Wyoming Administrative Code
Agency 038 - Wyoming Gaming Commission
Sub-Agency 0002 - Online Sports Wagering
Chapter 7 - Audit and Internal Controls
Section 7-1 - Internal Control Standards Purpose
Current through September 21, 2024
The procedures of the internal control standards are designed to ensure all of the following:
(a) Assets are safeguarded;
(b) The financial records of the sports wagering operator and sports wagering vendor are accurate and reliable;
(c) The transactions of the sports wagering operator and sports wagering vendor are performed only in accordance with the statutes and these rules;
(d) The transactions are recorded adequately to permit the proper recording of the online sports wagering revenue, fees, and all applicable taxes and payments;
(e) Accountability of assets is maintained pursuant to generally accepted accounting principles;
(f) Only authorized personnel have access to assets;
(g) Account balances are complete and accurate, and appropriate action is taken with respect to discrepancies;
(h) Accounts and personal identifiable information are adequately protected;
(i) The functions, duties, and responsibilities are appropriately segregated and performed pursuant to sound practices by competent, qualified personnel and that no employee of the sports wagering operator, the sports wagering vendor, a vendor, or a third-party provider is in a position to perpetuate and conceal errors or irregularities in the normal course of the employee's duties; and
(j) Online sports wagering is conducted with integrity and in accordance with the statutes and these rules.
