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The Internal Audit Department (IAD) carries out independent reviews of MAS'
operations and systems to ensure that internal controls instituted are sound and
effective.
Areas reviewed during the year include reserves management, monetary policy
management, finance, human resources and IT operations. The technology and IT
infrastructure supporting these functions, including the network operating systems
and the virtual private network, as well as application systems such as MEPS,
were reviewed. IAD also worked with user departments to ensure that adequate
controls were incorporated during the development of new systems, such
as the HRIS and the e-Tender System for SGS.
As part of continuing efforts to ensure that risks are managed and controlled, IAD
initiated new measures for operational risk monitoring. A cross-departmental
work team was formed to implement these measures. IAD was also represented
on other teams studying issues such as service quality improvement and
management accounting tools.
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