Independent compliance audit -- Requirements

(1) As part of its submission for licensure or renewal, a fantasy contest service provider applicant shall: (a) Contract with a certified public accountant to conduct an independent audit, consistent with generally accepted accounting principles; (b) Annually contract with a testing laboratory, certified public accountant, or another professional service provider recognized by the corporation to verify compliance with KRS 230.830 to 230.848; and (c) Submit to the corporation a copy of the audit report and of the compliance report of the testing laboratory, certified public accountant, or professional service provider. (2) An initial fantasy contest service provider is not required to submit an audit report and report of the testing laboratory until twenty-four (24) months following the issuance of a license.