Regulatory Compliance Audits

With these associated risks, it is more important than ever to ensure that you implement an internal audit function that is effective, dynamic and future proof. This is a fundamental risk mitigation tool for any financial institution.

The role of internal audits in financial institutions

Today’s modern internal audits act as a key tool to identify risks within an organisation and subsequently take steps to effectively address those risks in a timely and efficient manner.

The majority of regulated financial institutions in Singapore are required by the Monetary Authority of Singapore (“MAS”) to put in place adequate, internal audit functions that are commensurate with the scale, nature and complexity of the business conducted by the financial institutions.

Areas of focus for internal audits

At a minimum, an internal regulatory compliance audit should cover the following core areas:

• finance and accounting controls
• corporate compliance controls
• controls for valuation and customer reporting
• compliance controls
• regulatory filings and breaches
• documentation and record-keeping
• suitability of, and adherence to, internal controls and documents
• training

How to evaluate your internal audit effectiveness

When evaluating your internal audit processes, it’s essential to ask key questions that address your organisation’s risk profile, capacity, and compliance needs. Some questions could include:

• Is the current in-house capacity suitable for the nature of our organisation risk profile and business plans?
• Is the Outsourced Service Provider engaged suitably experienced in the relevant field of services?
• Is the scope of internal audit suitable for our organisation and if not, what are the changes that needs to be addressed in the upcoming audit?
• Do we have a suitable Internal Audit Plan implemented?
• Has our business changed considerably over the years and therefore the need to identify new risks arises?
• Do we intend to change, upgrade our current regulatory licence/status and therefore need to reassess the health of our organisation?
• Are we planning for an external statutory audit and would like an internal audit conducted before that?
• Have we had several regulatory compliance breaches or non-adherences in the past and arises the need to improve on our internal controls?

Waystone’s internal audit services

Our team of regulatory compliance experts is well-equipped to carry out a comprehensive internal audit for companies in Singapore. Our internal audit support service includes the following:

• fully outsourced internal audit services to financial institutions
• provision and documentation of an internal audit plan for your organization
• working in partnership with you through our senior and experienced team members to conduct the internal regulatory compliance audit
• provision of suitable recommendations and solutions to improve your current framework through our audit process
• cost-effective fixed price audit solutions

Why choose Waystone

Waystone Compliance Solutions (Singapore) is a regulatory compliance consultancy with over 20 years of experience and with many of our clients regulated by the Monetary Authority of Singapore. Our team is well-equipped to provide clients with bespoke, risk-focused and cost-effective solutions. Our wide-ranging experience provides the expertise you need whilst adding value to your corporate governance standards.

If you would like to discuss your internal audit requirements with one of our APAC Compliance Solutions team members, please do not hesitate to contact us below.