You must be the new accountantin 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 workfor the firm, from this client.As you are aware, the 2018 Royal Commission into Misconduct in the Banking, Superannuation and FinancialServices Industry revealed wide ranging misconduct across the sector, including unethical conduct and culture, legal non-compliance, illegalityand regulatory ineffectiveness. As part of this inquiry, the conduct of Westpac Bank was shown to have numerouscorporate governance failings. Further, our client has revealed further issues of poor governance.Required:As our newly formed consultancy group, you will work together to produce a consultancy report that I will review, before tendering with the Westpac board. As per our standard practice, please ensure the report you submit to me has a cover page, executive summary, a background or context section, discussion and analysis section, a clear set of actionable recommendations that are measurable, and finally a conclusion. The report should 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.Resources:The following links should assist your research by expanding upon materials you already have, and will help to inform your analysis and recommendations–but you should not be restricted to these sources of information:Here is a link to the reports from the Royal Commission:https://financialservices.royalcommission.gov.au/Pages/reports.aspx•Volume one of the Interim Report sets out Westpac’s responses to the Commission in ch 4.4, and sets out Westpac’s acknowledged conduct in ch 4.5. Volume two of the Interim Report is titled ‘Case Studies’. Westpac is discussed under ‘Westpac car loans’, ‘Westpac credit card increases’, ‘bad advice’, ‘responsible lending’, and ‘power and communication’ •Volume one of the Final Report mentions Westpac approximately 15 times –and this may provide useful information for you. Volume two of the Final Report is titled ‘Case Studies’. Westpac is discussed under ‘Fees for No Service’.The following set out some relevant links to the website of Westpac that may assist you:•Media releases (particularly in relation to misconduct):https://www.westpac.com.au/about-westpac/media/media-releases/•Corporate governance:https://www.westpac.com.au/about-westpac/westpac-group/corporate-governance/•Investor centre (particularly in relation to risk reporting and regulatory disclosures) https://www.westpac.com.au/about-westpac/investor-centre/financial-information/Kind regards,Sam Leung| Senior Pa