External Validation Performed Between Other Ministries Internal
Audit Departments and MAS
During the year, MAS' Internal Audit Department (IAD) completed
an independent validation of its internal quality assurance assessment,
in line with the International Standards for the Professional Practice of
Internal Auditing (Standards). The validation was conducted by members
of an inter-statutory board group who had been accredited in quality
assessment. The objectives were to validate the results of IAD's selfassessment
and express an opinion on IAD's level of conformity to the
Standards. The validation also provided an invaluable platform to share
best audit practices, and to identify opportunities to enhance audit
effectiveness and efficiency.
The independent validation concluded that IAD was compliant with
the Standards, and that its self-assessment was thorough and objective.