Casinos — AICPA Audit and Accounting Guide

Publisher: AICPA

Availability: Online Access

Description

Table of Contents

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Description

An extensive amount of new auditing guidance, tailored specifically for the casino industry, has been added to this new edition of the Guide. In addition, this guide has been updated – as of May 1, 2006 – to reflect the issuance of recent standards.

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Description of the Industry

History
Regulation and Oversight
Brief Descriptions of the Games
- Table Games
- Card Games
- Slots and Other Coin-Operated Gaming Devices
- Keno
- Bingo
- Race and Sports Book
Overview of Transactions in the Casino and the Casino Cage
- Overview of Table Game Transactions
- Overview of the Slot Machine Cycle
- Overview of the Cage and General Ledger Control

Accounting and Financial Reporting
- Casino Revenue Recognition
- Promotional Allowances
- Accounts Receivable
- Preopening, Licensing, and Major Entertainment Production Costs
- Income Taxes
- Slot Club Promotional Systems
- Base Jackpots
- Participating Slot Machines
- Accounting for Gaming Chips
- Customer Deposits
- Race and Sports Book Operations
- Gaming Regulations and Licensing
- Industry Segment Information
Auditing Considerations
- General Considerations
- Audit Documentation—Audits Conducted in Accordance With PCAOB Standards
- Consideration of Fraud in a Financial Statement Audit
  - The Importance of Exercising Professional Skepticism
  - Discussion Among Engagement Personnel Regarding the Risks of Material Misstatement Due to Fraud
  - Obtaining the Information Needed to Identify the Risks of Material Misstatement Due to Fraud
  - Considering Fraud Risk Factors
  - Identifying Risks That May Result in a Material
  - Misstatement Due to Fraud
  - Assessing the Identified Risks After Taking Into Account an Evaluation of the Entity’s Programs and Controls
  - That Address the Risks
  - Responding to the Results of the Assessment
  - Evaluating Audit Evidence
  - Responding to Misstatements That May Be the Result of Fraud
  - Communicating About Possible Fraud to Management, the Audit Committee, and Others
  - Documenting the Auditor’s Consideration of Fraud
  - Practical Guidance
- Illegal Acts
  - Special Considerations
  - Timing
  - Accounts Receivable
  - Staffing
  - Branch Offices
  - Other
Consideration of Internal Control
- Information Technology ..
- Management’s Responsibility for Internal Control
- Auditor’s Consideration of Internal Control
- Tests of Controls
Analytical Procedures
Cash Balances and Revenue Cutoff
- Introduction
  - Components of Casino Cage Accountability
  - Casino Cage Procedures
- Tests of Accountability
- Cutoff Procedures
  - Table Games
  - Coin-Operated Gaming Devices
  - Other Games
- Count Procedures
Receivables
- Background
  - Accounting for Casino Receivables
  - Legal Status
  - Control Activities
- Confirmation
  - Mail Circularization
  - Telephone Confirmation
  - Face-to-Face Contact
  - Alternative Procedures When No Reply Is Received
- Branch Offices
- Allowance for Doubtful Accounts
- Tests of Controls
Illustrative Financial Statements
Internal Control Reporting
- Reports on the Design of a System
- Reports on Compliance With the System
Appendix
- A Management Control Objectives of Certain Casino Operations
- B Illustrative Internal Accounting Control Reports
- C Rules of the Games
- D Statement of Position 98-5, Reporting on the Costs of Start-Up Activities
- E Information Sources
- F Glossary
- G Statement on Auditing Standards Cross-Referenced to Professional Standards AU sections—Transition Schedule
- H Schedule of Changes Made to Casinos

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Publication On-Demand 2006

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