Nevada § 463.159 - Regulations concerning financial practices of licensees: Audits, compilations and reviews of financial statements of nonrestricted licensees; independent accountants

§ 463.159. Regulations concerning financial practices of licensees: Audits, compilations and reviews of financial statements of nonrestricted licensees; independent accountants

1. The Commission shall by regulation require audits of the financial statements of

all nonrestricted licensees whose annual gross revenue is $5,000,000 or more. 2. The Commission may require audits, compiled statements or reviews of the financial

statements of nonrestricted licensees whose annual gross revenue is less than $5,000,000. 3. The amounts of annual gross revenue provided for in subsections 1 and 2 must be

increased or decreased annually in an amount corresponding to the percentage of increase

or decrease in the Consumer Price Index (All Items) published by the United States

Department of Labor for the preceding year. On or before December 15 of each year, the Board shall determine the amount of the

increase or decrease required by this subsection and establish the adjusted amounts

of annual gross revenue in effect for the succeeding calendar year. The audits, compilations and reviews provided for in subsections 1 and 2 must be

made by independent accountants holding permits to practice public accounting in the

State of Nevada. 4. Except as otherwise provided in subsection 5, for every audit required pursuant

to this section: (a) The independent accountants shall submit an audit report which must express an

unqualified or qualified opinion or, if appropriate, disclaim an opinion on the statements

taken as a whole in accordance with standards for the accounting profession established

by rules and regulations of the Nevada State Board of Accountancy, but the preparation

of statements without audit does not constitute compliance. (b) The examination and audit must disclose whether the accounts, records and control

procedures maintained by the licensee are as required by the regulations published

by the Commission pursuant to NRS 463.156 to 463.1592 , inclusive. 5. If the license of a nonrestricted licensee is terminated within 3 months after

the end of a period covered by an audit, the licensee may submit compiled statements

in lieu of an additional audited statement for the licensee's final period of business.