CONTENTS
HOME
OUR WORK - Managing Risks, Sustaining Growth
A MORE CHALLENGING POLICY ENVIRONMENT
MONETARY POLICY - PROVIDING AN ANCHOR FOR PRICE STABILITY OVER THE MEDIUM-TERM
MANAGING THE CHALLENGES OF INCREASED GLOBAL FINANCIAL UNCERTAINTY
A SOUND AND PROGRESSIVE FINANCIAL CENTRE
CURRENCY
 
MANAGING THE CHALLENGES OF INCREASED GLOBAL FINANCIAL UNCERTAINTY 20
 
International Financial Markets: Subprime Crisis 20
 
Asia: Resilient So Far But There Are Risks 23
 
Enhanced Surveillance and Supervision 24
 
Money Markets: Staying Vigilant 24
 
Business Continuity and Crisis Management 25
 
FATF Mutual Evaluation Exercise 2007/2008 26
 
AML/CFT Notice to SVF Holders 26
 
External Validation Performed Between Other Ministries' Internal Audit Departments and MAS 26
 
Box Story 2 - Audit Committee Guidance Committee 27
 
Risk Management Guidelines for Insurance Companies 28
 
Consumer Protection (Fair Trading) Act - Inclusion of Financial Products and Services 28
 
Corporate Governance of Listed Companies 28
 

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.