§ 9-17-128 — Reports by corporation; audits; budget; fiscal year

(a) To ensure the financial integrity of the lottery, the
corporation through its board of directors shall:
(i) Submit quarterly and annual reports to the
governor, department of audit and the joint revenue interim
committee disclosing the total lottery revenues, prize
disbursements and expenses of the corporation during the
reporting period. The annual report shall additionally describe
the organizational structure of the corporation and summarize
the functions performed by each organizational division within
the corporation;
(ii) Adopt a system of internal audits;
(iii) Maintain weekly or more frequent records of
lottery transactions, including the distribution of tickets or
shares to retailers, revenues received, claims for prizes,
prizes paid, prizes forfeited and other financial transactions
of the corporation;
(iv) Contract with a certified public accountant or
firm for an annual financial audit of the corporation. The
certified public accountant or firm shall have no financial
interest in any vendor with whom the corporation is under
contract. The certified public accountant or firm shall present
an audit report not later than four (4) months after the end of
the fiscal year. The certified public accountant or firm shall
evaluate the internal controls in effect during the audit
period. The cost of this annual financial audit shall be an
operating expense of the corporation. The department of audit
may at any time conduct an audit of any phase of the operations
of the Wyoming lottery corporation at the expense of the state
and shall receive a copy of the annual independent financial
audit. A copy of any audit performed by the certified public
accountant or firm or the department of audit shall be
transmitted to the governor, the department of audit, the state
auditor and the joint revenue interim committee;
(v) Submit to the governor, the department of audit
and the joint revenue interim committee by June 30 of each year
a copy of the annual operating budget for the corporation for
the next fiscal year. This annual operating budget shall be
approved by the board and be on forms as prescribed by the state
budget department;
(vi) For informational purposes only, submit to the
governor on September 1 of each year a proposed operating budget
for the corporation for the succeeding fiscal year. This budget
proposal shall also be accompanied by an estimate of the net
proceeds to be deposited into the lottery account during the
succeeding fiscal year; and
(vii) Adopt the same fiscal year as that used by
state government.