Independent review of gaming audit work
A second, independent review of audit work performed by your internal audit department or another firm, before reports go to management and the regulatory authority.
When a second review helps
Audit reports on gaming compliance go to Tribal leadership, the regulatory authority and, in some cases, the NIGC. An independent review gives you confidence that the work behind them will hold up before the reports are issued.
It is most useful when an internal audit department is new or has had turnover, when audit programs have not been updated for current standards, or when management or the regulatory authority wants an outside view of the work.
What we review
- ✓Program coverage. Whether audit programs cover the MICS, TICS and Title 31 requirements that apply to your operation.
- ✓Sampling. Whether sample sizes and dates support the conclusions drawn.
- ✓Workpapers and evidence. Whether each step is documented and supported.
- ✓Exceptions. Whether exceptions are tied to the right standard and separated from observations.
- ✓Reports and follow-up. Whether reports are clear, include management’s responses, and whether prior findings were followed up within six months.
What you receive
Written comments by audit area, with the changes needed before reports are issued and recommendations for future audit cycles.
Co-sourcing your internal audit function
Workpaper review is a way to co-source: your department keeps the audits and the relationships with management, and we provide the independent second look. Compare in-house, outsourced and co-sourced internal audit.
How the engagement runs
Scope
We agree which audits, areas or reports to review, and when you need our comments to meet your reporting dates.
Review
We read the audit programs, sample selections, workpapers and evidence, and test them against the MICS, TICS and Title 31 requirements that apply.
Written comments
You receive comments by audit area, separating changes needed before the report is issued from suggestions for future cycles.
Close-out
We go over the comments with your team and review revised workpapers before the reports go to management and the regulatory authority.
Questions
Does an independent review re-perform the audit?
No. We review the work that was done, test it against the standards and the evidence, and identify gaps. Where a gap is significant, we can recommend additional testing.
Can a regulatory authority engage you to review an operation’s internal audit?
Yes. We work with Tribal gaming regulatory authorities as well as gaming operations.