65 Ind. Admin. Code 1-5-5

Current through October 31, 2024

Section 65 IAC 1-5-5 - Audit programs

Authority: IC 4-30-3-7; IC 4-30-3-9

Affected: IC 4-30

Sec. 5.

(a) On an annual basis, the director or the director's designee shall at a minimum:

(1) review and evaluate relevant internal controls necessary to ensure the fiscal accountability of the commission;

(2) conduct a risk assessment of operating functions;

(3) review and evaluate controls necessary to ensure compliance with the operating standards of MUSL or any other similar and applicable multi-jurisdictional lottery association;

(4) make a risk-weighted recommendation to the commission regarding an audit plan, which shall include:

(A) whether to perform an audit;

(B) when to perform an audit; and

(C) the appropriate scope of any proposed audit; and

(5) develop audit programs for use during any proposed audit.

(b) The commission shall annually approve an audit plan, which shall minimally identify the general scope and timing of any audit to be conducted.

(c) Upon completion of any audit, the results and any remedial plan shall be presented to the commission.

65 IAC 1-5-5

State Lottery Commission; 65 IAC 1-5-5; emergency rule filed Oct 24, 1989, 2:15 p.m.: 13 IR 407; errata filed Jun 19, 1990, 4:56 p.m.: 13 IR 2002; readopted filed Nov 30, 2001, 11:02 a.m.: 25 IR 1268; readopted filed Nov 14, 2007, 3:02 p.m.: 20071212-IR-065070656RFA; emergency rule filed Jun 28, 2013, 1:11 p.m.: 20130710-IR-065130296ERA

Readopted filed 11/21/2019, 1:49 p.m.: 20191218-IR-065190507RFA

Readopted filed 5/26/2023, 8:01 a.m.: 20230621-IR-065230294RFA