Nevada § 463.157 - Regulations concerning financial practices of licensees: Minimum procedures for control of internal fiscal affairs of nonrestricted licensees; internal audits
Full text of Nevada Nevada Revised Statutes § 463.157 — Regulations concerning financial practices of licensees: Minimum procedures for control of internal fiscal affairs of nonrestricted licensees; internal audits, with citation guidance and answers to common questions.
§ 463.157. Regulations concerning financial practices of licensees: Minimum procedures for control of internal fiscal affairs of nonrestricted licensees; internal audits
The Commission shall by regulation: 1. Prescribe minimum procedures for adoption by each nonrestricted licensee to exercise
effective control over its internal fiscal affairs, which must include, but are not
limited to, provisions for: (a) The safeguarding of its assets and revenues, especially the recording of cash
and evidences of indebtedness; and (b) The provision of reliable records, accounts and reports of transactions, operations
and events, including reports to the Board and the Commission. 2. Provide for the adoption and use of internal audits, whether by qualified internal
auditors or by accountants holding a permit to practice public accounting, in the
case of each nonrestricted licensee whose operation equals or exceeds a specified
size. The regulations or any standards adopted pursuant to such regulations must, if the
stock of the nonrestricted licensee is publicly traded, preclude internal audits by
the same independent accountant hired to provide audits, compiled statements or reviews
of the financial statements required by NRS 463.159 . As used in this subsection, “ internal audit ” means a type of control which operates through the testing and evaluation of other
controls and which is also directed toward observing proper compliance with the minimum
standards of control prescribed pursuant to subsection 1.
Source: official Nevada text · Last verified 2026-08-27
Frequently Asked Questions About Nevada § 463.157
What does Nevada Revised Statutes § 463.157 cover?
Section 463.157 ("Regulations concerning financial practices of licensees: Minimum procedures for control of internal fiscal affairs of nonrestricted licensees; internal audits") is part of the Nevada Revised Statutes, the codified statutory law of Nevada. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Nevada § 463.157?
A common citation format is "Nevada Revised Statutes § 463.157" (Nevada). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Nevada law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Nevada official source linked on this page or consult a licensed Nevada attorney.
How does Nevada § 463.157 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Nevada can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Nevada.