Monetary Authority of Singapore Technology Risk Management Guidelines 15.1: 15.1 Audit Function

The FI should ensure IT audit gives the board and senior management an independent and objective opinion on the adequacy and effectiveness of risk management, governance and internal controls against existing and emerging technology risks; identify a comprehensive set of auditable areas covering all IT operations, functions and processes for risk-based audit planning; set audit frequency by the criticality and risk of each asset, function or process; and ensure IT auditors have the competence and skills to assess IT policies, procedures, processes and controls.