GIC, MAS to tighten controls after lapses

THE Government of Singapore Investment Corp (GIC) and the Monetary Authority of Singapore (MAS) have agreed to tighten controls after a government committee found minor lapses in their work procedures.

The Monetary Authority paid some overseas allowances and benefits that were not 'specifically authorised' under its guidelines, the Public Accounts Committee said in a report.

GIC, which manages more than US$100 billion, didn't promptly update the computer access rights of 15 officers, the report said.

When contacted, MAS yesterday said: 'These were cases of over-payment and under-payment of overseas allowances and claims. The net amount involved is $875. These were due to procedural lapses and we have since taken measures to tighten our processes.'

The two organisations play an important role 'in managing very large sums of public money,' according to the report, which was distributed by e-mail.

'For this reason, it would like to emphasise the importance of ensuring that every control that had been put in place should work effectively. Lapses in financial and computer control should be treated seriously.'

The tightening of controls at the two government units was reported to
Parliament by the Public Accounts Committee, which also said it found minor lapses at the Central Provident Fund Board, the Ministry of Manpower and other government departments, recommending tighter management.

'We have undertaken to rectify the lapses and prevent recurrences,' GIC said in an e-mailed statement yesterday. - Bloomberg

Read on ...[SG Review]