MN HF4148

Increases the gross receipts threshold requiring annual financial audits of lawful gambling activities from $750,000 to $1,250,000 for organizations licensed under chapter 349.

Raises the gross receipts threshold for discretionary audits by the commissioner from $750,000 to $1,250,000, while maintaining the commissioner's authority to require audits for organizations below this amount that fail to comply with gambling regulations.

Requires independent accountants licensed under chapter 326A to perform all audits, and mandates organizations submit annual certified inventory and cash count reports within 30 days of fiscal year-end.

Directs the commissioner of revenue to prescribe audit standards that vary based on organizational gross receipts and align with American Institute of Certified Public Accountants standards.

Effective the day following final enactment.