ORGANISATIONAL INITIATIVES       Content Page   Corporate Services Department Currency Department Finance Department General Counsel’s Office Human Resource Department Information Technology Department Internal Audit Department Strategic Planning Office Tapping International Expertise     INTERNAL AUDIT DEPARTMENT   . Assessing the Control Environment in MAS . Box 22 – Striving Towards Organisational Excellence       Assessing the Control Environment in MAS     The Internal Audit Department (IAD) is an independent function that reports directly to the Audit Committee (AC). With approval of the AC, IAD conducted an extensive programme of risk-based audits during the year. These covered MAS’ core functions including reserve and monetary policy management, currency and corporate resource management. For Financial Year 2003/04, the system of internal controls of the area covered by IAD was assessed to be satisfactory. Management also took efforts to implement mitigating measures to address audit concerns and enhance the internal processes. IAD facilitated the implementation of a risk management framework to identify and manage risks across MAS. To raise awareness and foster a strong anti-fraud culture in MAS, IAD also led in formulating an anti-fraud policy.