To provide assurance
on the adequacy and effectiveness of our controls
and procedures, MAS conducted an extensive programme
of risk-focused audits across a wide spectrum of our
operations during the year. Recognising the volatility
of risk and the need for more real-time evaluation
of the critical risks confronting MAS, Continuous
Auditing (CA) has been adopted to enhance the efficiency
and effectiveness of audit checks in critical areas.
CA also allows greater audit penetration and ensures
timely notification of gaps and weaknesses for immediate
follow-up and remediation.
In line with industry
standards, MAS will also be reviewing our internal
audit charter against the new International Professional
Practices Framework issued by the Institute of Internal