Casino Auditing

The casino business is not an easy business to manage. It entails major responsibilities that are essential
for the success of running one's own casino establishment. Although the casino business involves
gambling activities such as the offering of different casino games, the casino business also involves
different areas of management such as running a restaurant, casino auditing, customer services and
many other forms of hierarchal chain of command that make the casino business a huge corporation to
run.

Because the casino business involves huge number of financial transactions that include paying out
winners and general management of running the casino operations, it is empirical that proper
management of the flow of financial transaction is observed thus giving primary important to the
process of casino auditing. A grave mistake on the payouts and revenue reports made by a casino
establishment can pose a grace threat to the credibility and reputation of a particular casino
establishment.

This gives major importance to proper conduct of casino auditing which is always implemented in
collaboration of three major entities namely the casino management represented by its internal casino
auditing team, regulating government agencies and independent certified public accountants.

The essence of an internal casino auditing team is to manage the financial flow coming in and out of the
casino. This includes all chips are properly accounted for. Casino establishments are very careful in
managing payouts as the slightest mistakes can take its reputation at stake often with resulting
irreparable damage on its credibility. Their responsibility in casino auditing procedure also includes strict
monitoring to ensure that both their employees and players do not cheat.

The major roles of certified public accountants primarily involve closely monitoring the casino auditing
procedures involving its financial report, conduct of annual audits, submission of reports to the Security
and Exchange Commissions and to regulating agencies. They also scrutinize the internal casino auditing
procedures and systems implemented and make evaluation whether it comply with the standard
requirements of the regulating agency.

The roles of government agencies are primarily focused on the casino's compliance with revenue report
and taxes while regulating agencies ensure that the highest standards of quality gambling services are
provided to the gambling community including the review and evaluation of the casino's system of
determining the payout percentage, timely payment to casino winners and ensuring that the casino has
sufficient funds for payouts.

The tedious process of casino auditing in primarily responsible for the financial stability of casino
establishment that ensure highest quality standards of financial services are observed within the casino
and extending it to their patrons.

Legalized casino gaming was limited to the state of Nevada until 1976. h the 1990s, many other states
have passed referenda that establish casino gaming as a legal business. Many Native American tribes
also have their own casino operations. The more established states such as Nevada and New Jersey have
gaming control boards or commissions which regulate the daily casino operations.