Minnesota Administrative Rules
Agency 181 - Revenue Department
Chapter 8122 - LAWFUL GAMBLING; ANNUAL AUDITS
Part 8122.0350 - ACCOUNTING RECORDS

Universal Citation: MN Rules 8122.0350

Current through Register Vol. 49, No. 13, September 23, 2024

All licensed organizations are required to maintain records that account for the assets, liabilities, and fund balance of their lawful gambling operation. These records must also account for their gambling revenue, prize payouts, allowable expenses, and lawful purpose expenditures.

If, in the opinion of the independent CPA engaged to conduct the annual financial audit , the licensed organization has not maintained proper accounting records in a form that can be audited , the accountant must either:

A. notify the organization in writing of the deficiencies that exist and the corrective action required, with an estimate of the cost to generate auditable records or the reason the cost cannot be estimated; or

B. terminate the audit engagement.

Statutory Authority: MS s 270.06; 270C.06

Disclaimer: These regulations may not be the most recent version. Minnesota may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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