New Jersey Administrative Code
Title 13 - LAW AND PUBLIC SAFETY
Chapter 69D - GAMING OPERATION ACCOUNTING CONTROLS AND STANDARDS
Subchapter 1 - GENERAL PROVISIONS
Section 13:69D-1.7 - Annual audit and other reports
Current through Register Vol. 56, No. 18, September 16, 2024
(a) Unless specifically exempted by the Division, each casino licensee 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 calendar year, and shall present financial position and results of operations in conformity with generally accepted accounting principles.
(c) The financial statements required by this section shall include a footnote reconciling and explaining any differences between the financial statements included in the casino licensee's quarterly report for the quarter ended December 31, filed in conformity with 13:69D-1.6 of this regulation, and the audited financial statements. Such footnote shall, at a minimum, disclose the effect of such adjustments on:
(d) One copy of the audited financial statements, together with the report thereon of the casino licensee's or racetrack's independent certified public accountant, shall be filed with the Division by April 30 following the end of the calendar year.
(e) Each casino licensee shall require its independent certified public accountant to render a report expressing an opinion as to whether the licensee has followed, in all material respects, its system of internal accounting controls based upon the audit of the financial statements pursuant to (a) above. Whenever, in the opinion of the independent certified public accountant, the licensee has materially deviated from its system of internal accounting controls or the accounts, records, and control procedures examined are not maintained by the licensee in accordance with the Casino Control Act and this chapter, the report shall enumerate such deviations and shall make recommendations regarding improvements in the system of internal accounting control. If applicable, the licensee shall prepare a written response to the report which shall indicate the actions taken to address the deviations and recommendations. The report and, if applicable, the response shall be filed with the Division by April 30 following the end of the calendar year.
(f) In accordance with the requirements of section 146 of the Casino Control Act (5:12-146), each casino licensee who has made a decision to pay the in lieu taxes prescribed by that section on its licensed premises, shall file with the Department of the Treasury, not later than 90 days following the completion of the project:
(g) If the casino licensee or any of its affiliates is publicly held, the licensee or the affiliate shall submit one copy to the Division of any report, including, but not limited to, forms S-1, 8-K, 10-Q and 10-K, proxy or information statements and all registration statements, required to be filed by such licensee or affiliates with the Securities and Exchange Commission or other domestic or foreign securities regulatory agency, at the time of filing with such commission or agency.
(h) If an independent certified public accountant who was previously engaged as the principal accountant to audit the casino licensee's financial statements resigns or is dismissed as the casino licensee's principal accountant, or another independent certified public accountant is engaged as principal accountant, the casino licensee shall file a report with the Division within 10 days following the end of the month in which such event occurs, setting forth the following:
(i) The casino licensee shall request the former accountant to furnish a letter to the Division, stating whether he or she agrees with the statements made by the casino licensee in the report submitted to the Division.
(j) Any filing required by this section shall be made in a format acceptable to the Division.