MAS conducts an extensive program of risk-focused audits to ascertain the adequacy and effectiveness of controls and procedures across a wide spectrum of our operations. For better accountability in the management of public funds and in line with growing emphasis on value-for-money (VFM) audits, MAS will adopt a more structured approach in this area. VFM auditing, also known as performance auditing, is an approach widely used by government organisations to examine whether resources have been managed and used economically and efficiently, and also to determine if programmes and activities are achieving their objectives and desired results.
To ensure a more timely assurance that MAS' controls are working effectively and significant risks are being mitigated, MAS will be moving towards Continuous Auditing (CA) in critical areas of our work. CA is a method used by auditors to perform audit-related activities on a more continuous basis. It seeks to enhance the efficiency of audits through automation and provides greater audit penetration and coverage.