Code of Maryland Regulations
Title 36 - MARYLAND STATE LOTTERY AND GAMING CONTROL AGENCY
Subtitle 03 - GAMING PROVISIONS
Chapter 36.03.10 - Video Lottery Facility Minimum Internal Control Standards
Section 36.03.10.07 - Annual Audit and Other Regulatory Reports
Current through Register Vol. 51, No. 6, March 22, 2024
A. A facility operator shall cause its annual financial statements to be audited in accordance with generally accepted auditing standards by an independent certified public accountant.
B. The annual financial statements shall be prepared on a comparative basis for the current and prior fiscal year and present financial position and results of operations in conformity with generally accepted accounting principles in the United States.
C. The audited financial statements shall include a footnote reconciling and explaining any difference between the financial statements included in any report submitted to the Commission under Regulation .06 of this chapter and the audited financial statements.
D. A facility operator shall with regard to adjustments resulting from the annual audit:
E. No later than 90 days after the end of its fiscal year, a facility operator shall submit to the Commission:
F. A facility operator shall require the independent certified public accountant auditing its financial statements or other qualified entity approved by the Commission to render the following additional reports:
G. A facility operator shall prepare a written response to the reports required by §F of this regulation which includes details as to any corrective action taken.
H. No later than 120 days after the end of its fiscal year, a facility operator shall submit to the Commission a copy of:
I. If a facility operator or any of its affiliates are publicly held, the facility operator shall submit to the Commission a copy of:
J. A report required to be filed under §I of this regulation shall be submitted to the Commission no later than 10 days after the date of filing with the applicable agency.
K. A facility operator shall submit a written report to the Commission if an independent certified public accountant who is engaged as the principal accountant to audit its financial statements:
L. A report required to be filed under §K of this regulation shall include:
M. A report required to be filed under §K of this regulation shall be submitted to the Commission no later than 10 days after the end of the month in which the resignation, dismissal, or new engagement occurred.
N. No later than 7 days after the date of filing with the Financial Crimes Enforcement Network, a facility operator shall provide the Commission with access to each Suspicious Activity Report-Casino filed under 31 CFR § 103.21.
O. A facility operator or a director, officer, employee, or agent of a facility operator who reports suspicious activity under 31 CFR § 103.21 may not notify an individual involved in the suspicious activity that the suspicious activity has been reported.
P. No later than 7 days after the date of filing with the Financial Crimes Enforcement Network, a facility operator shall provide the Commission with access to each Currency Transaction Report by Casino filed under 31 CFR § 103.22.
Q. At least 30 days before video lottery terminal operations are to commence, a facility operator shall submit to the Commission a copy of its compliance program required under 31 CFR § 103.64.
R. On or before the effective date, a facility operator shall submit to the Commission any change or amendment to its compliance program required under 31 CFR § 103.64.