National Gambling Act, 2004 (Act No. 7 of 2004)RegulationsNational Gambling Regulations, 2004Chapter 3 : Jurisdiction33. Administrative procedures |
| 1) | The holder of a national licence, other than an employment licence, must establish and maintain administrative and accounting procedures for the purpose of exercising effective control over its internal financial affairs. |
| 2) | The procedures contemplated in sub-regulation (1) must be designed to ensure that - |
| a) | assets are safeguarded; |
| b) | financial records are accurate and reliable; |
| c) | transactions are performed in accordance with management’s general or specific authorisation; |
| d) | transactions are adequately recorded to permit proper reporting of revenue, fees and taxes; and |
| e) | functions, duties and responsibilities are appropriately segregated and performed in accordance with sound practices by competent and qualified personnel. |
| 3) | The holder of a national licence contemplated in sub-regulation (1) must- |
| a) | establish a compliance committee, which must meet a minimum of once every quarter, to facilitate compliance with control standards as contained in the relevant provincial legislation; and |
| b) | maintain an audit committee, which shall comprise at least three members, the majority of whom shall be independent of management. |