R 432.554a Independent compliance audit.

Rule 554a. (1) Each year, a fantasy contest operator and any licensed management company that manages day-to-day fantasy contest operations of the fantasy contest operator must contract with an independent testing laboratory or another professional service provider authorized by the board to assess the fantasy contest operator's and licensed management company’s compliance with part 3 and part 4 of these rules, except for R 432.535a, and verify the integrity of the fantasy contest platform used by the fantasy contest operator and licensed management company to operate fantasy contests. (2) A fantasy contest operator and any licensed management company that manages day- to-day fantasy contest operations of the fantasy contest operator must submit an audit engagement letter to the board at least 30 days before the commencement of the audit. The audit engagement letter must meet all of the following conditions, at a minimum: (a) The scope of the audit must include, at a minimum, each area required under subrule (1) of this rule. (b) The audit must be performed in accordance with attestation standards established by the American Institute of Certified Public Accountants or their equivalent as approved by the board. (c) The audit report must include a listing of all instances of non-compliance and an overall assessment of the integrity of the fantasy contest platform used to operate fantasy contests. (d) The audit must meet any other conditions considered appropriate by the board. (3) A fantasy contest operator and any licensed management company that manages day- to-day fantasy contest operations of the fantasy contest operator must submit the audit results under this rule to the board by March 31 of each year. (4) A fantasy contest operator and any licensed management company that manages day- to-day fantasy contest operations of the fantasy contest operator is responsible for the cost of the audit.