Financial Statement Audit
What is required?
The financial statement audit must cover the most recent fiscal year and include a signed audit report in which the CPA or CPA firm expresses an opinion on an included balance sheet, income statement, statement of cash flows, and statement of owner’s equity or the equivalent of these items.
When is it due?
The financial statement audit must be completed each year covering the operator’s most recent fiscal year and an audit report provided to the Commission by the end of following year. For example, the audit of financial statements covering January 1, 2020 to December 31, 2020 must be submitted to the Commission by December 31, 2021.
Who completes the work?
A licensed independent CPA or CPA firm approved by the Commission working in accordance with all applicable standards.
The compliance audit is an assessment of the operator’s compliance with all Ohio fantasy contest requirements. Ohio fantasy contest administrative rules are located at Ohio Admin.Code 3772-74. A compliance audit must include a signed audit report in which the CPA or CPA firm expresses an opinion on the operator’s compliance with Ohio fantasy contest requirements.
The compliance audit must test, either in full or on a sample basis, all operator requirements listed in the Commission’s administrative rules at Ohio Admin.Code 3772-74.
The compliance audit must also include procedures to determine the number players in the state of Ohio who have paid at least one entry fee to the operator over the following periods: (1) For the twelve months prior to the most recent application for licensure and (2) For the twelve months prior to the date of compliance testing.
The compliance audit must be completed, and an auditor’s report provided to the Commission at least once during the operator’s three-year licensure period.
List of Approved Auditors
Auditor Approval Request Form
Problem Gambling Helpline 800-589-9966