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Commonwealth Bank Australia 08-07-19
Maddox Smith
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Commonwealth Bank, Australia Chapter one: Introduction Introduction to the topic of the research While ethics is considered an integral part of auditing, it is a fact that internal auditors have always been more aware of the code of ethics in this field. Hence its importance and relevance has already been spoken of in the Code of Ethics, which is presented by many institutions and organizations who teach auditing to the most brilliant minds in the world. This focus on ethics in auditing from the very early phases is a sign of just how essential this factor is, when it comes to not only following certain principles, but also for the betterment of the economy within a country’s industry. Hence through this research, light will be shed on why ethics is absolutely vital for banking organizations, especially the ones with a considerable consumer base.
Overview of client organization As a result, the Australian Transaction Reports and Analysis Centre had filed a suit with the federal court against the Commonwealth Bank. The suit accused Commonwealth Bank of not complying with the Anti-Money Laundering and CounterTerrorism Financing Act for more than 53,700 times in total. Each of the times, the Bank incurred a maximum penalty of 18 million Australian dollars (US$14.3 million).
What real problem does the research seek to resolve and why is it important to research this topic? At present, Commonwealth Bank of Australia faces an intensive inquiry by the Australian Prudential Regulation Authority on charges of money laundering. The first series of arrests in connection with the alleged fraud had taken place in 2015 when two employees were found to be carrying stacks of money receipts of Commonwealth Bank. It was a major incident related to the Australian financial section,which made the government aware of the loopholes present in the system.
In such a scenario, the trust of Australian communities on banking systems have been badly damaged, particularly disturbing the loss of reputation of the biggest national bank of the country. In order to understand the causes, impacts and procedures of such breaches without proper knowledge of authorities, this research has been carried out.
Chapter two: Literature review Introduction Literature review provides information from existing literature on a particular aspect. in this regard literature review helps one researcher to analyse the available research materials that are present in hard copy or soft copy. Available literature helps the researcher to conduct the research in accordance with the topic and it provides knowledge on the aim of the research.
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