|The Internal Audit Department (IAD) independently appraises the effective-ness of MAS internal control systems and compliance with policies to provide assurance of a sound and effective control environment. The authority, responsibilities and professional independence of IAD are set out in the internal audit charter approved by the Audit Committee.
The major areas reviewed by IAD during the past year included MAS reserves management operations, the issuance and management of SGS, the administration of the Financial Sector Development Fund and the licensing of financial institutions. The technology and IT infrastructure supporting MAS activities and securing MAS network, such as data-centre operations, firewalls and intrusion detection systems, were also reviewed.
In addition, IAD worked with departments to ensure that key controls are incorporated at the outset of new operations and systems and through participation in work groups involved in the pre-implementation of financial systems.