The VCGLR has announced its new audit process that can better assess the completeness and accuracy of the reported gaming machine data.
The VCGLR (Victorian Commission for Gambling and Liquor Regulation) has announced its new audit process that can better assess the completeness and accuracy of the reported gaming machine data.
The new audit process is said to efficiently and accurately compare source data recorded on gaming machines and data reported by the monitoring licensee. It will also automate the validation process by receiving data from gaming venues in a user-friendly and consistent way. The process will reduce onsite validation processes and focus on a risk-based approach when conducting onsite inspections.
The new process will require gaming venues to submit soft meter readings to the VCGLR from all operational machines for three consecutive days using the new form. VCGLR will contact the venue to discuss the new process before an audit. The details will be emailed, including an explanatory document about the process, venue’s obligations and the form which must be populated. The gaming venue will be required to physically record soft meters for all operational machines and submit the completed form to the VCGLR.
VCGLR will then audit the data and assess its completeness and accuracy. There will be further investigation in case of any issues with the reconciliation process. Soft meter readings that were not recorded or validated physically may be detected. If variances in the data are found, the VCGLR will schedule a thorough onsite visit to assess the venue’s adherence to the process and identify reporting issues, if any. VCGLR will then write to the venue operator about the audit results.
Accountants Ballarat & Bookkeepers Ballarat
Soft meters have always been required to be recorded and reconciled daily so the new process does not significantly increase the venues’ reporting burden. About 10 venues may be sampled each week so most venues in Victoria may be audited every year.
Sky Accountants have specialist knowledge in accounting for Gaming Machine commissions and revenue. Importantly the layout and presentation of the following categories within relevant financial statements and management reports are critical. This is vital to the successful management of any Club, Hotel or Venue with Gaming Machines. For example:
- Electronic Gaming Machine (EGM) Tax
- IGS Monitoring Fees such as Intralot
- Supervisory levies
- Bonuses and Jackpots
- Other associated gaming machine fees and transactions.
Sky Accountants can streamline the reporting of the above transactions for Clubs or Pubs and work closely with senior management, owners and Boards of Directors.
To know more about the new audit process for gaming venues, click here to speak to experts who specialise in the hospitality industry. We are big believers in the use of professional tools to manage your business. The right tools can streamline your processes so that the business is best placed to trade profitably.
You can click here to speak to a business, accounting and bookkeeping firm. We also offer hospitality business consultation and mortgage services. We will give you a call to know more about your needs. We will explain to you how we can improve your business.
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