CASE STUDY 1: (25 marks)

"Australian banks continued to punch above their weight in 2020, racking up the second-highest total of fines from regulators by value after the United States. A survey of fines handed out to banks over the 12 months has placed US banks at the top of the pile for infringements, accounting for a whopping $US11.1 billion, or $14.42 billion, worth of fines, while Australian banks recorded a mere $US1 billion or $1.3 billion.

The survey from research house Finbold has tallied the total value of infringements paid by banks around the world at $19.9 billion in 2020, almost double the $11.8 billion the year before."- Australian Financial Review, 12 January 2021

You are an Internal Auditor of a bank and have been made aware of the massive fines been issued to banks globally in a training session. Your Manager has asked you to write an email to explain the importance corporate governance. In your email you need to consider the topics of corporate governance, the Board's role, the audit committee's role and the role of internal audit. Ensure that you explain how they all interrelate.