MAS adopts a risk-based approach to its internal audits. During the financial year, the risk rating framework had been revised to enable MAS to perform a more robust assessment of the risk and impact of all MAS' activities and better prioritise audit resources.
Based on this approach, we conducted risk-focused audits to ascertain the adequacy and effectiveness of controls and procedures across a wide spectrum of MAS’ operations. The internal controls of the audited areas were assessed to be satisfactory. MAS had also promptly implemented mitigating measures to address audit concerns and strengthen internal processes.