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Casinos in Nevada - Research Paper Example
Pages 10 (2510 words)
The process of internal auditing involved in the gaming industry has, at all times subsisted in one form or the other. During the early era, dating back to the period prior to the introduction of automated slot accounting methods and secured count rooms, there was usually one individual assigned, whose only duty revolved around appraisal of the funds received and make sure that these funds were transferred safely to nearest the local bank…
The first influence comprised of the regulation of The Institute of Internal Auditors (IIA) and the International Standards for the Professional Practice of Internal Auditing (Standards) which support the effective accomplishment of the duties in accordance with the guidance laid by the acts governing them. The second influence refers to the authoritarian failure to notice, whether an obligation or a proposal from the supervisory bodies, that an official scheme of in-house controls is implemented, which takes into account the various prerequisites which a certain type of an in-house assessment task is executed at a casino. In several jurisdictions the measures adopted and implemented by the internal audit systems are exclusively governed by such directives. The third and ultimate influence refers to the sustained participation of blatantly dealt casino corporations, which fall under the directive of the Securities and Exchange Commission (SEC) as proprietors or workers of the various functions related to the casino.
Given that the IIA's Standards direct all assessors, irrespective of the industry to which they belong, this paper focuses on the key influences which govern the money management and accounting part of the casino ...