You must be the new accountant in our consultancy division. I have just received confirmation that we have won the tender to conduct the corporate governance review at Westpac Bank! This is great news, as this may lead to future work for the firm, from this client. As you are aware, the 2018 Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry revealed wide ranging misconduct across the sector, including unethical conduct and culture, legal non-compliance, illegality and regulatory ineffectiveness. As part of this inquiry, the conduct of Westpac Bank was shown to have numerous corporate governance failings. Further, our client has revealed further issues of poor governance.

required:

demonstrate understanding of the nature of our client (the company), identify issues in relation to conduct and consequences, and set out recommendations to improve corporate governance issues. The report should outline the current situation, draw upon evidence of contemporary business practices and regulation. The identified recommendations should be measurable, and attempt to promote corporate compliance to regulation, and should instil and promote an ethical culture.