The Department has recently been working with the Chartered Accountants Australia and New Zealand (CA ANZ) to bring our templates in line with recently updated Accounting Standards Framework.
We can confirm that the Gambling Act requires financial statements to be prepared in accordance with generally accepted accounting practices (GAAP). A template has been prepared for not-for-profit entities which qualify for Tier 3 reporting under the new framework.
In addition, we have made changes to the sign off previously required on the proposed gambling operation information. The Department now requires an Independent Chartered Accountant (CA) with a Certificate of Public Practice (CPP) to undertake a set of procedures to verify the financial information provided in Part C of the Gaming Machine Account Summary. This will need to be carried out in accordance with APS-1 Statement of Agreed-upon Procedures Engagement Standard and Guidelines of the New Zealand Institute of Chartered Accountants.
View the agreed-upon procedures
The agreed-upon procedures engagement needs to be completed on the forecast information provided in the Gaming Machine Account Summary form, for both the GC6 and GC7.
View an example of the report and the APS-1 Statement of Agreed-upon Procedures Engagement Standards
If you require any assistance in meeting any of the above requirements, please e-mail the Gambling Compliance group at Gambling.Compliance@dia.govt.nz