Monetary Authority of Singapore – Guidebook for Audit Committees – 19 August 2014


Corporate Governance

Singapore – Monetary Authority of Singapore

If you wish to better understand Singapore’s Monetary Authority of Singapore Corporate Governance Frameworks, specifically the Code of Corporate Governance – Guidebook for Audit Committees – 19 August 2014, then please access the following download.


Singapore – Monetary Authority of Singapore

Singapore – Monetary Authority of Singapore – Code of Corporate Governance – Guidebook for Audit Committees – 19 August 2014. Covering:


Chairman’s Message


How to use this Guidebook

Table of Abbreviations

Roles and Responsibilities of Audit Committees

Section 1: Audit Committee Composition

    • Independence and Objectivity
    • Role of Nominations Committee in Audit Committee Appointments
    • Selection of Audit Committee Members
    • Selection of Audit Committee Chairman
    • Terms of Reference
    • Tenure of the Audit Committee

Section 2: Audit Committee Agenda

    • Interaction with the Board and Delegation of Responsibilities
    • Tone from the Top
    • Setting the Annual Work Plan
    • Audit Committee Calendar
    • Conduct of Meeting
    • Performance Assessment
    • Training
    • Interested Person Transactions
    • Whistle-blowing

Section 3: Risk Management and Internal Controls

    • Risk Governance and Oversight Structures
    • Board Assurance Framework
    • Enterprise Risk Management (ERM) and Internal Control Framework
    • Assurance Framework
    • Control Deficiency Evaluation
    • Disclosure Requirements

Section 4: Internal Audit

    • Establishing an Internal Audit Function
    • Considerations for an In-house Function
    • Considerations for an Outsourced Internal Audit Function
    • Common Issues Relating to the Audit Committee’s Oversight on the Internal Audit Function

Section 5: Financial Reporting

    • Competence of the Finance Team
    • Overseeing the Integrity of Financial Statements
    • Other Key Financial Information
    • Factors Indicative of Weaknesses in Financial Reporting Process

Section 6: External Audit

    • Role of External Auditors
    • Audit Scope and Approach
    • Management Letter
    • Cost-Effectiveness
    • Private Session with External Auditors
    • Engagement of External Auditors
    • Auditors Independence


Appendix A – Audit Committee Composition

  • Appendix A1: Sample Confirmation of Directors Independence Form
  • Appendix A2: Sample Audit Committee Terms of Reference

Appendix B – Audit Committee Agenda

  • Appendix B1: Audit Committee Annual Agenda Planner
  • Appendix B2: Examples of Good Practices for an Effective Audit Committee Chairman
  • Appendix B3: Sample Audit Committee Self-assessment Checklists
  • Appendix B4: Effective Orientation Programme Topics
  • Appendix B5: Differences between Related Party Transactions (RPT) and Interested Person Transactions (IPT)
  • Appendix B6: Sample Interested Person Transactions (IPT) Policy
  • Appendix B7: Sample Template on Disclosure of Director Interests
  • Appendix B8: Examples of Indicators of Potential Related Party Transactions (RPT)
  • Appendix 9: Examples of Motivations for Related Party Transactions (RPT)
  • Appendix 10: Examples of Indicators of Fraud in Related Party Transactions (RPT)
  • Appendix 11: Elements of a Good Whistle-blowing Policy
  • Appendix 12: Example of a Whistle-blowing Policy

Appendix C – Risk Management and Internal Controls

  • Appendix C1: Possible Types of Risks faced by a Company
  • Appendix C2: Risk Governance and Oversight Structures
  • Appendix C3: Internal control Framework Overview
  • Appendix C4: Evaluating Control Deficiencies
  • Appendix C5: Disclosure Requirements

Appendix D – Internal Audit

  • Appendix D1: Benefits and Drawbacks on various options for setting up an Internal Audit Function
  • Appendix D2: Sample Internal Audit Activity Charter
  • Appendix D3: Internal Audit Activity Measurement Criteria
  • Appendix D4: Evaluating the Effectiveness of the Internal Audit Team
  • Appendix D5: Private Session with the Internal Auditor

Appendix E – Financial Reporting

  • Appendix E1: Assessing Fair Values and Estimates in Financial Reports

Appendix F – External Audit

  • Appendix F1: Possible Questions for the Private Session with the External Auditor
  • Appendix F2: Sample Checklist for Evaluation of External Auditors


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