Good practices for auditors of fund management companies
March 22, 2024
Auditors are a key stakeholder when promoting strong internal controls, risk management practices and business conduct by FMCs. The Monetary Authority of Singapore (MAS) recently published an Information Paper that sets out good practices for auditors. These include:
- be familiar with regulatory requirements for FMCs and check for compliance during audits
- support FMCs in their adoption of good risk management practices and internal controls
- maintain independence
- check that FMCs’ financial regulatory returns are correctly prepared
- report regulatory non-compliance to MAS or advise the FMC to self-report together with remedial actions taken.
For more details on this topic you can click here to access the full paper on the MAS website, or reach out to your usual Waystone Compliance Solutions representative below.