Section R. 432.762 - PurposeRule 762. The procedures of the internal control standards are designed to ensure all of the following:
(a) Assets are safeguarded.(b) The financial records of the sports betting operator and internet sports betting platform provider are accurate and reliable.(c) The transactions of the sports betting operator and internet sports betting platform provider are performed only in accordance with the act and these rules.(d) The transactions are recorded adequately to permit the proper recording of the adjusted gross sports betting receipts, fees, and all applicable taxes and payments.(e) Accountability of assets is maintained pursuant to generally accepted accounting principles.(f) Only authorized personnel have access to assets.(g) Internet sports betting account balances are complete and accurate, and appropriate action is taken with respect to discrepancies.(h) Internet sports betting accounts and personal identifiable information are adequately protected.(i) The functions, duties, and responsibilities are appropriately segregated and performed pursuant to sound practices by competent, qualified personnel and that no employee of the sports betting operator, the internet sports betting platform provider, a supplier, a registered vendor, or a third-party provider is in a position to perpetuate and conceal errors or irregularities in the normal course of the employees duties.(j) Internet sports betting is conducted with integrity and in accordance with the act and these rules.Mich. Admin. Code R. 432.762
2020 MR 22, Eff. 12/2/2020