If you’re licensed by MAS, you’ll need to regularly review whether you are in compliance with MAS requirements. For smaller financial institutions that aren’t able to resource this internally, we can help with our internal audit service.
MAS requires licensed financial institutions to have an annual independent audit of their internal controls. For RFMCs, this is recommended if you don’t carry out other regular monitoring of your compliance with MAS requirements.
We’re delighted to offer AIMA members a 15% discount on our fees for internal audit services*.
Contact us to find out more.
We can carry out an Internal Audit for you. This involves us independently checking the extent to which you meet the MAS requirements applicable to you. We help you to get the most out of this mandatory requirement by using a risk-based approach. So we focus our efforts on the areas that we think MAS is most interested in, or which we think present the biggest regulatory risk to your business. Of course we look at other areas too, but where we can quickly get comfortable that your internal controls are as MAS would expect we move on to the next area.
The output of this process is a written report. This sets out what we’ve done, any control gaps we’ve found, and our recommended remedial action. We also rate our findings so that you know which you should prioritise.
For Singapore financial institutions that are part of a group which is subject to another independent audit process – perhaps the UK’s SSAE-16 – we can narrow our scope, focusing only on the Singapore-specific requirements that won’t be looked at by your group provider.
We can also carry out the Internal Audit for our ongoing support clients. We sit down with those clients to agree on a scope for our overall service which everyone is comfortable with, and which means that the Internal Audit is appropriately independent. For instance, we’re very careful that we don’t put ourselves in a position where we critique our own advisory work.
To find out more about how we can help with your Singapore Internal Audit, please get in touch.
* This offer is open only to AIMA members whose primary business is investment management and is subject to the prevailing general terms of business of Bovill which can be obtained from Bovill; the Singapore Internal Audit offering does not constitute an endorsement or recommendation by AIMA; and AIMA assumes no liability or responsibility for any loss or dispute arising as a result of our members’ use of Bovill’s services.