Role of Royal Commission in Australian Banking and Financial Industry

Auditing Principles Assignment 1
Auditing Principles

Auditing Principles Assignment 2
Executive Summary
The purpose of this report is to analyze the role of the Royal Commission in conducting inquiries
against the misconducts, criminal proceedings, illegal activities, financial frauds or inaccurate or
corrupted reports for the financial data presentation, auditing reports, and accounting statements
into the banking and financial sector. The report discussed the backgrounds including the
purpose of the corporate governance practices, the objectivity of the Royal Commission, reasons
for calling of the Royal Commission as well as resistance against its calling into the banking and
financial industry. The interim report emphasized the corrupted corporate culture in the banking
and financial sector and the conflict of interests among the entities or parties as well as the likely
impacts and reforms of the Royal Commission, punishments/ rewards, and further procedures for
improvements.

Auditing Principles Assignment 3
Contents
Executive Summary.....................................................................................................................................2
Introduction.................................................................................................................................................4
Part A– Background, impetus, rationale, momentum and support and/or resistance...................................4
Part B– Interim findings, revelations, conflicts of interest and corporate culture........................................6
Part C: Rewards / punishments, recommendations, likely reforms and impact...........................................9
Part D: Global awareness, globalization, cross-cultural awareness and comparisons in global financial
markets......................................................................................................................................................12
Conclusion.................................................................................................................................................14
References.................................................................................................................................................16

Auditing Principles Assignment 4
Introduction
This research essay develops an understanding of corporate governance and ethics in the banking
and finance industry through four different parts. The first part highlights the background,
impetus, rationale, momentum, and support or resistance of the Royal Commission in the
Australian banking and finance industry. The second part puts discussions on the interim
findings, corporate culture, revelations, and conflicts of interests in the banks and financial
industries. The third part discusses the likely impacts of the Royal Commission and reforms,
rewards or punishments, and recommendations for the improvement (Miller, 2017). Finally, the
fourth part discusses the standards for the globalization of the banking and finance sector outside
of the country in the cross-cultural environment, global awareness, and comparisons in the
financial markets.
Main Discussions
Part A– Background, impetus, rationale, momentum and support and/or resistance
1.The corporate governance practices in the banking operations, financial services, and insurance
companies are aimed at ensuring the accountability and transparency of the financial
transactions, auditing reports, and accounting practices by avoiding the misconducts, financial
scandals, alleged bribery or frauds. The corporate governance standards are related to delivering
the stronger oversight of the management, better financial performance, maximize shareholders’
returns, fair customer service transactions, better control on decision-making, accurate financial
statements and reports, and sustainable CSR report by ensuring fewer failures, better and
controlled decisions, minimization of the risks, higher stability, and reliability and trust of the
banking services to the customers.