Navigate Up
Sign In
Last Updated: 1/7/2015

Annual Financial Audit

When an organization has gambling gross receipts of $750,000 or more at the end of its fiscal year, it must submit an annual financial audit of the gambling activities to the Department of Revenue. The audit is due within six months following the organization’s fiscal year end.

An organization is entitled to a 30-day extension, but must submit a written request prior to the due date. A request for a second extension or for extensions beyond 30 days may be granted if there is reasonable cause (e.g., serious illness or death of the accountant, destruction of business records due to natural causes, etc.).

Audits must be conducted by a certified public accountant (CPA) licensed by the state of Minnesota. The CPA must obtain third party or independent evidence (e.g. bank statements, lease agreements, etc.), to substantiate the financial records provided by the organization’s chief executive officer, gambling manager or other management personnel. The CPA expresses an opinion on whether the financial statements accurately represent the financial position, results of operations, and its cash flows, based on the evidence obtained.

The audit also requires a regulatory checklist, game testing, and an annual certified physical inventory and cash count (due within 30 days after the organization’s fiscal year ends). In addition, the audit must include a report on internal controls and the organization’s response to deficiencies noted.

For an extensive list regarding annual audit requirements, see Minnesota Rule 8122.

If your annual financial audit is incomplete, we'll send a Missing Information Checklist to your CPA.

If your CPA doesn't respond to the missing information request or if we don’t receive an annual financial audit for your organization and an extension hasn't been requested, your organization may be audited and referred to the Gambling Control Board or Department of Public Safety.​