47.1-1610    Internal control.
(1)    	The Division shall establish internal control minimum procedures for each group of licensees (Group A, Group B, and Group C). The internal control minimum procedures will contain the minimum requirements to be followed by each licensee group. The internal control minimum procedures will be established to ensure licensed gaming operations are conducted in such a manner as to ensure and maintain public confidence in the security, accuracy, integrity, and propriety of licensed gaming in Colorado.
(2)    	Each licensee shall establish its own internal control procedures including accounting procedures, reporting procedures, and personnel policies for the purpose of determining the licensee's liability for taxes, fees, and exercising effective control over the licensee's internal fiscal affairs. The licensee's procedures must incorporate the minimum requirements as established by the Division, or alternative requirements approved by the Division, and must be designed to ensure that:
(a)    	Assets are safeguarded and accountability over assets is maintained;
(b)    	Liabilities are properly recorded and contingent liabilities are properly disclosed;
(c)    	Financial records including revenue, expenses, assets, liability, and equity are accurate and reliable;
(d)    	Transactions are performed only in accordance with Generally Accepted Accounting Principles, the Commission's rules and regulations, and management's stated policies which cannot be inconsistent with such principles, rules, and regulations;
(e)    	Transactions are recorded adequately to permit proper reporting of gaming revenue and of fees and taxes;
(f)    	Access to assets is permitted only in accordance with management's specific authorization;
(g)    	Recorded accountability for assets is compared with actual assets at reasonable intervals and appropriate action is taken with respect to any discrepancies; and
(h)    	Functions, duties, and responsibilities are appropriately segregated and performed in accordance with sound practices by competent, qualified personnel.
(3)    	Each licensee must describe its administrative, accounting, reporting, and personnel procedures in detail in a written system of internal control. Each licensee must at all times follow and comply with its written system of internal control. Each licensee must submit a copy of its written system to the Division at least 30 days prior to conducting or offering limited gaming to the public. Each written system must include:
(a)    	An organizational chart depicting appropriate segregation of functions and responsibilities;
(b)    	A description of the duties and responsibilities of each position shown on the organizational chart;
(c)    	A detailed, narrative description of the administrative and accounting procedures designed to satisfy the requirements of subsection (2);
(d)    	A written statement signed by the licensee's chief financial officer and either the licensee's chief executive officer or a licensed owner attesting that the system satisfies the requirements of this section;
(e)    	Such other items as the Division may require.
(4)    	At least 30 days prior to revising the internal control minimum procedures, the Division shall post on the Division’s website a copy of the proposed revision and notify every licensee and every person who has filed a request therefor with the Division of such posting.
(5)    	Prior to revising the internal control minimum procedures, the Division shall consider all written statements, arguments, or contentions submitted by interested parties within 21 days of service of the notice provided for in subsection (4).
(6)    	The Division shall send notification that the Division has adopted procedures pursuant to subsection (4) to all licensees and to every person who has filed a request therefor with the Division.