ACC 406 Exam 1
Access to credit documentation is restricted. Which of the following is the most restricted document? -
Answer-Written-off credit instruments.
This checklist that includes statutes, regulations, and the Internal Audit testing steps is called what? -
Answer-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? - Answer-All "no" and "N/A" responses.
The MICS checklist can be given to a casino employee for employee completion? - Answer-False
Regulation 6.090(15) requires an Internal Auditor to determine compliance with - Answer-All of the
above
The Gaming Control Board has 5 members? - Answer-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.
- Answer-False
Which of the following is NOT a purpose of the Gaming Control Board? - Answer-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. - Answer-False
,Board - prosecutorial
Commission - judicial
The Gaming Commission has 5 members? - Answer-True
When performing an observation of a required gaming activity (ex. drop and count) the observation
should be performed how? - Answer-On an unannounced basis to all employees. (officers, directors, or
employees)
What is the purpose of the gaming control board? - Answer-- 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? - Answer-Administration
Audit
Enforcement
Investigations
Tax and license
Technology
, What is the purposes of the Gaming Commission? - Answer-- 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? - Answer-Statutes and Regulations
What does the CPA MICS Checklist audit? - Answer-MICS
Why did the GCB set up an Internal Audit Compliance Reporting Requirement? - Answer-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? - Answer-In conjunction with the CPA MICS Compliance
Checklists
What areas do the IACC cover? - Answer-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? -
Answer-Perform observations, document examinations, inquiry with employees.
Can employee complete questionnaires be used to replace an in person inquiry? - Answer-No
How often are required procedures checked? - Answer-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.
Access to credit documentation is restricted. Which of the following is the most restricted document? -
Answer-Written-off credit instruments.
This checklist that includes statutes, regulations, and the Internal Audit testing steps is called what? -
Answer-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? - Answer-All "no" and "N/A" responses.
The MICS checklist can be given to a casino employee for employee completion? - Answer-False
Regulation 6.090(15) requires an Internal Auditor to determine compliance with - Answer-All of the
above
The Gaming Control Board has 5 members? - Answer-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.
- Answer-False
Which of the following is NOT a purpose of the Gaming Control Board? - Answer-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. - Answer-False
,Board - prosecutorial
Commission - judicial
The Gaming Commission has 5 members? - Answer-True
When performing an observation of a required gaming activity (ex. drop and count) the observation
should be performed how? - Answer-On an unannounced basis to all employees. (officers, directors, or
employees)
What is the purpose of the gaming control board? - Answer-- 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? - Answer-Administration
Audit
Enforcement
Investigations
Tax and license
Technology
, What is the purposes of the Gaming Commission? - Answer-- 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? - Answer-Statutes and Regulations
What does the CPA MICS Checklist audit? - Answer-MICS
Why did the GCB set up an Internal Audit Compliance Reporting Requirement? - Answer-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? - Answer-In conjunction with the CPA MICS Compliance
Checklists
What areas do the IACC cover? - Answer-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? -
Answer-Perform observations, document examinations, inquiry with employees.
Can employee complete questionnaires be used to replace an in person inquiry? - Answer-No
How often are required procedures checked? - Answer-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.
