18.—(1) A casino operator shall, at least once a year or at such shorter interval as the Comptroller may require, conduct an internal audit to verify that —
(a)
sufficient controls are in place to ensure that the gross gaming revenue of the casino operator is correctly recorded;
(b)
the returns of the gross gaming revenue furnished by the casino operator to the Comptroller are accurate; and
(c)
the amount of casino tax paid to the Comptroller has been paid correctly in accordance with the law.
(2) A casino operator shall submit to the Comptroller an audit plan in respect of an internal audit under paragraph (1) or any part thereof not later than 60 days before the commencement of that internal audit or part thereof, or within such other period as the Comptroller may specify in any particular case.
(3) The audit plan referred to in paragraph (2) shall specify —
(a)
the date of the audit and the department or type of game to be audited;
(b)
the scope of the audit;
(c)
the duration of the audit; and
(d)
such other details as the Comptroller may require.
(4) The casino operator shall notify the Comptroller within 7 days of any change to the audit plan submitted to the Comptroller under paragraph (2) and, if required by the Comptroller, shall submit to the Comptroller a new audit plan to replace the previous audit plan.
(5) The Comptroller may modify, revise or add to the audit plan as he thinks fit, and may require the casino operator to conduct the audit in accordance with such revised audit plan.
(6) The casino operator shall submit the internal audit report, all relevant supporting documents and such other information or report as the Comptroller may require in relation to the internal audit, to the Comptroller not later than 60 days after the conclusion of the audit, or within such other period as the Comptroller may specify in any particular case.
(7) Any casino operator which —
(a)
fails to conduct the internal audit required under paragraph (1);
(b)
fails to submit the audit plan in accordance with paragraph (2);
(c)
conducts the internal audit under paragraph (1) other than in accordance with the audit plan submitted under paragraph (2), the new audit plan submitted under paragraph (4) or the revised audit plan under paragraph (5), as the case may be; or
(d)
fails to submit the internal audit report or other documents in accordance with paragraph (6),
shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000.
External audit
19.—(1) A casino operator shall, at least once a year or at such shorter intervals as the Comptroller may require, engage at its own expense, an external auditor who shall be a public accountant to conduct an audit in relation to casino tax and make a report stating whether, in his opinion —
(a)
sufficient controls are in place to ensure that the gross gaming revenue of the casino operator is correctly recorded; and
(b)
the returns of the gross gaming revenue furnished by the casino operator to the Comptroller are accurate.
(2) An auditor engaged to carry out the audit under paragraph (1) shall submit to the Comptroller an audit plan in respect of the audit or any part thereof not later than 60 days before the commencement of that audit or part thereof, or within such other period as the Comptroller may specify in any particular case.
(3) The audit plan referred to in paragraph (2) shall specify —
(a)
the date of the audit and the department or type of game to be audited;
(b)
the scope of the audit;
(c)
the duration of the audit; and
(d)
such other details as the Comptroller may specify in writing.
(4) The auditor shall notify the Comptroller within 7 days of any change to the audit plan submitted under paragraph (2) and, if required by the Comptroller, shall submit to the Comptroller a new audit plan to replace the previous audit plan.
(5) The Comptroller may impose such additional duties on an auditor in relation to his audit of a casino operator under this regulation as the Comptroller considers necessary, the costs of which shall be borne by the casino operator.
(6) The casino operator shall submit the auditor’s report, all relevant supporting documents and such other information or report as the Comptroller may require in relation to the audit, to the Comptroller not later than 60 days after the conclusion of the audit, or within such other period as the Comptroller may specify in any particular case.
(7) Any casino operator which —
(a)
fails to engage an auditor as required under paragraph (1); or
(b)
fails to submit the auditor’s report or other documents in accordance with paragraph (6),
shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000.
(8) In this regulation, “public accountant” means a person who is registered or deemed to be registered under the Accountants Act (Cap. 2) as a public accountant.