NRS 463.159
Regulations concerning financial practices of licensees: Audits, compilations and reviews of financial statements of nonrestricted licensees

  • independent accountants.

1.

The Commission shall by regulation require audits of the financial statements of all nonrestricted licensees whose annual gross revenue is $5,000,000 or more.

2.

The Commission may require audits, compiled statements or reviews of the financial statements of nonrestricted licensees whose annual gross revenue is less than $5,000,000.

3.

The amounts of annual gross revenue provided for in subsections 1 and 2 must be increased or decreased annually in an amount corresponding to the percentage of increase or decrease in the Consumer Price Index (All Items) published by the United States Department of Labor for the preceding year. On or before December 15 of each year, the Board shall determine the amount of the increase or decrease required by this subsection and establish the adjusted amounts of annual gross revenue in effect for the succeeding calendar year. The audits, compilations and reviews provided for in subsections 1 and 2 must be made by independent accountants holding permits to practice public accounting in the State of Nevada.

4.

Except as otherwise provided in subsection 5, for every audit required pursuant to this section:

(a)

The independent accountants shall submit an audit report which must express an unqualified or qualified opinion or, if appropriate, disclaim an opinion on the statements taken as a whole in accordance with standards for the accounting profession established by rules and regulations of the Nevada State Board of Accountancy, but the preparation of statements without audit does not constitute compliance.

(b)

The examination and audit must disclose whether the accounts, records and control procedures maintained by the licensee are as required by the regulations published by the Commission pursuant to NRS 463.156 to 463.1592, inclusive.

5.

If the license of a nonrestricted licensee is terminated within 3 months after the end of a period covered by an audit, the licensee may submit compiled statements in lieu of an additional audited statement for the licensee’s final period of business.

Source: Section 463.159 — Regulations concerning financial practices of licensees: Audits, compilations and reviews of financial statements of nonrestricted licensees; independent accountants., https://www.­leg.­state.­nv.­us/NRS/NRS-463.­html#NRS463Sec159.

463.145
Adoption, amendment and repeal: Procedure. 463.150
Required provisions. 463.151
Regulations requiring exclusion or ejection of certain persons from licensed establishments: Persons included. 463.152
Regulations requiring exclusion or ejection of certain persons from licensed establishments: Notice to person whose name is placed on list. 463.153
Regulations requiring exclusion or ejection of certain persons from licensed establishments: Hearing 463.154
Regulations requiring exclusion or ejection of certain persons from licensed establishments: Penalties for failure to exclude or eject. 463.155
Regulations requiring exclusion or ejection of certain persons from licensed establishments: Unlawful entry by person whose name has been placed on list 463.156
Regulations concerning financial practices of licensees: Adoption. 463.157
Regulations concerning financial practices of licensees: Minimum procedures for control of internal fiscal affairs of nonrestricted licensees 463.158
Regulations concerning financial practices of licensees: Periodic financial reports from nonrestricted licensees. 463.159
Regulations concerning financial practices of licensees: Audits, compilations and reviews of financial statements of nonrestricted licensees 463.1592
Regulations concerning financial practices of licensees: Organization of audit function of Nevada Gaming Control Board 463.1593
Regulations concerning financial practices of licensees: Duties of Legislative Auditor. 463.1595
Regulations concerning financial practices of licensees: Computation and reporting of winnings, compensation and gross revenue 463.1596
Regulations concerning recovery of gaming debts by patrons. 463.1597
Regulations concerning licensing of corporations and limited partnerships. 463.1598
Regulations governing sale or offering for sale of securities. 463.1599
Regulations governing operation of slot machine routes. 463.15993
Regulations governing approval and operation of inter-casino linked systems. 463.15995
Regulations governing charging of fee for admission to area in which gaming is conducted. 463.15997
Regulations concerning development and deployment of certain gaming devices, associated equipment and various gaming support systems. 463.15999
Regulations requiring registration of club venue employees.
Last Updated

Jun. 24, 2021

§ 463.159’s source at nv​.us