La. Admin. Code tit. 42 § XV-1159

Current through Register Vol. 50, No. 11, November 20, 2024

Section XV-1159 - Audit and Accounting Requirements

A. The operator must meet specific auditing and accounting obligations as set forth below, including, but not limited to:

1. the operator shall have a complete corporate financial audit conducted annually, at its own expense. The audit must follow generally accepted auditing standards (GAAS) (or the appropriate non-U.S. equivalent). A copy of the operator-us audited financial statement shall be provided within one quarter after the close of the operator-us fiscal year;

2. the operator shall provide the corporation with Securities and Exchange Commission (SEC) 10-K reports (or the appropriate non-U.S. equivalent) as they are issued, together with any other reports required pursuant to Section 13 of the Securities and Exchange Act or 1934, as amended;

3. a third-party review of the operator-us Louisiana operations must also be conducted annually. This audit will be a SOC 2 Type 2, SOC for Service Organizations: Trust Services Criteria and shall be paid for by the operator. For this review the operator will suggest, for the corporation-us approval, the firm(s) to perform the work. All relevant aspects shall be conducted pursuant to auditing standards as issued by the American Institute of Certified Public Accountants. The SOC 2 Type 2 audit shall be completed and submitted to the corporation by March 31 of each year;

4. the operator is required to maintain its books, records, and all other evidence pertaining to the contract in accordance with generally accepted accounting principles (GAAP) (or the appropriate non-U.S. equivalent) and such other procedures specified by the corporation. These records shall be available to the Lottery, its internal auditors, or external auditors (and other designees) at all times during the contract period and for five years from the contract expiration date or the final payment on the contract, whichever is later.

La. Admin. Code tit. 42, § XV-1159

Promulgated by the Louisiana Lottery Corporation LR 471891 (12/1/2021).

AUTHORITY NOTE: Promulgated in accordance with R.S. 47:9001 et seq.