Examination of Accounts and Records for Verification of Gross Gaming Revenues

(1) The commission or its designee may perform audits of the books and records of a gaming licensee, at such times and intervals as it deems appropriate, in order to verify gross gaming revenues. (2) The gaming licensee shall permit duly authorized representatives of the commission to examine the gaming licensee's accounts and records for the purpose of verifying gross gaming revenues. In the event that any records or documents deemed pertinent by a commission examiner are in the possession of another person or entity, the gaming licensee shall be responsible for making those records or documents available to the commission examiner within the time period provided by the commission. (3) The gross gaming revenue verification process may incorporate audit work performed by a gaming licensee's internal audit department or its independent accountant or auditor provided that: (a) Such audit work is conducted in accordance with minimum standard internal audit procedures which have been submitted to and approved by the commission including, at a minimum, a detailed description of the audit tests to be performed; (b) The gaming licensee submits to the commission by January 31st of each year a gross gaming revenue audit plan specifying the scheduled audit dates for that upcoming calendar year; and (c) The gaming licensee submits to the commission no later than March 15th of each year, copies of all internal audit reports and any other reports directly relating to the reporting of gross revenue for the preceding tax year. (4) The commission shall notify the gaming licensee of any gross gaming revenue tax deficiencies disclosed during the gross revenue verification process. Any additional amounts due by the gaming licensee shall be remitted within 15 days of completion of the audit, except that in the event the gaming licensee disagrees with the commission's audit results, the time for payment shall be extended for an additional 30 days during which time the gaming licensee shall be provided an opportunity to respond to the commission's audit results.