§ 465a.5. Annual audit; other reports; suspicious activity and currency transaction reporting.
(a) A slot machine licensee shall, at its own expense, have its annual financial statements audited in accordance with generally accepted auditing standards (when applicable, the Standards of the Public Company Accounting Oversight Board (United States)) by an independent certified public accountant or, when appropriate, an independent registered public accounting firm licensed to practice in this Commonwealth.
(b) The annual financial statements shall be prepared on a comparative basis for the current and prior fiscal year and present the financial position and results of operations in conformity with generally accepted accounting principles in the United States.
(c) One copy of the audited financial statements, together with any management letter or report prepared thereon by the slot machine licensee’s independent certified public accountant or independent registered public accounting firm, shall be filed with the Bureau of Licensing not later than 90 days after the end of the licensee’s fiscal year.
(d) The slot machine licensee shall file with the Bureau of Licensing one copy of any other reports on internal controls, administrative controls or other matters relative to the slot machine licensee’s accounting or operating procedures rendered by the licensee’s independent certified public accountant or independent registered public accounting firm within 120 days following the end of the licensee’s fiscal year or upon receipt, whichever is earlier.
(e) If the slot machine licensee or its holding company, intermediary or principal entity is publicly held, the slot machine licensee shall submit a notice to the Bureau of Licensing when the licensee, its holding company, intermediary or principal entity files any report, including forms S-1, 8-K, 10-Q, 10-K, proxy or information statements and registration statements with the SEC or other domestic or foreign securities regulatory agency. The notice must include a listing of the reports or forms filed and the date of the filing. The notice to the Bureau of Licensing shall be made within 10 business days of the time of filing with the applicable Commission or regulatory agency.
(f) If an independent certified public accountant or independent registered public accounting firm that was previously engaged as the principal accountant to audit the slot machine licensee’s financial statements resigns or is dismissed as the slot machine licensee’s principal accountant, or another independent certified public accountant or independent registered public accounting firm is engaged as principal accountant, the slot machine licensee shall file a report with the Bureau of Licensing within 10 business days following the end of the month in which the event occurs, setting forth the following:
(1) The date of the resignation, dismissal or engagement.
(2) Whether in connection with the audits of the 2 most recent years preceding a resignation, dismissal or engagement there were any disagreements with the former accountant on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, including a description of each disagreement. The disagreements to be reported include those resolved and those not resolved.
(3) Whether the principal accountant’s report on the financial statements for either of the past 2 years contained an adverse opinion or disclaimer of opinion or was qualified. The nature of the adverse opinion, disclaimer of opinion or qualification shall be described.
(g) The slot machine licensee shall request the former accountant to furnish to the slot machine licensee a letter addressed to the Bureau of Licensing stating whether he agrees with the statements made by the slot machine licensee in response to subsection (f)(2). The letter shall be filed with the Bureau of Licensing as an exhibit to the report required under subsection (f).
(h) The slot machine licensee shall file with BIE a copy of any Suspicious Activity Report—Casino (SARC) that the slot machine licensee is required to file under 31 CFR 1021.320 (relating to reports by casinos of suspicious transactions). Each SARC shall be filed with BIE concurrently with the Federal filing.
(i) A slot machine licensee, director, officer, employee or agent who reports a suspicious activity under subsection (h) may not notify any individual involved in the suspicious activity that the suspicious activity has been reported.
(j) The slot machine licensee shall file with BIE a copy of any Currency Transaction Report by Casino (CTRC) that the slot machine licensee is required to file under 31 CFR 1021.311 (relating to filing obligations). Each CTRC shall be filed with BIE concurrently with the Federal filing.
(k) Prior to commencing gaming operations, a slot machine licensee shall file with the Bureau of Gaming Operations, in a manner prescribed by the Bureau of Gaming Operations, a copy of the slot machine licensee’s compliance program required under 31 CFR Part 1021 (relating to rules for casinos and card clubs). Thereafter, a slot machine licensee shall file with the Bureau of Gaming Operations any amendment or supplement to the compliance program on or before the effective date of the amendment or supplement.
Authority The provisions of this § 465a.5 amended under 4 Pa.C.S. § § 1207, 1322, 13A02(1)—(6) and 13A25.
Source The provisions of this § 465a.5 amended October 10, 2008, effective October 11, 2008, 38 Pa.B. 5652; amended August 28, 2009, effective August 29, 2009, 39 Pa.B. 5126; amended September 25, 2009, effective September 26, 2009, 39 Pa.B. 5562; amended May 11, 2012, effective May 12, 2012, 42 Pa.B. 2585. Immediately preceding text appears at serial pages (349924) and (348415) to (348416).
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