The client, their challenge
Our client was requested by the Monetary Authority of Singapore (MAS) to engage an independent service provider to review the remediation status of its past internal audit findings.
The deadline for submitting the independent auditor’s report is a few months after the internal audit report issuance date. The client required some time to address the internal auditor’s findings and recommendations, updating the relevant policies then ensuring implementation in business operations with supporting documentation. Consequently, there was limited time remaining for the independent audit engagement.
Our solution
IQ-EQ was able to quickly assemble an internal audit engagement team with appropriate senior resources and design a detailed audit plan with clear milestones and action points, which was accepted by the client and MAS.
As the client had previously worked with the Licensing team within our Regulatory Compliance division in Singapore, our Internal Audit Services team held an internal discussion to gather insights about the client’s business, preferred working style and other relevant information to ensure a good working relationship for the desired outcome.
The results
The meaningful collaboration, commitment to client service and project management excellence enabled IQ-EQ to execute the engagement in a timely manner across the planning, fieldwork and reporting phases of the audit, with the final audit report issued to the client ahead of schedule despite the tight timeline.
