This essay analyzes the Australian Royal Commission's investigation into the banking and finance sector, exploring corporate governance, ethical breaches, and financial misconduct. The report delves into the background, impetus, and resistance surrounding the commission, examining interim findings, conflicts of interest, and the prevailing corporate culture. It further discusses the impacts of the commission, potential reforms, rewards, and punishments, while also considering global awareness and cross-cultural comparisons within the financial markets. The essay emphasizes the importance of accountability, transparency, and ethical practices within the industry, highlighting the need for improved corporate governance to prevent future scandals and maintain public trust. It also examines the role of regulatory bodies and the potential for lasting reforms to ensure the stability and integrity of the Australian financial system. The research is based on the course on auditing principles and contains an introduction, background, interim findings, rewards and punishments, and a conclusion with references.