Auditor cites internal control or compliance matter related to Racing and Gaming Commission

Key Takeaways:

• An auditor identified a compliance issue involving a Racing and Gaming Commission.
• Grand Island Casino and Resort reported $2,640,940 in revenue.
• The commission lacked adequate procedures to ensure the reported revenue was appropriate.
• The findings come from an official audit.
• The situation underscores the need for rigorous financial oversight in the gaming industry.

An Auditor’s Findings

An official audit recently cited the Racing and Gaming Commission for an internal control or compliance matter. According to the report, the commission’s processes may fall short of ensuring that reported casino revenues are accurate.

Grand Island Casino’s Reported Revenue

In a noteworthy example, Grand Island Casino and Resort disclosed $2,640,940 in revenue during a specific period. This substantial figure prompted the auditor’s focus, underscoring the significant financial transactions the commission oversees.

Inadequate Oversight Procedures

The auditor’s report indicates that the commission “did not have adequate procedures to ensure this amount of revenue was appropriate.” By pointing out this oversight gap, the auditor raises concerns over how effectively the commission verifies financial data submitted by licensed gaming establishments.

Why It Matters

Financial oversight in the gaming industry is critical, given the high stakes and large sums of money involved. The auditor’s findings emphasize the importance of implementing strong internal controls to maintain confidence in the regulatory framework. As gaming interests expand, scrutiny of the commission’s methods will likely remain a focal point for auditors and the public alike.