Annual Report 2001/2002


Internal Audit

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.

[Meeting the Challenges Ahead] [Toward Organisation Excellence and Effectiveness] [Corporate Resource Management Group] [Human Resource Management and Development] [Information Resources] [Information Technology Systems] [MAS IT Infrastructure] [Financial Risk Management] [Enhancing Corporate Governance] [Internal Audit] [Partnering the International Financial Community] [MAS Lecture] [30 Years of Central Banking Excellence]

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