Monetary Authority of Singapore Annual Report 2012/2013
Anchor of Economy

Uphold High Governance and Operational Standard within MAS

Risk-Based Audit

The Internal Audit Department (IAD) of MAS completed an extensive programme of risk-based audits across the spectrum of MAS functions and key IT systems to ascertain the adequacy and effectiveness of controls and procedures. These included thematic reviews to assess the corporate governance standards within the organisation. IAD also conducted an extensive review of procurement practices across MAS.

As part of our quality programme, IAD completed an internal Quality Assurance Review which was validated by the auditors from member organisations of the Inter-Statutory Board Quality Assurance Validation Group. Both the self assessment and external validation concluded that IAD’s activity, procedures and processes generally conform with the International Standards for the Professional Practice of Internal Auditing, issued by the Institute of Internal Auditors.