility.
(b) General accounting records
shall be maintained on a double-entry system of accounting with transactions
recorded on a basis consistent with generally accepted accounting principles.
Detailed, supporting, and subsidiary records sufficient to meet the
requirements of subsection (c) shall also be maintained in accordance with the
requirements of this article.
(c)
The detailed, supporting, and subsidiary records shall include the following:
(1) Records pertaining to revenue, expenses,
assets, and liabilities of all facility manager activities;
(2) records pertaining to the financial
statements and all transactions impacting the financial statements of the
facility manager, including contracts or agreements with licensed
manufacturers, suppliers, junket enterprises, vendors, contractors,
consultants, management companies, attorneys and law firms, accountants and
accounting firms, insurance companies, and financial institutions, including
statements and reconciliations related to these contracts or agreements;
(3) records that identify the
handle, payout, actual win amounts and percentages, theoretical win amounts and
percentages, and differences between theoretical and actual win amounts and
percentages for each EGM on a daily, week-to-date, month-to-date, and
year-to-date basis;
(4) records
documenting the costs of complimentaries as defined in article 100;
(5) records created in connection with the
internal control system submitted to the commission under this article;
(6) records of all returned
checks;
(7) records supporting the
daily and other periodic reconciliations of cash and account balances to
general ledger accounts;
(8)
records supporting the reconciliation of accounting records to those of the
independent auditors;
(9) records
supporting the preparation of any state and federal tax returns and
reconciliation of all such records to general ledger accounts;
(10) records required to comply with all
federal financial recordkeeping requirements as specified in 31 C.F.R. part
103; and
(11) any other relevant
records that the executive director requires to be maintained.
