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Casinos in Nevada - Research Paper Example

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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…
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Casinos in Nevada
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Casinos in Nevada

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 industry with respect to the Nevada casinos against the background of the regulation 6A and Title 31 acts1.

2. Brief Background

Gaming is the one of the chief 'money-making' businesses in the State of Nevada which is also incidentally a major contributor of large amount of returns to the state. The economic accomplishment of the industry is hence, reliant on the successful and methodical licensing of individuals as well as institutions involved in the industry within the State.
The contemporary age of gaming can be traced back to its origins in the early 1931 period, with the implementation of the "wide open gaming bill" in Nevada. During the early 1950s, the endeavors to establish strong controls over the industry were accelerated and enhanced. This involved a detailed and in-depth study of the casinos in Nevada ultimately translating into the establishment of the gaming regulatory body which was set up to sanction and manage the swiftly growing industry. The Nevada Gaming Control Board was eventually set up to legalize and sanction the day to day functions of the casinos, together with the compilation, calculation, and settlement of the day to day gaming proceeds besides upholding the veracity of the games on the casino floor2. The Nevada Gaming Commission is entrusted with the responsibility of managing punitive issues and ratifying gaming regulations within the state of Nevada3. As each state or ethnic venture has characteristically formed an authoritarian structure with the introduction of gaming, there is a simultaneous introduction of a wide range of practices and audit requirements. While every gaming regulatory organization characteristically comprises of numerous sections, there are three most important divisions with which internal ... Read More
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