Casino Audits
Providing accountability to general membership must be the main priority of elected Tribal officials and Gaming Commissioners when requesting an audit of the Tribal casino. Regardless of federal and state requirements, the casino audit must be conducted on an annual basis to protect the membership’s investment and ensure continued economic sovereignty for the Tribe. We partner with Tribal governments to provide audit results and recommendations that lead to more effective and efficient gaming operations resulting in a greater return on investment for Tribal membership.
Financial Statements
Financial statement audits do not only satisfy the federal/state compliance requirements; they also help protect the assets of the Tribe from unscrupulous vendors, employees, gamblers, corrupt politicians and others who take advantage to better themselves at the expense of the general membership. Through our audit services, we will determine if the financial results presented by management are materially correct, are prepared in accordance with generally accepted accounting standards, and meet the recommended Governmental Accounting Standards Board criteria. We understand the importance of deadlines and have a proven track record of helping our clients meet filing deadlines with federal and state gaming regulators, financial institutions, and others.
Compliance with Internal Controls
The Tribal internal control standards are the benchmark for testing your internal control system. Regardless of whether these standards are dictated by state compact or recommended/required by the National Indian Gaming Commission, you must have a system of internal control designed to adequately protect the assets of the Tribe and ensure financial results are properly recorded and reported. Compliance engagements are performed utilizing unannounced observations and include detailed testing of your gaming and accounting internal controls. We will then issue an agreed upon procedures report that includes any deficiencies noted as well as the respective recommendations for remedying the deficiencies.
Title 31 Compliance
The Bank Secrecy Act (BSA) requires that Tribal Casinos have anti-money laundering (AML) programs. Casinos must have written policies and procedures to ensure compliance with the regulation, including a designated compliance officer, an internal control system, a risk assessment, continuous employee training on BSA compliance, and most importantly; periodic independent testing of compliance. Based on current FinCEN trends, we include topics of greatest concern such as Know Your Customer and Source of Funds in the periodic independent testing of compliance. We review all of the applicable requirements with customized audit programs that have been developed to closely mirror items tested by the Internal Revenue Service. We will then issue an agreed upon procedures report that includes any deficiencies noted as well as the respective recommendations for remedying the deficiencies.
Benefit Plans
You not only have a fiduciary duty to the Tribe’s general membership, you must also protect the assets of the Casino’s employees. Employee benefit plan audits include pension, health and welfare, and 401(k) plans subject to the Employee Retirement Income Security Act (ERISA). Generally, Federal law requires employee benefit plans with 100 or more participants to have an audit as part of their obligation to file an annual return/report (Form 5500 Series). A quality audit helps ensure the financial integrity of a plan and protect plan assets. A quality audit also will help a plan administrator carry out its legal responsibility to file a complete and accurate annual return/report for the plan each year. We perform benefit plan audits for various sized Casinos and have specific experience understanding the differences between governmental and non-governmental plans as outlined in the 2006 Pension Protection Act.