Ohio Administrative Code
Title 3772 - Casino Control Commission
Chapter 3772-74 - Fantasy Contests
Section 3772-74-15 - Inspection and audits
Current through all regulations passed and filed through September 16, 2024
(A) Fantasy contest operators shall contract with a third party to perform an independent audit to ensure compliance with fantasy contest law. The audit shall be performed and a copy of the report provided to the commission at least once every licensure period, unless otherwise instructed by the commission at a meeting held under section 3772.02 of the Revised Code.
(B) Fantasy contest operators shall contract with a third party to perform an independent financial audit. The audit shall be performed and a copy of the report provided to the commission at least once every twelve-month period, unless otherwise instructed by the commission at a meeting held under section 3772.02 of the Revised Code.
(C) Any third party contracted to perform an audit under this rule must be a certified public accountant or, when appropriate, an independent registered certified public accounting firm and shall be approved by the commission, at a meeting held under section 3772.02 of the Revised Code, prior to the audit engagement.
(D) The fantasy contest operator shall ensure the qualifications, good standing, and independence of any third party prior to engagement. The commission, at a meeting held under section 3772.02 of the Revised Code, may deny, restrict, or condition any request for approval of any third party and may require documentation regarding the qualifications, good standing, and independence of the third party, as well as any other documentation needed to process the request for approval, from the fantasy contest operator or the third party.
(E) Any audit conducted under this rule shall be in accordance with fantasy contest law, generally accepted auditing standards, and, when applicable, the standards of the accountancy board.
(F) The third party approved to conduct any audit under this rule shall submit the audit results in the manner prescribed by the executive director no later than such results have been made available to the fantasy contest operator.
(G) Audit requirements under this rule may be waived by the commission pursuant to rule 3772-74-05 of the Administrative Code. These waiver requests should contain documentary support as to why the waiver is justified based upon risk, audits that have been or will be conducted by the commission, or other good cause. Any waiver based upon audits conducted by the commission may result in the cost of the audit being charged to the fantasy contest operator.
(H) The executive director may do the following:
(I) A person shall cooperate at all times with the direction of the commission and shall not interfere or hinder an inspection, audit, or investigation or allow others to interfere or hinder an inspection, audit, or investigation.
(J) All applicants and licensees consent to inspections, searches, and seizures and to the disclosure to the commission of non-privileged confidential records, including tax records, held by any federal, state, or local agency, credit bureau, or financial institution and to provide handwriting exemplars, photographs, fingerprints, and any other information requested.
