1. Prescribe minimum procedures for adoption by each nonrestricted licensee to exercise
effective control over its internal fiscal affairs, which must include, but are not
limited to, provisions for:
(a) The safeguarding of its assets and revenues, especially the recording of cash
and evidences of indebtedness; and
(b) The provision of reliable records, accounts and reports of transactions, operations
and events, including reports to the Board and the Commission.
2. Provide for the adoption and use of internal audits, whether by qualified internal
auditors or by accountants holding a permit to practice public accounting, in the
case of each nonrestricted licensee whose operation equals or exceeds a specified
size. The regulations or any standards adopted pursuant to such regulations must, if the
stock of the nonrestricted licensee is publicly traded, preclude internal audits by
the same independent accountant hired to provide audits, compiled statements or reviews
of the financial statements required by NRS 463.159. As used in this subsection, “internal audit” means a type of control which operates through the testing and evaluation of other
controls and which is also directed toward observing proper compliance with the minimum
standards of control prescribed pursuant to subsection 1.
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