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F ORGANISATIONAL INITIATIVES  
  Internal Audit Department 94
 
Assessing the Control Environment in MAS  
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  INTERNAL AUDIT DEPARTMENT

Assessing the Control Environment In MAS
 

The Internal Audit Department (IAD) reports to the Audit Committee (AC). Over the year, IAD conducted an extensive program of risk-focused audits to ascertain the adequacy and effectiveness of controls and procedures across a wide spectrum of MAS’ operations. The audits covered MAS’ core functions and systems such as reserve and monetary policy management, currency and corporate resource management, financial sector supervision and development as well as the IT infrastructure supporting these functions. For the financial year, IAD assessed that the internal controls of the audited areas were satisfactory. MAS promptly implemented mitigating measures to address audit concerns and enhance internal processes.

IAD also advised MAS management on best practices and helped improve the effectiveness and efficiency of risk management, internal controls and the governance process. To provide advice on best practices and assurance that adequate security and controls are built into the solution, IAD participated in the Steering Committees and Working Groups for the implementation of the MEPS+ for SGD high-value interbank payments and Singapore Government Securities (SGS) settlement, and the front, middle and back office system for MAS reserves and monetary operations.

During the year, IAD conducted a self-assessment of its compliance with the International Standards for the Professional Practice of Internal Auditing (Standards) set by the Institute of Internal Auditors (IIA). The review concluded that IAD was generally compliant with the IIA Standards. An external quality review of IAD will be conducted by an inter-statutory board group in the coming year.