Monetary Authority of Singapore Annual Report 2010/2011
Our Work
ENSURING SAFETY AND SOUNDNESS OF FINANCIAL INSTITUTIONS AND FINANCIAL SYSTEM   27
Prudential Supervision and Surveillance   27
Fostering a Sound and Reputable Financial Centre   27
Property Market Measures   28
Review of Deposit Insurance Scheme in Singapore   28
Insurance Resolution and Policy Owners' Protection   28
Review of Insurance Act   29
Enhancing Safeguards for Retail Customers   29
Enhancing Regulatory Regime for Fund Management Companies   30
Achieving Fair Dealing Outcomes   30
Enhancing Corporate Governance Standards   31
Conclusion of First Two Civil Penalty Cases   31
Box 3: The Representative Notification Framework   32
Enhancing Market Conduct   33
Audit Assurance   33

Audit Assurance

During the year, an extensive programme of risk-based audits, covering core functions of MAS and the key IT systems supporting these functions, was conducted by the Internal Audit Department (IAD) of MAS. IAD also evaluated the reliability of financial records, recommended improvements in effectiveness and efficiencies of the operations, and worked with other departments to review the controls in new systems and business processes. IAD has begun a comprehensive eview of MAS' Fraud Risk Management. In addition, thematic reviews are scheduled to assess the corporate governance standards within the organisation. These include benchmarking against best governance practices, review of IT governance and Code of Conduct to preserve the integrity, dignity and reputation of MAS.