The Audit Committee was set up in 2001 to assist the Board of Directors in fulfilling its oversight responsibilities. It reviews the adequacy of MAS internal controls, the scope and results of the internal and external auditors work and the integrity of the financial reporting process. The Committee comprises three non-executive MAS Board members, namely, Mr Lim Siong Guan, Permanent Secretary (Finance) as Chairman, Mr Chan Seng Onn, Solicitor-General, and Dr Philip N Pillai, Senior Partner (Shook Lin & Bok). The Committee met twice during the financial year, with all members present at both meetings. |