CASE STUDY:

Westpac has agreed to pay the largest fine in Australian corporate history a $1.3 billion civil penalty for more than 23 million breaches of anti-money laundering laws." ABC News 24/09/2020

You are an internal auditor and have been asked by your Manager to make a report about how this could have been avoided. In your report 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.