Understanding the Process of 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 amount 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.