ACC 406 Exam 1 || with 100% Correct Answers.
Access to credit documentation is restricted. Which of the following is the most restricted
document? correct answers Written-off credit instruments.
This checklist that includes statutes, regulations, and the Internal Audit testing steps is called
what? correct answers Internal Audit Compliance Checklist
Detailed explanations must be provided for question on each checklist for responses and for
exceptions noted during document testing for what type of responses? correct answers All "no"
and "N/A" responses.
The MICS checklist can be given to a casino employee for employee completion? correct
answers False
Regulation 6.090(15) requires an Internal Auditor to determine compliance with correct answers
All of the above
The Gaming Control Board has 5 members? correct answers False it has 3 members
If Internal Audit is used to substitute for CPA work there are no items the CPA is required to be
perform. correct answers False
Which of the following is NOT a purpose of the Gaming Control Board? correct answers To
approve, restrict, limit, condition, deny, revoke, or suspend any gaming license.
When discipline against a gaming licensee is appropriate the Board acts in the judicial capacity
and the Commission acts in the prosecutorial capacity. correct answers False
Board - prosecutorial
Commission - judicial
,The Gaming Commission has 5 members? correct answers True
When performing an observation of a required gaming activity (ex. drop and count) the
observation should be performed how? correct answers On an unannounced basis to all
employees. (officers, directors, or employees)
What is the purpose of the gaming control board? correct answers - Eliminate the undesirable
elements in Nevada gaming
- Provide regulations for licensing
- Provide regulations for the operation of gaming
- Establish rules and regulations for all tax reports submitted by the gaming licensees
- Protect the stability of the gaming industry through investigations, licensing, and enforcement
of laws and regulations
- To ensure the collection of gaming taxes and fees
- To maintain public confidence in gaming
What are the division of the Gaming Control Board? correct answers Administration
Audit
Enforcement
Investigations
Tax and license
Technology
What is the purposes of the Gaming Commission? correct answers - Acting on recommendations
of the Board in licensing matters
- Ruling upon work permit case appeals
- Has the final authority on licensing matters
- Ability to approve, restrict, limit, condition, deny, revoke, or suspend any gaming license
, - Adopting regulations to implement and enforce the state laws governing gaming
What does the Internal Audit Compliance Checklist audit? correct answers Statutes and
Regulations
What does the CPA MICS Checklist audit? correct answers MICS
Why did the GCB set up an Internal Audit Compliance Reporting Requirement? correct answers
To ensure all gaming licencees are performing a minimum amount and similar types of
compliance procedures with internal audit programs, checklists, and guidelines.
What checklist does the IACC used with? correct answers In conjunction with the CPA MICS
Compliance Checklists
What areas do the IACC cover? correct answers All gaming revenue areas, areas subject to
entertainment tax, interactive gaming, and miscellaneous regulations.
What procedures does Regulation 6.090(15) require for internal auditors to check compliance?
correct answers Perform observations, document examinations, inquiry with employees.
Can employee complete questionnaires be used to replace an in person inquiry? correct answers
No
How often are required procedures checked? correct answers Once each fiscal year except for
slots and table games which is twice a year and branch offices which are once every two or five
years.
Observations of drop and count must be? correct answers Unannounced to all employees
Which answers must have an explanation? correct answers No, N/A, and exceptions noted
Access to credit documentation is restricted. Which of the following is the most restricted
document? correct answers Written-off credit instruments.
This checklist that includes statutes, regulations, and the Internal Audit testing steps is called
what? correct answers Internal Audit Compliance Checklist
Detailed explanations must be provided for question on each checklist for responses and for
exceptions noted during document testing for what type of responses? correct answers All "no"
and "N/A" responses.
The MICS checklist can be given to a casino employee for employee completion? correct
answers False
Regulation 6.090(15) requires an Internal Auditor to determine compliance with correct answers
All of the above
The Gaming Control Board has 5 members? correct answers False it has 3 members
If Internal Audit is used to substitute for CPA work there are no items the CPA is required to be
perform. correct answers False
Which of the following is NOT a purpose of the Gaming Control Board? correct answers To
approve, restrict, limit, condition, deny, revoke, or suspend any gaming license.
When discipline against a gaming licensee is appropriate the Board acts in the judicial capacity
and the Commission acts in the prosecutorial capacity. correct answers False
Board - prosecutorial
Commission - judicial
,The Gaming Commission has 5 members? correct answers True
When performing an observation of a required gaming activity (ex. drop and count) the
observation should be performed how? correct answers On an unannounced basis to all
employees. (officers, directors, or employees)
What is the purpose of the gaming control board? correct answers - Eliminate the undesirable
elements in Nevada gaming
- Provide regulations for licensing
- Provide regulations for the operation of gaming
- Establish rules and regulations for all tax reports submitted by the gaming licensees
- Protect the stability of the gaming industry through investigations, licensing, and enforcement
of laws and regulations
- To ensure the collection of gaming taxes and fees
- To maintain public confidence in gaming
What are the division of the Gaming Control Board? correct answers Administration
Audit
Enforcement
Investigations
Tax and license
Technology
What is the purposes of the Gaming Commission? correct answers - Acting on recommendations
of the Board in licensing matters
- Ruling upon work permit case appeals
- Has the final authority on licensing matters
- Ability to approve, restrict, limit, condition, deny, revoke, or suspend any gaming license
, - Adopting regulations to implement and enforce the state laws governing gaming
What does the Internal Audit Compliance Checklist audit? correct answers Statutes and
Regulations
What does the CPA MICS Checklist audit? correct answers MICS
Why did the GCB set up an Internal Audit Compliance Reporting Requirement? correct answers
To ensure all gaming licencees are performing a minimum amount and similar types of
compliance procedures with internal audit programs, checklists, and guidelines.
What checklist does the IACC used with? correct answers In conjunction with the CPA MICS
Compliance Checklists
What areas do the IACC cover? correct answers All gaming revenue areas, areas subject to
entertainment tax, interactive gaming, and miscellaneous regulations.
What procedures does Regulation 6.090(15) require for internal auditors to check compliance?
correct answers Perform observations, document examinations, inquiry with employees.
Can employee complete questionnaires be used to replace an in person inquiry? correct answers
No
How often are required procedures checked? correct answers Once each fiscal year except for
slots and table games which is twice a year and branch offices which are once every two or five
years.
Observations of drop and count must be? correct answers Unannounced to all employees
Which answers must have an explanation? correct answers No, N/A, and exceptions noted
