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 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 ...
Cite this document
(“Casinos in Nevada Research Paper Example | Topics and Well Written Essays - 2500 words”, n.d.)
Retrieved from https://studentshare.net/business/298686-casinos-in-nevada
(Casinos in Nevada Research Paper Example | Topics and Well Written Essays - 2500 Words)
“Casinos in Nevada Research Paper Example | Topics and Well Written Essays - 2500 Words”, n.d. https://studentshare.net/business/298686-casinos-in-nevada.
It is considered the gaming capital of the world. Las Vegas was founded in 1905; however, the economy did not start to thrive until 1931 when the Boulder Dam, later changed to Hoover Dam, was built. Even though the Great Depression was a major problem in other parts of the country, Las Vegas was virtually unaffected.
The commission, comprises of 12 members from representing local governments, federal sates, metropolitan planning organizations, transport related agencies, and public related organizations. The commission works not only to examine the conditions and future needs of the transport system, but also short and long term alternatives to supplement fuel tax as the principal way to support the development of high ways.
This organization is the transit authority and the agency that plans transportation for Southern Nevada (RTC, 2012). RTC vision is to accommodate the region demands of the overall population in addition to that of 50 years from now. The company’s vision is a picture of what the organization will be at some point in the future.
Gambling is a game that has existed for a long time, but it becomes more popular after the Second World War. In the year 2008, more than twenty six million people gambled in the state of Indiana generating more than $2.6billion in win (Landers, 2009). Landers also argue that gambling brought about income inequalities especially from taxation than other income generating activities due to the complex nature of the game.
Some tribes have now been able to provide essential services themselves instead of having to depend on the government, through gaming profits and the economic means of exercising their inherent sovereign powers among other means (Steven and Kathryn, 2005).
There are many forms of gambling which include buying lottery tickets, online gambling or betting, playing cards, rolling dice for chance, playing in casino, slot machine, betting on sports, betting on horse racing and many other
For minors and persons under the age of 21, possessing any amount of Marijuana is illegal. The law in Nevada holds that minors who possess any amount of Marijuana will be considered guilty of a felony. In addition, they may be subjected to a fine of $5,000 or one
He delegated territory governor Mr. James Nye to reprimand vice and take strict legal action against offenders. Early legislations on gambling had stiff penalties. When the state of Nevada was formed in 1864, the first move was to implement legislature that would
In this situation, if the Republican won the contested seat in District 8, overcome Democratic current Jones Justin in District 9 and sustained control of District 20, GOP was to regain power of the assembly room, 11 seats to 10. The outcome
4 Pages(1000 words)Research Paper
GOT A TRICKY QUESTION? RECEIVE AN ANSWER FROM STUDENTS LIKE YOU!
Let us find you another Research Paper on topic Casinos in Nevada for FREE!