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GAMING, RACING AND BETTING ACT
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8. Annual audit and other reports
2023 Laws not yet authenticated through a Commencement Order

Revised Laws of Saint Lucia (2023)

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8.   Annual audit and other reports

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    (1)   Each gaming operator, unless specifically exempted by the Board shall, at its own expense, cause its annual financial statements pertaining to its operations in Saint Lucia to be audited in accordance with generally accepted auditing standards by an independent accountant with offices in Saint Lucia.

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    (2)   The annual financial statements shall be prepared on a comparative basis for the current and prior calendar or fiscal year and shall present the financial position and results of operations in conformity with generally accepted accounting principles.

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    (3)   The financial statements required by this regulation shall include a footnote reconciling and explaining any difference between the financial statements included in the gaming operator's annual report, filed in conformity with regulation 7 and the audited financial statements and such footnote shall, at a minimum, disclose the effect of such adjustment on—

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      (a)     gaming operator revenues;

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      (b)     gaming operator revenues net of complimentary services;

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      (c)     total costs and expenses;

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      (d)     income before any extraordinary items;

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      (e)     extraordinary items; and

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      (f)     net income.

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    (4)   Two copies of the audited financial statements, together with the report thereon of the gaming operator's independent accountant shall be filed with the Board not later than 30 April following the end of the calendar or fiscal year.

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    (5)   Each gaming operator shall require its independent accountant to render the following additional reports—

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      (a)     report on material weaknesses in accounting and internal controls and whenever in the opinion of the independent accountant there exists no material weaknesses in accounting and internal controls, the report shall say so;

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      (b)     a report expressing the opinion of the independent accountant that based on his or her examination of the financial statements the gaming operator has followed, in all material respects, during the period covered by his or her examination, the system of internal control approved by the Board and whenever in the opinion of the independent accountant the gaming operator has deviated from the system of internal control approved by the Board or the accounts, records, and control procedures examined are not maintained by the gaming operator in accordance with the principal Act and these Regulations, the report shall enumerate such deviations regardless of materiality;

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      (c)     a report on areas of the system no longer considered effective, and shall make recommendations in writing regarding improvements in the system of internal control;

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      (d)     a report stating that the independent accountant has conducted such tests and made such enquiries as he or she considers appropriate to enable him or her to confirm that no payments prohibited by the principal Act have been made by the gaming operator, or stating what payments have been made contrary to the principal Act.

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    (6)   All reports by the Internal Audit Department of a gaming operator shall be consecutively numbered, dated and recorded in a log which shows brief particulars of the contents of each report against each consecutive number.

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    (7)   Two copies of the reports required by subregulations (4) and (5) and 2 copies of any other reports on accounting and internal controls, administrative controls, or other matters relating to the gaming operator's accounting or operating procedures rendered by the gaming operator's independent accountant, shall be filed with the Board by the gaming operator by 30 April following the end of each fiscal year or within 30 days of receipt whichever is earlier, but the Board shall be given immediate notice of the receipt by the gaming operator of any report under subregulation (5).

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    (8)   If an independent accountant who was previously engaged to audit the gaming operator's financial statements resigns or is dismissed as the gaming operator's auditor, or another independent accountant is engaged as auditor, the gaming operator shall file a report with the Board within 10 days following the end of the month in which such event occurs, setting out the following—

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      (a)     the date of such resignation, dismissal, or engagement;

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      (b)     whether in connection with the audits of the 2 most recent years preceding such resignation, dismissal, or engagement there were any disagreements with the former independent accountant on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements if not resolved to the satisfaction of the former independent accountant would have caused him or her to make reference in connection with his or her report to the subject matter of the disagreement, including a description of each such disagreement and the disagreements to be reported include those resolved and those not resolved;

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      (c)     whether the independent accountant's report on the financial statements for any of the past 2 years contained an adverse opinion or disclaimer of opinion or was qualified and the nature of such adverse opinion, disclaimer of opinion, or qualification shall be described.

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    (9)   In addition to the requirements of subregulation (8), the gaming operator shall request the former independent accountant to furnish to the gaming operator a letter addressed to the Board stating whether he or she agrees with the statements made by the gaming operator in response to this subregulation and such letter shall be filed with the Board as an exhibit to the report required by the Regulation.

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