Published Article / This paper synthesises, as its primary aim, through an integrative literature
review, a new perspective on two major implications of the proposed legalisation
of internet casinos in South Africa, which is: the effect on the auditor's business
risk as well as the effect on audit risk. As its secondary aim the paper argues that
legalisation of internet casinos in South Africa is imminent and that relative to
other business, heavy reliance will be placed on the external auditor to ensure
the internet casinos' compliance with various laws. The relevance and
application of an integrative literature review is motivated. International
perspectives are applied to the South African context. The paper demonstrates
the relationship between the concepts of the auditor's business risk and audit risk
by establishing that the auditor's business risk flows from possible accountability
that may stem from significant audit risk that is not addressed during the audit
engagement. The paper argues that the operational context of an internet casino
in South Africa will be relatively unique and that three interrelating factors will
create significant audit risk. The three significant factors are shown to be going
concern, regulatory and information technology impacts. Failure by the auditor to
recognise and respond appropriately to this audit risk may lead to serious
consequences for the practitioner which may include regulatory intervention,
reputational based losses or litigation. The impact of the International Standards
on Auditing in this context is explored throughout and it is concluded that
adherence to these standards will sufficiently mitigate significant audit risk as
well as the auditor's business risk.
| Identifer | oai:union.ndltd.org:netd.ac.za/oai:union.ndltd.org:cut/oai:ir.cut.ac.za:11462/291 |
| Date | January 2014 |
| Creators | Von Benecke, G |
| Contributors | Central University of Technology Free State Bloemfontein |
| Publisher | Interim : Interdisciplinary Journal, Vol 13, Issue 2: Central University of Technology Free State Bloemfontein |
| Source Sets | South African National ETD Portal |
| Language | en_US |
| Detected Language | English |
| Type | Article |
| Format | 125 911 bytes, 1 file, Application/PDF |
| Rights | Central University of Technology Free State Bloemfontein |
| Relation | Interim : Interdisciplinary Journal;Vol 13, Issue 2 |
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