Internal Audit for Licensed Fund Management Companies (LFMC) in Singapore
Importance of Internal Audit?
Internal Audit is an independent consulting function which helps to add value and bring improvement in the Company’s functions and services. Internal Audit help for assessing whether existing policies, procedures and internal controls including risk management, compliance and corporate governance processes are complaint.
Role of Internal Audit in the Fund Management Companies.
As per the Securities and Futures Act (Cap. 289) Guidelines on Licensing, Registration and Conduct of Business for Fund Management Companies, Monetary Authority of Singapore (MAS) look for the business activities of a Fund Management Company be subject to appropriate Internal Audit. The Internal Audit arrangements should be dependent on the nature, scale, size and complexity of the functions.
As per the MAS Guidelines on Risk Management Practices (Internal Controls), the Company should have an independent, effective, appropriate and permanent Internal Audit function for the assessment of the Company’s functions and services.
Internal Audit in Fund Management Companies help to monitor and track the measures taken to deal with the audit findings and recommendations and the implementation of the suggestions by the Company’s senior management. The Company has to submit the Internal Audit reports to MAS as and when necessary.
How Alpha Compliance help your Company to conduct an Internal Audit?
Alpha Compliance has dedicated internal audit team to assess fiduciary, contractual and compliance requirements under extended regulations. The team utilises it deep and cross-sectional experience in executing the work.
Our expert team offers:
- Strengthened governance and risk management
- Enhanced AML/CFT and data privacy controls
- Ensured licensing and regulatory compliance
- Identification and addressing of control gaps
- Training on MAS regulations and best practices
- Comprehensive internal audits aligned with MAS requirements
