{"id":5875,"date":"2024-01-17T08:58:52","date_gmt":"2024-01-17T00:58:52","guid":{"rendered":"https:\/\/thefrederation.com\/?page_id=5875"},"modified":"2024-03-14T12:58:12","modified_gmt":"2024-03-14T04:58:12","slug":"internal-audit-ia-services","status":"publish","type":"page","link":"https:\/\/pioneerassociates.com.sg\/index.php\/internal-audit-ia-services\/","title":{"rendered":"Internal Audit (IA) Services"},"content":{"rendered":"<p>[et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;4.21.0&#8243; _module_preset=&#8221;default&#8221; custom_margin=&#8221;||-71px|||&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_row column_structure=&#8221;1_2,1_2&#8243; _builder_version=&#8221;4.23.4&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;1_2&#8243; _builder_version=&#8221;4.21.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_image src=&#8221;https:\/\/pioneerassociates.com.sg\/wp-content\/uploads\/2024\/03\/andrew-neel-cckf4TsHAuw-unsplash-2.jpg&#8221; title_text=&#8221;andrew-neel-cckf4TsHAuw-unsplash&#8221; disabled_on=&#8221;off|off|on&#8221; _builder_version=&#8221;4.24.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_image][et_pb_text _builder_version=&#8221;4.24.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h1 style=\"text-align: left;\"><span style=\"font-size: 32px;\">Internal Audit Services<\/span><\/h1>\n<p><span style=\"font-size: xx-large;\"><\/span><\/p>\n<p><span style=\"font-size: xx-large;\"><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 18px; line-height: 27px; text-align: left;\">Internal audit is mandatory for all listed companies and companies that are registered or licensed by the Monetary Authority of Singapore (MAS) such as fund managers, payment service providers, and capital markets services providers.<\/span><\/p>\n<p><span style=\"font-size: 18px; line-height: 27px;\"><\/span>[\/et_pb_text][\/et_pb_column][et_pb_column type=&#8221;1_2&#8243; _builder_version=&#8221;4.21.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_image src=&#8221;https:\/\/pioneerassociates.com.sg\/wp-content\/uploads\/2024\/03\/andrew-neel-cckf4TsHAuw-unsplash-2.jpg&#8221; title_text=&#8221;andrew-neel-cckf4TsHAuw-unsplash&#8221; disabled_on=&#8221;on|on|off&#8221; _builder_version=&#8221;4.24.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_image][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;4.21.0&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;34px|||||&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_row _builder_version=&#8221;4.23.4&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.23.4&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text _builder_version=&#8221;4.24.2&#8243; _module_preset=&#8221;default&#8221; inline_fonts=&#8221;lyon&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p style=\"text-align: left;\"><span style=\"font-family: lyon; font-size: xx-large;\">Corporate Governance<\/span><strong><span style=\"font-family: lyon; font-size: xx-large;\"><br \/><\/span><\/strong><\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=&#8221;2_3,1_3&#8243; _builder_version=&#8221;4.23.4&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;2_3&#8243; _builder_version=&#8221;4.23.4&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text _builder_version=&#8221;4.24.2&#8243; _module_preset=&#8221;default&#8221; custom_margin=&#8221;||37px|||&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p style=\"padding-left: 20px; text-align: left;\"><span style=\"font-family: lyon; font-weight: normal; font-size: 24px;\">Identify and evaluate corporate governance risks.<\/span><\/p>\n<p>[\/et_pb_text][et_pb_text _builder_version=&#8221;4.24.2&#8243; _module_preset=&#8221;default&#8221; custom_margin=&#8221;||37px|||&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p style=\"padding-left: 20px; text-align: left;\"><span style=\"font-family: lyon; font-weight: normal; font-size: 24px;\">Assess impact of non-compliance or weaknesses identified.<\/span><\/p>\n<p>[\/et_pb_text][et_pb_text _builder_version=&#8221;4.24.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p style=\"padding-left: 20px; text-align: left;\"><span style=\"font-family: lyon; font-weight: normal; font-size: 24px;\">Provide recommendations to the Audit Committee.<\/span><\/p>\n<p>[\/et_pb_text][\/et_pb_column][et_pb_column type=&#8221;1_3&#8243; _builder_version=&#8221;4.23.4&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=&#8221;4.23.4&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.23.4&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text _builder_version=&#8221;4.24.2&#8243; _module_preset=&#8221;default&#8221; inline_fonts=&#8221;lyon&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p style=\"text-align: left;\"><span style=\"font-family: lyon; font-size: 32px;\">Internal Controls<\/span><strong><span style=\"font-family: lyon; font-size: xx-large;\"><br \/><\/span><\/strong><\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=&#8221;2_3,1_3&#8243; _builder_version=&#8221;4.24.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;2_3&#8243; _builder_version=&#8221;4.24.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_toggle title=&#8221;Assess internal policies and procedures.&#8221; _builder_version=&#8221;4.24.2&#8243; _module_preset=&#8221;default&#8221; title_level=&#8221;h3&#8243; title_text_align=&#8221;left&#8221; title_font_size=&#8221;24px&#8221; body_ol_type=&#8221;lower-alpha&#8221; body_ol_position=&#8221;outside&#8221; body_ol_item_indent=&#8221;18px&#8221; body_ol_font_size=&#8221;18px&#8221; custom_css_free_form=&#8221;#et-main-area ul {||    padding-bottom: 0;||}||||.entry-content selector li li li { ||    list-style-type: circle !important;||}||||.entry-content selector li li { ||    list-style-type: circle !important;||}||||||.entry-content selector li li li li { ||    list-style-type: square !important;||}||||.entry-content selector li li li li li { ||    list-style-type: square !important;||}||||.entry-content selector ol ol li { ||    list-style-type: lower-roman !important;||}||||selector.et_pb_toggle ol li{||    padding-bottom: 15px !important;||}||selector.et_pb_toggle ol li li{||    padding-bottom: 0px !important;||}&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<ul>\n<li><span style=\"font-size: 18px; line-height: 27px;\">Identify key controls of processes.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-size: 18px; line-height: 27px;\"><\/span><\/p>\n<ul>\n<li><span style=\"font-size: 18px; line-height: 27px;\">Determine if controls are suitably designed to prevent or detect errors, fraud or non-compliance.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-size: 18px; line-height: 27px;\"><\/span><\/p>\n<ul>\n<li><span style=\"font-size: 18px; line-height: 27px;\">Evaluate whether controls are consistently applied and achieving intended results.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-size: 18px; line-height: 27px;\"><\/span><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li><span style=\"font-size: 18px; line-height: 27px;\">Sample testing of key controls.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><span style=\"font-size: 18px; line-height: 27px;\"><\/span><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li><span style=\"font-size: 18px; line-height: 27px;\">Verify to supporting documentation.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><span style=\"font-size: 18px; line-height: 27px;\"><\/span><\/p>\n<ul>\n<li><span style=\"font-size: 18px; line-height: 27px;\">Identify control gaps and weaknesses of key processes.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-size: 18px; line-height: 27px;\"><\/span><\/p>\n<p><span style=\"font-size: 18px; line-height: 27px;\"><\/span><\/p>\n<ul>\n<li><span style=\"font-size: 18px; line-height: 27px;\">Assess reliability of the financial reporting process.<\/span><\/li>\n<\/ul>\n<p>[\/et_pb_toggle][et_pb_text _builder_version=&#8221;4.24.2&#8243; _module_preset=&#8221;default&#8221; custom_margin=&#8221;||40px|||&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p style=\"padding-left: 20px; text-align: left;\"><span style=\"font-family: lyon; font-weight: normal; font-size: 24px;\">Quantify impact of gaps or weaknesses in controls identified.<\/span><\/p>\n<p>[\/et_pb_text][et_pb_text _builder_version=&#8221;4.24.2&#8243; _module_preset=&#8221;default&#8221; min_height=&#8221;27.5px&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p style=\"padding-left: 20px; text-align: left;\"><span style=\"font-family: lyon; font-weight: normal; font-size: 24px;\">Provide recommendations to Management.<\/span><\/p>\n<p>[\/et_pb_text][\/et_pb_column][et_pb_column type=&#8221;1_3&#8243; _builder_version=&#8221;4.24.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=&#8221;4.23.4&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.23.4&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text _builder_version=&#8221;4.24.2&#8243; _module_preset=&#8221;default&#8221; inline_fonts=&#8221;lyon&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p style=\"text-align: left;\"><span style=\"font-family: lyon; font-size: xx-large;\">Conduct Internal Audit of Compliance with Regulatory Requirements<\/span><strong><span style=\"font-family: lyon; font-size: xx-large;\"><\/span><\/strong><span style=\"font-family: lyon; font-size: xx-large;\"><\/span><\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=&#8221;2_3,1_3&#8243; _builder_version=&#8221;4.23.4&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;2_3&#8243; _builder_version=&#8221;4.23.4&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_toggle title=&#8221;Technology Risk Management (%22TRM%22)&#8221; _builder_version=&#8221;4.24.2&#8243; _module_preset=&#8221;default&#8221; title_level=&#8221;h3&#8243; title_text_align=&#8221;left&#8221; title_font_size=&#8221;24px&#8221; hover_enabled=&#8221;0&#8243; global_colors_info=&#8221;{}&#8221; sticky_enabled=&#8221;0&#8243;]<\/p>\n<p style=\"text-align: left;\"><span style=\"font-weight: 400; font-size: 18px; line-height: 27px\">TRM internal audit to ascertain if the financial institution has complied with the requirements of the TRM Guidelines issued by the Monetary Authority of Singapore.<\/span><\/p>\n<p>[\/et_pb_toggle][et_pb_toggle title=&#8221;Business Continuity Management (%22BCM%22)&#8221; _builder_version=&#8221;4.24.2&#8243; _module_preset=&#8221;default&#8221; title_level=&#8221;h3&#8243; title_text_align=&#8221;left&#8221; title_font_size=&#8221;24px&#8221; hover_enabled=&#8221;0&#8243; global_colors_info=&#8221;{}&#8221; sticky_enabled=&#8221;0&#8243;]<\/p>\n<p style=\"text-align: left;\"><span style=\"font-weight: 400; font-size: 18px; line-height: 27px\">BCM internal audit to ascertain if the financial institution has complied with the requirements of the BCM Guidelines issued by the Monetary Authority of Singapore.<\/span><\/p>\n<p>[\/et_pb_toggle][et_pb_toggle title=&#8221;SGX Sustainability Reporting&#8221; _builder_version=&#8221;4.24.2&#8243; _module_preset=&#8221;default&#8221; title_level=&#8221;h3&#8243; title_text_align=&#8221;left&#8221; title_font_size=&#8221;24px&#8221; hover_enabled=&#8221;0&#8243; global_colors_info=&#8221;{}&#8221; sticky_enabled=&#8221;0&#8243;]<\/p>\n<p style=\"text-align: left;\"><span style=\"font-weight: 400; font-size: 18px; line-height: 27px;\"><span style=\"font-weight: 400;\">Review mandatory sustainability reporting process in accordance with the Singapore Exchange (SGX) Rules.<\/span><\/span><\/p>\n<p>[\/et_pb_toggle][\/et_pb_column][et_pb_column type=&#8221;1_3&#8243; _builder_version=&#8221;4.23.4&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=&#8221;4.23.4&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.23.4&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text _builder_version=&#8221;4.24.2&#8243; _module_preset=&#8221;default&#8221; hover_enabled=&#8221;0&#8243; inline_fonts=&#8221;lyon&#8221; global_colors_info=&#8221;{}&#8221; sticky_enabled=&#8221;0&#8243;]<\/p>\n<p style=\"text-align: left;\"><span style=\"font-family: lyon; font-size: 32px;\">Outsourced Internal Audit Resources in Singapore and the Asia Pacific region<\/span><strong><span style=\"font-family: lyon; font-size: xx-large;\"><br \/>\n<\/span><\/strong><\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=&#8221;2_3,1_3&#8243; _builder_version=&#8221;4.24.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;2_3&#8243; _builder_version=&#8221;4.24.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_toggle title=&#8221;Entire Internal Audit function&#8221; _builder_version=&#8221;4.24.2&#8243; _module_preset=&#8221;default&#8221; title_level=&#8221;h3&#8243; title_text_align=&#8221;left&#8221; title_font_size=&#8221;24px&#8221; hover_enabled=&#8221;0&#8243; global_colors_info=&#8221;{}&#8221; sticky_enabled=&#8221;0&#8243;]<\/p>\n<ul>\n<li style=\"text-align: left;\"><span style=\"font-size: 18px; line-height: 27px;\">Work scope agreed with clients\u2019 Audit Committee and Management.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-size: large;\"><\/span><\/p>\n<p><span style=\"font-size: large;\"><\/span><\/p>\n<ul>\n<li style=\"text-align: left;\"><span style=\"font-size: 18px; line-height: 27px;\">Internal audit plan typically implemented in two to three-year cycles.<\/span><\/li>\n<\/ul>\n<p>[\/et_pb_toggle][et_pb_toggle title=&#8221;Internal Audit resources for regional audits&#8221; _builder_version=&#8221;4.24.2&#8243; _module_preset=&#8221;default&#8221; title_level=&#8221;h3&#8243; title_text_align=&#8221;left&#8221; title_font_size=&#8221;24px&#8221; hover_enabled=&#8221;0&#8243; global_colors_info=&#8221;{}&#8221; sticky_enabled=&#8221;0&#8243;]<\/p>\n<p style=\"text-align: left;\"><span style=\"font-size: 18px; line-height: 27px\">We complement the internal audit teams of companies with core internal audit teams who require support in Singapore or the Asia Pacific region.<\/span><\/p>\n<p>[\/et_pb_toggle][et_pb_toggle title=&#8221;Ad-hoc Internal Audit&#8221; _builder_version=&#8221;4.24.2&#8243; _module_preset=&#8221;default&#8221; title_level=&#8221;h3&#8243; title_text_align=&#8221;left&#8221; title_font_size=&#8221;24px&#8221; hover_enabled=&#8221;0&#8243; global_colors_info=&#8221;{}&#8221; sticky_enabled=&#8221;0&#8243;]<\/p>\n<p style=\"text-align: left;\"><span style=\"font-size: 18px; line-height: 27px\">For overseas companies that conduct internal audits on some subsidiaries once every few years in the region and do not have sufficient resources to send to certain locations in the Asia Pacific region.<\/span><\/p>\n<p>[\/et_pb_toggle][\/et_pb_column][et_pb_column type=&#8221;1_3&#8243; _builder_version=&#8221;4.24.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Internal Audit Services Internal audit is mandatory for all listed companies and companies that are registered or licensed by the Monetary Authority of Singapore (MAS) such as fund managers, payment service providers, and capital markets services providers. Corporate GovernanceIdentify and evaluate corporate governance risks.Assess impact of non-compliance or weaknesses identified.Provide recommendations to the Audit Committee.Internal [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"class_list":["post-5875","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/pioneerassociates.com.sg\/index.php\/wp-json\/wp\/v2\/pages\/5875","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pioneerassociates.com.sg\/index.php\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/pioneerassociates.com.sg\/index.php\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/pioneerassociates.com.sg\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/pioneerassociates.com.sg\/index.php\/wp-json\/wp\/v2\/comments?post=5875"}],"version-history":[{"count":22,"href":"https:\/\/pioneerassociates.com.sg\/index.php\/wp-json\/wp\/v2\/pages\/5875\/revisions"}],"predecessor-version":[{"id":7962,"href":"https:\/\/pioneerassociates.com.sg\/index.php\/wp-json\/wp\/v2\/pages\/5875\/revisions\/7962"}],"wp:attachment":[{"href":"https:\/\/pioneerassociates.com.sg\/index.php\/wp-json\/wp\/v2\/media?parent=5875"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}