9.13.1. Required Financial Statements

The terms and conditions of lottery licences require organizations to provide the licensing authority with a verified financial statement within 180 days of the organization’s year-end. The type of financial review required depends upon the licensee’s gross annual revenues from all sources.

Licensees that receive less than $250,000 in gross annual revenues must prepare financial statements in accordance with the standards set out in the CPA Canada Handbook.

Licensees that receive $250,000 or more in gross annual revenues must prepare financial statements in accordance with the standards set out in the CPA Canada Handbook and have them audited by a public accountant.

The licensing authority may require an audited financial statement to be prepared at the licensee’s expense at any time.

See “3.6.6. Financial statements for lottery trust accounts” for further information.