Methodology

It can be observed in this report that, the discussion is aligned to the survey conducted, the important findings of the auditing survey is related to the key identical that has been discussed and observed keenly. The issues that need more concern are related to the systematic evaluation of the unlawful conducting laws of the bank (Hay et al., 2017).

Methodology:

The report is basically depended on possible evaluations and the problem of deficiency and severe misconduct and can be analysed just after holding the class reviews and certain lectures. The reason is supportive along with the documents that are available from the memorandum and the articles that are of scholarly value (Morris & Metternicht, 2016).

The report and web surveys are analysed to identify the main issues that are described by the ASIC for issues relating to the common wealth bank.

Issue Save Time On Research and Writing Hire a Pro to Write You a 100% Plagiarism-Free Paper. Get My Paper	Impact on rising Audit risk	Recommendation	Reduction in audit risk because of the Recommendation
Evidence of provision annual reviews	Due to lack of evidential proofs, there are chances of sure damage that occurs in the process of auditing procedure and proper disclosure. The payment is 31500 for ongoing service oriented customers that cannot be fully ascertained because of inconvenience of records management.	There needs to be a proper lodge book for facilitating the payment and further accounting of the review. It is required to be dealt along with the book of accounts (Mygind et al., 2016).	The report of auditing needs to be reduced in accordance with the auditor so that there is an easy access to the payment books and the payment understatement along the payment procedure. It is the best and less substantiate process that can be applied.
Tracking  ongoing service	The auditor will actually not determine the service that would be provided to the customers.	Only by attending the review held by the separate departments, mentioning the adequate system are the best possible process that can be implemented further.	The implications would further provide all the services needed on adequate requisition services. This would prevail the uniformity of the services ongoing.  This will also help the organisation to evaluate the service quality.
Financial  Service Licensing	On verification, it has been reviewed that the Commonwealth Bank has drastically failed to associate with the legislations (Coghlan et al., 2015).	There is a proper implementation of the 912A (1)(a) under the corporation act.	This will further ensure the rate of concern that has raised and complied along with the relevant legislation that has been inscribed under it.
Over payment	It is in the ongoing services where bank charges some fees from the clients without even providing any such services for almost past few years (Kubicki et al., 2015).	Some of the remedial actions of these services are very much enforceable and there must be proper bill and receipt of service that has to be provided to all types of customers.	Some of the major adopted techniques that are fully connected that provides the right material information regarding the basic permanent source of income relinquish the major auditing procedure (McGain et al., 2015).
Community benefit payment	The CFPL has almost paid to the community all the prominent payments through benefits amounting to $ 3 million dollars. It not even have any such supportive evidence to claim the expenditure (Laing & Hoy 2018).	The right and compatibility mechanism and the board that is required for taking such decision where the company also needs to employ an able supervisor to enable the competition and the other competent authorities for stopping all kinds of misconduct (Ferguson et al., 2016).	This will also notify the other types of prominent authorities and the stops that cause malfunctioning expense. It is finally paid off with adequate amount of information that provides an guide to the auditor while understanding all the critical issues.

The elements of commonwealth Financial Planning Limited (CFPL) is based on the two owned respective subsidiaries of the common wealth bank that has been ceased because of the misconduct that is based on the code of operation.  The situation such that it is almost impossible to provide the disclosure adequately based on the reflective documents. In the support of the annual review within the ongoing, process (Bunn et al., 2018). There is no such requirement for record keeping that is done by bank and ASIC reviews that there is no such legal misconduct of the banking institutions related with overcharging that is based on fees and services from the bank clients along with the uniform and constructive structure of fees.

It recommends a procedure that amounts to all the procedures that are requisition that are quite enforceable by the ASIC for the commonwealth banks needs to get conducted it in a very proper way. It must be stopped for elevating the further discrepancies that is related to the operation of financing institutions. However, greater care and concern is needed to be shown and much observation is required by the ASIC if there is proper access in this problem even after 5 years of initialisation.

Conclusion: 

The report is based on the details that provides clear vision of all the observations that is rightly performed by the bank with support and observation from the highly placed employees and officers as well as the managerial staffs. It strikes upon a remedial and process that is remarkable for identifying the monotonous activities. It is implemented with immediate effects and a keen observation that requires stable conduction on the Commonwealth Bank along with some other financial activators (Senge, 2017).

Issues

The present case is quite sensitive and an issue to be tackled efficiently. The situation is related with the preparer of a loan application that consist of three team members. John is a member giving an excuse of sickness. He has given an excuse for attending a dinner with his girlfriend. In this David, is another member collaborating the work sincerely and manages time to spend with John the main situation and case to be held up is John’s amount of diligence and effort than the other team members. David is presently is a state of ethical dilemma, whether he must maintain the secrecy for the sake of true friendship or he must proclaim the truth. According to the laws and structure of the American Accounting Association Model (AAA), the structural framework provides some rules and predictions for tackling and managing the critical and intricate ethical issues (Yu et al., 2015).

• Ethical knowledge suggests communicating the fundamentals of professional and personal value on the views of Duty
• Ethical sensitivity suggests the capacity to understand and identify the reasons of occurrence of the present scenario.
• Ethical judgment and behaviour both means justification of the issue along with the solutions to amend the behaviour on a particular situation.

American Accounting Association Model	Decision Making Process
1. Determine the facts	The facts are based upon John, who is an employee and has been charged with allegations of misconduct and unethical behaviour. For an emergency work that is deliverable to the business clients, the employee took help of a lie one Sunday and went to a restaurant with his fiancé.
2. Define the ethical issues	The present case has two issues to discuss upon: · Negligent attitude towards enforceable duties · Confronting lies to achieve some of the personal demands and desires.
3. Identify the major principal, rules and values.	In accordance with the general rule, Sundays are considered holidays for all employees and no one is liable to work for the company’s development and benefits. If an employee does not like to work on that day then the employee must inform it to the competent hierarchical authority placing adequate reasons.
4. Specify the alternative	In this case, John, may have requested the employees to work on the behalf of the companies and the clients, or might have thought about postponing his night out with girlfriend.
5. Compare the values and alternatives.	If John requests some of the other employees to become a member of the present team, it will be not a hazardous work and along with the other teams, the preparation of loan gets much easier. On the second note, if he prepares the night out on some other day then it would lead to the best solution and at the same time prioritise his demands over the needs and the other personal demands.
6. Assess the consequences	Even if the first step is followed and compiled then wither of the work will be dealt on a perfect manner and timing provided the steps are correct. The next part is John’s girlfriend may get angry for failing to turn up and keeping the promise.
7. Make your decisions	John has a friend rather colleague from the very same company named David. In this case, he had consulted the issue with him and he had duties that are liable to get performed. In addition, it would not be anyhow notified as well. The relationship may get distorted due to a problematic issue.

The role that is incorporated by the auditors based on the auditor’s liability is conditioned on the liability of the auditors. The auditors are completely responsible to check the financial statements given by the clients by showing the true standards and a fair value of the firm. The fair value can be only taken if the clients has gone for further enforcement of the entire maintained and required accounting standard. The fair and true value is taken when the clients have enforced all the standards of accounting and specific laws that have been structured by the preparation of statements of finance. The auditors have also hired for many other specific reasons that are meant for incorporation for the statutory auditor. The shareholders are responsible for appointing auditor’s just after the expiry of one month, after the BOD fails to make an appointment (Khoury, 2015). The responsibilities of the incorporation auditor gets limited for making the preparation of the accounting process structure and some of the specific accounting fundaments and limitations. The auditor also provides some specific and constructive internal controls that can satisfy the clients.

In addition, the statutory auditor who are also the external auditors of the firm or the company are completely liable to check to check the entire annual statement of the financial year along with the accounting tools and some of the techniques that can bring upon true and clear view. The statutory cap is dependent and the auditor is liable to all the comments that are declared in the auditor’s report. The statutory auditor may also suggest to the clients in certain areas that suffers for intense deficiency of the right procedures of accounting. Moreover, the responsibilities of the auditor who is incorporating and implementing is based on the justification of the companies accounting need. Furthermore, on the financial analysis of the working company, the auditor incorporating may be strictly held along with the statutory auditor until the AGM of the company for sixth time is held for 5 years. At the same time, the active and prominent shareholder and investors of the company in each Annual General Meeting would further recess the appointment. In this period of holding from the office of the auditors which gradually complies with the specific standards of auditing and accounting procedures and principles (Yu et al., 2015).  The procedures are laid down in accordance with the accounting principles that are quite convenient for analysing the company financial structure and makes it investors, shareholders and public aware of the company’s standing position.

References

Bunn, M., Pilcher, R., & Gilchrist, D. (2018). Public sector audit history in Britain and Australia. Financial Accountability & Management, 34(1), 64-76.

Coghlan, M. L., Maker, G., Crighton, E., Haile, J., Murray, D. C., White, N. E., … & Allcock, R. J. (2015). Combined DNA, toxicological and heavy metal analyses provides an auditing toolkit to improve pharmacovigilance of traditional Chinese medicine (TCM). Scientific reports, 5, 17475.

Ferguson, C., Pinnuck, M., & Skinner, D. (2016). The evolution of audit market structure and the emergence of the Big N: Evidence from Australia.

Hay, D., Stewart, J., & Botica Redmayne, N. (2017). The Role of Auditing in Corporate Governance in Australia and New Zealand: A Research Synthesis. Australian Accounting Review, 27(4), 457-479.

Khoury, P. (2015). Neoliberalism, auditing, austerity and the demise of social justice. Social Alternatives, 34(3), 25.

Kubicki, M. A., McGain, F., O’Shea, C. J., & Bates, S. (2015). Auditing an intensive care unit recycling program. Critical Care and Resuscitation, 17(2), 135.

Laing, G. K., & Hoy, S. (2018). A Retrospective of Professional Liability of Auditors in Australia. Journal of New Business Ideas & Trends, 16(1).

McGain, F., Jarosz, K. M., Nguyen, M. N. H. H., Bates, S., & O’Shea, C. J. (2015). Auditing operating room recycling: a management case report. A & A case reports, 5(3), 47-50.

Morris, A., & Metternicht, G. (2016). Assessing effectiveness of WEEE management policy in Australia. Journal of environmental management, 181, 218-230.

Mygind, L., Bentsen, P., Badland, H., Edwards, N., Hooper, P., & Villanueva, K. (2016). Public open space desktop auditing tool—Establishing appropriateness for use in Australian regional and urban settings. Urban Forestry & Urban Greening, 20, 65-70.

Senge, L. (2017). Water Auditing: The first step to effective effluent management on dairy farms in South West Western Australia: An approach of Zero Waste Discharge on a dairy farm in Boyanup, Western Australia (Doctoral dissertation, Murdoch University).

Yu, Y., Ni, J., Au, M. H., Mu, Y., Wang, B., & Li, H. (2015). Comments on a public auditing mechanism for shared cloud data service. IEEE Transactions on Services Computing, 8(6), 998-999.