Internal Audit

As part of the increasing supervision of fund managers, the MAS expects the business activities of fund managers in Singapore to be subject to adequate internal audit either internally or by a third party service provider. ComplianceAsia Internal Audit undertakes internal audit and independent compliance reviews for clients in Singapore. Our professional team will undertake internal audit by:

  • Conducting interviews with staff to ascertain their work process and attitude to compliance
  • Reviewing internal management or board reports and the process for escalation of compliance issues
  • Reviewing the compliance structure and monitoring program for sufficiency
  • Reviewing compliance registers to detect systemic weakness
  • Reviewing compliance and operational policies and procedures for adequacy
  • Reviewing regulatory correspondence and returns to ensure completeness
  • Reviewing the client onboarding, AML and KYC process for compliance with MAS rules
  • Reviewing marketing activities including product and investor suitability procedures and processes to ensure fair dealing
  • Speaking to senior management to understand the firm’s culture of compliance and tone from the top

We can also:

  • Provide bespoke internal audits for investors looking at the compliance programs in place in their PRC and other Asian based managers, and whether these potential investment targets meet international best practice standards
  • Assist firms whose regulators have asked for a third party review of their compliance controls
  • Assist financial firms during mergers and acquisitions where the acquiring institution seeks comfort about the integrity of the compliance structures, controls and processes in place at the target company
  • Undertake reviews and checks of your distributors and third party marketers