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Assessment - Essay
ACC201 - Principles of Accounting 1
1 Found helpful • 8 Pages • Essays / Projects • Year Uploaded: 2022
The Banking Royal Commission was created in Australia in 2018 to investigate misconduct in banking, superannuation, and financial services institutions. In Royal Commission's finalized report, it has highlighted the importance of corporate culture by using inappropriate behavior as an example. The Royal Commission determined that the activities of banking, superannuation, and financial service organizations resulted in large losses for many consumers while bringing significant profits to the relevant entities. In numerous situations, the entities' malfeasance has violated the law. Furthermore, the investigation outcome of the Royal Commission is also in line with the inquiry result of the Australia Prudential Regulation Authority (APRA) in the Commonwealth Bank of Australia (CBA) in 2018. According to the findings, besides the accountability as well as the poor governance, there is also a significant major concern in this case, that is the bad corporate culture. By referring to recent findings of the Royal Commission and APRA (2018) inquiry into CBA, this essay will discuss about the corporate culture phenomenon in banks and other financial sector institutions as underlined by Wishart and Wardrop (2018). Furthermore, topic that whether the issue of bad corporate culture in financial field will be solved through implementing of the BEAR and also opinion of Wishart and Wardrop (2018) will be discussed in this essay.
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