A Report

On
“Analysis of Auditing Process of Bankwest”
A Report on “Analysis of Auditing Process of Bankwest”

Prepared For
Mohammad Salahuddin Chowdhury, FCA
Assistant Professor
Department of Finance
Faculty of Business Studies
University of Dhaka

Prepared By
Group – 9
Section: C
Name ID Signature
Md. Aker Ali 24-003
Nafia Nahla Oishy 24-019
Shakil Ahamed 24-049
Fatema Tuj Johra 24-103
Sanjida Jahan Chowdhury 24-106
Mohammad Riaz Uddin 24-149
Sadman Sakif Zaman 24-217
Kazi Tanvir Ahmed 23-263

Course Code: 310

Course Title: Auditing

Date of Submission: July 5, 2021

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 Letter of Transmittal

July 5, 2021

Mohammad Salahuddin Chowdhury, FCA

Assistant Professor

Department of Finance

Faculty of Business Studies

University of Dhaka

Subject: Prayer for submission of the report on “Analysis of Auditing Process of

Bankwest”

Dear Sir,

We would like to inform you that we have completed our report on A Report on
“Analysis of Auditing Process of Bankwest” that you have assigned us for the course
F-310 Auditing. It was a great pleasure for us to work on this report. In writing this
report, we have followed the instructions that you have given us in and outside of the
class, and we have applied relevant concepts that we have learned throughout the
course. The contents provided in this report are all our own, though some information
and references have been taken from sources like various websites to facilitate our
report writing. We would like to thank you for the sincere guidance and constant
support that we have received during writing this report. It would not be possible for
us to complete the report without your kind help. We would be glad to provide any
clarification and modification if and when required.

Md. Aker Ali

ID: 24-003

On behalf of Group-9

Department of Finance

Faculty of Business Studies

University of Dhaka.

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Table of Contents
Executive Summary ................................................................................................... 4

Introduction ................................................................................................................ 5

Chapter-01 ................................................................................................................. 6

Company Profile ..................................................................................................... 6

History ................................................................................................................. 6

Products and Services ........................................................................................ 7

Branch Closures.................................................................................................. 7

Controversies ...................................................................................................... 7

Chapter-2 ................................................................................................................... 8

Devaluation of Customers Properties & Fabricated Interest Margin ....................... 8

E-mail Scams and fraudulence ............................................................................. 10

Bankwest caught up in alleged fraud case ........................................................... 12

Bankwest cracks down on money launderers ....................................................... 13

Chapter-03 ............................................................................................................... 15

Management Responsibility .................................................................................. 15

Auditor's Responsibility ......................................................................................... 15

Definition and Inherent Limitations of Internal Control over Financial Reporting .. 16

Final Chapter ............................................................................................................ 18

Current Name ....................................................................................................... 18

Regulatory Body ................................................................................................... 18

The current state of Bankwest .............................................................................. 19

Does the company exist or restructured? ............................................................. 19

Conclusion ............................................................................................................... 20

Bibliography ............................................................................................................. 21

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Executive Summary

Bankwest is an Australian full-service-based bank. Bankwest offers a full range of

banking products, including loans (home loans, car credits, and personal loans), credit
cards transaction, and savings accounts. A financial audit is an objective examination
and evaluation of the financial statements of an organization to make sure that the
financial records are a fair and accurate representation of the transactions they claim
to represent. The purpose of an audit is to form a view on whether the information
presented in the financial report, taken as a whole, reflects the financial position of the
organization at a given date. This report is mainly about the fraud process of the
auditing of Bankwest. At first, we have stated the overview of the company. Then we
discussed the fraud process of the company, how the company has been frauded, for
how many years the company became frauded, and what are items being frauded.
We have also discussed the role of managers and auditors in the fraud process.
Finally, we have described the current state of the company.

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Introduction

The term audit usually refers to a financial statement audit. A financial audit is an
objective examination and evaluation of the financial statements of an organization to
make sure that the financial records are a fair and accurate representation of the
transactions they claim to represent. The audit can be conducted internally by
employees of the organization or externally by an outside Certified Public Accountant
(CPA) firm. In this report, we have discussed the auditing process of ‘Bankwest’. At
first, we have stated the overview of the company. Then we discussed the fraud
process of the company, how the company has been frauded, for how many years the
company became frauded, and what are items being frauded. We have also discussed
the role of managers and auditors in the fraud process. Finally, we described the
current state of the company.

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 Chapter-01

Company Profile

Bankwest, previously known as The Bank of Western Australia, is an Australian full-

service bank based in Perth, Western Australia. It was sold in October 2008 to
the Commonwealth Bank of Australia for A$2.1 billion and operates as a division of its
parent company.

Bankwest also has offices in Adelaide, Brisbane, Canberra, Melbourne, and Sydney.

History

In 1895, the Government of Western Australia established the Agricultural Bank of

Western Australia as a rural lender to support the State's farming industries. Despite
its name, it was technically not a bank, in that it did not collect deposits from the public,
its liabilities being government bonds. It was a government instrumentality that lent
exclusively to farmers.

In 1945, the Agricultural Bank became a full trading bank and changed its name to
the Rural and Industries Bank of Western Australia (also known as R&I Bank). This
enabled it to expand its retail and commercial banking services throughout the state.
In 1956 it became a savings bank, and in 1985 the first Sydney branch opened.

The bank was incorporated in 1990, and then in 1994 changed its name to the Bank
of Western Australia Limited, with the trading name Bankwest, in preparation for
privatization. In December 1995, the Bank of Scotland acquired the bank, and as part
of the sale agreement, offered 49 percent of the shares in Bankwest to the public.
Bankwest shares listed on the Australian Stock Exchange on 1 February 1996.

In 2001, Halifax Group (a large UK financial institution) merged with the Bank of
Scotland to form HBOS plc. HBOS then acquired all the outstanding shares of
Bankwest, making it HBOS's wholly-owned subsidiary.

In 2003, Bankwest announced the acquisition of API Finance from Australian

Pharmaceutical Industries Ltd (API) for $300m in line with its industry specialization
growth strategy in the business banking segment.

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Late in 2006, Bankwest announced it would be leaving their landmark tower, in favor
of a new complex at Raine Square.

In early June 2008, reports began to circulate that HBOS intended to sell Bankwest.

In September 2008, Lloyds TSB bought HBOS in a deal worth over £12.2 billion. This
was followed in October 2008 when, with significant problems of their own,
HBOS/Lloyds TSB agreed to the sale of Bankwest and St Andrews Insurances
to Commonwealth Bank of Australia (CBA) for an initial purchase price of A$2.1 billion.

Products and Services

Bankwest offers a full range of banking products, including loans (home loans, car
credits, and personal loans), credit cards transaction, and savings accounts.

Branch Closures
On 18 July 2018, Bankwest announced plans to close 29 branches in New South
Wales, Victoria, and Queensland from 17 August to 7 September. Bankwest
managing director Rowan Munchenberg said an overwhelming number of its
customers were choosing to bank online, prompting the closure of the stores

Controversies
In December 2011, a former Bankwest commercial client Geoff Shannon started an
action group and website called "Unhappy Banking", after losing "all of [his] company
and personal assets due to the predatory conduct of Bankwest". The group claims that
Bankwest "moved aggressively to reduce its exposure to small- and medium-sized
commercial property clients" after being taken over by the Commonwealth Bank in
2008. After lobbying by Unhappy Banking, a Senate Inquiry was announced into
banking practices on 14 March 2012. In August 2013 Shannon lost his case against
Bankwest, with Supreme Court Judge Sackar referring to Shannon as an "unreliable
witness".

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 Chapter-2
Devaluation of Customers Properties & Fabricated Interest Margin
In December 2011, a former Bankwest commercial client Geoff Shannon started an
action group and website called "Unhappy Banking" after losing all of his company and
personal assets due to the predatory conduct of Bankwest. The group claims that
Bankwest moved aggressively to reduce its exposure to small- and medium-sized
commercial property clients after being taken over by the Commonwealth Bank in
2008. After lobbying by Unhappy Banking, a Senate Inquiry was announced into
banking practices on 14 March 2012.

In 2012, The Senate Economic Committee opened its bank investigation in March after
several former CBA-owned Bankwest customers were pressured into alleging that
their foreclosures were fraudulently obtained. Bankwest customers tell the Senate
shocking stories of fraudulent foreclosures while Australia’s financial journalists are
out to lunch — dining on the Commonwealth's Bank's record profits.

Bankwest had artificially devalued the customers' business, doubled and quadrupled
their interest rate margins, and demanded all their money back in one sum, making
refinancing virtually impossible. The customers were forced to sell and the receivers
gouged their business and lined their pockets. Moreover, Bankwest deliberately
concealing penalty interest. Bankwest has unethically fabricated window dressing in
the valuation process to increase interest margin so that they can earn more revenue.

Bankwest upped the interest rate payable on debt. The rate during 2003-10 was Bank
Bill base rate + 1.25 = 6.13%, from August 2010 base rate + 3.05 = 7.93% (soon after
the predatory June devaluation), from June 2011 base rate + 6.0 = 10.81%. The
interest rate on additional debt fabricated from receivership ‘expenses’ was 18.81%.

Bankwest, previously known as The Bank of Western Australia, was sold in October
2008 to the Commonwealth Bank of Australia for A$2.1 billion and operates as a
division of its parent company. For this reason, the CBA also had to face allegations
of corruption due to Bankwest irregularities. THE SENATE ‘post-GFC banking sector’
inquiry held hearings from 8th to 10th August. Behind the diversionary terms of
reference, the real agenda has been the Commonwealth Bank’s foreclosure of almost

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1,000 Bankwest customers after the CBA’s foreshadowed takeover of Bankwest in
October 2008.

That comes up in the CBA's confession in response to senators' questions, CBA did
not give direction as to how Bankwest should deal with a particular loan or give
direction as to what price a particular security property should be sold for. It indicates
the internal control of the bank is also weak.

"From the evidence, the CBA’s and Bankwest’s answers to the recent Senate Banking
Inquiry constitute a comprehensive pack of lies", asserts Associate Professor Evan
Jones.

The CBA's David Cohen is uncharacteristically depicted as not totally in command

(David Rowe, Australian Financial Review, and August 28, 2012).

In August 2013 Shannon lost his case against Bankwest, with Supreme Court Judge
Sackar referring to Shannon as an "unreliable witness". Although the court's ruling did
not ultimately go against Bankwest, the question of Bankwest's corruption in the public
mind has not been resolved and there is still controversy over this.

(Source: Independent Australia, Investigations, The Commonwealth Bank takedown

of Bankwest customers — Part 1 & Part 2, By Evan Jones | 29 August 2012, 6:22 pm,

Wikipedia, Unhappy Banking website, Deb Whitmont and Janine Cohen (10 April
2012). "Happy Banking?"

Four Corners. Australian Broadcasting Corporation. Retrieved 8 October 2014, "Geoff

Shannon's Story". Unhappy Banking. Archived from the original on 2 November 2013.
Retrieved 21 March 2012,

"Bankwest inquiry may start within days, senator says". The Sydney Morning Herald.
12 March 2012. Retrieved 21 March 2012, "Unhappy Bankwest clients push senate
inquiry". WA Today. 6 February 2012. Retrieved 21 March 2012.

"Inquiry into the post-GFC banking sector". Parliament of Australia website. Retrieved
21 March 2012.

Commonwealth Bank of Australia v Shannon [2013] NSWSC 1076 at para 103,

Supreme Court (NSW, Australia)

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E-mail Scams and fraudulence
Bankwest looked at scams and fraud activity from October 2020 to March 2021,
inclusive, and found criminals were consistently targeting the 60-and-over age group,
which accounted for 45 percent of cases. Crime stop recognizes Bankwest colleagues
who detect and prevent cybercrimes, with its scams and fraud team warning the
financial uncertainty of COVID-19 could see investment scams rise.

The average value of each scam over the past 12 months was $14,000, but the
financial threat to customers varied greatly, ranging from as little as $1.50 to as much
as $4 million. Although the issue of this email scam has been going on for a long time.
Many customers have been asked to get a refund from Bankwest, but customers have
not yet received a refund.

Scammers commonly send emails to customers posing as Bankwest. This email asks
customers to follow a link and then enter their card details, or log in to online banking.
The Bankwest message is a simple plain-text email that directs customers to an HTML
form. The form continues to request Personal Identity information such as First and
Last Name, as well as the user's Verbal Password, Date of Birth, Driver’s License
Number, and Driver’s License Expiry. As if that’s not enough, it continues to request
Debit Card number, Debit Card Expiry, and CVV, along with Challenge Questions &
Answers. Finally asking for Contact Information (Mobile Phone Number, Home
Address, Email Address, and Email Password.

Once confirmed, the user will have handed over a substantial amount of sensitive data
to the cybercriminals who will be able to access online and mobile banking, as well as
use the same information for identity fraud and to attempt to access other accounts
and services. There are indications that Bankwest's website was hacked for a while.
It gives the idea of weak internal control of the bank west.

Bankwest is calling on the community and customers to be on guard against an

ongoing criminal assault, with its scams and fraud team having identified and
prevented more than 1000 cases worth $6 million in just six months.

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The analysis is a part of Bankwest’s ongoing commitment to prioritizing customers’
financial wellbeing, with detection, communication, and education of threats key pillars
in protecting customers.

Investment scams, such as cryptocurrency cons, were a lucrative operation for

criminals as the most common attack across every age group, and with the 328 cases
recorded carrying a potential exposure of $1.3 million.

Business and email hacks, despite being the least common threat at just nine cases,
had the highest potential exposure value at close to $1.4 million, followed by Remote
Access/IT ($1.37M) and Investment ($1.34M) scams. Of significant concern was the
increasing trend identified by Bankwest’s scams and fraud team in Remote Access/IT
cases, which rose from three in October, to 73 in March, with 255 across the six
months.

Bankwest’s internal Crime Stop initiative, which this month marks its second
anniversary of recognizing colleagues who detect and prevent cybercrimes. Crime
Stop has recognized colleagues for saving about $44 million of customer funds from
criminals in its first two years, with Remote Access/IT scams not only among the most
prolific, but also the most financially damaging.

Remote Access/IT scams usually involve criminals posing as telco tech support to gain
access to victims’ PCs under the guise of fixing fictional issues, then infecting the
machines with malware that enables ongoing access.

(Source: The Sydney Morning Herald, By Hamish Hastie, April 15, 2020 — 8.04 am,
Bankwest's website, https://www.mailguard.com.au/blog, Bankwest Customers
Targeted in Latest E-mail Scam, Written by Daniel McShanag | 28 May 2019)

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Bankwest caught up in alleged fraud case
This was published 11 years ago "Bankwest caught up in alleged fraud case". A
JUDGE has ordered sweeping subpoenas of emails in a case involving alleged fraud
by an insolvency specialist and claims that Bankwest engaged in ''window dressing''
to hide its bad debts from its buyer, the Commonwealth Bank of Australia in 2010.

Bankwest received attention in the Federal Court, where a mid-north coast developer,
C2C Investments, issuing its administrator, David Leigh, of the accountancy firm PPB.

C2C's barrister, Geoffrey Slater, said he needed to uncover alleged ''serious

irregularities'' and an ''a complex web of dealings'' between Bankwest, PPB, and C2C's
former lawyers, Stacks. Mr. Leigh denied C2C's allegations and ''vigorously'' defended
its claims that he fraudulently had one of its properties signed over to himself. It also
alleged Mr. Leigh falsely stated that his remuneration as administrator was $0.00 in a
report to the Australian Securities and Investments Commission.

Bankwest was a lender to C2C, which is run by a Port Macquarie builder, Geoff
Shannon. In late 2008 C2C became insolvent and work stopped on its townhouse
development at Harrington Waters’ marina.

At that time UK bank HBOS was about to sell Bankwest to CBA. Mr. Slater suggested
Bankwest did some ''window dressing'' amid the global financial crisis to make its loan
book appear more attractive in the eyes of CBA. To this effect, he said, Bankwest had
a C2C subsidiary taken out of administration. It had countermanded the appointment
of Mr. Leigh as administrator to the subsidiary, 33 Electra Pty Ltd.

This was in breach of the Corporations Act because there was no vote by creditors to
end the administration.

Justice Steven Rares granted C2C leave to subpoena a wide range of emails.
Bankwest would have to produce any emails between it and Mr. Leigh and David
Irving, also of PPB, in 2008 and 2009.

The bank had to also produce any emails between its staff concerning 33 Electra and
C2C and the valuation of its loan book and/or impaired assets; and any emails on the
same topic between Bankwest, the Australian Prudential Regulation Authority, the
bank's auditors, and HBOS.

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Mr. Slater pointed out alleged contradictions in Mr. Leigh's statement to ASIC that he
earned nothing from the C2C administration. Separate ASIC minutes put his
remuneration at $49,928, Mr. Slater said. He noted documents showing a further
contradiction between the disclosure of $0.00 and a mortgage for $170,000.

That mortgage was linked to property allegedly handed to Mr. Leigh, in Kelman Drive,
Cessnock, valued at $235,000. It is alleged that C2C Investments, while in Mr. Leigh's
control, signed over this property to him. C2C alleges Mr. Leigh tried to backdate this
transaction to November 3, 2008. That day C2C's creditors had removed Mr. Leigh as
the administrator.

(Source: The Sydney Morning Herald, By Rick Feneley May 5, 2010 — 3.00 am,
InvestSMART website, 5 May 2010)

Bankwest cracks down on money launderers

Bankwest, a Perth-based subsidiary of Commonwealth Bank of Australia, introduced

tough new identification requirements on mortgage borrowers outside Australia to
crack down on fraud and money laundering in 2016.

The policy, which came into effect 1 July 2016, set out new rules on who were
acceptable witnesses for overseas' applicants and what identity documents were
required.

It brought the bank's national guidelines into line with standards previously introduced
by the Queensland government and only applicable in that state. Bankwest was
cracking down on money launderers. The measures were intended to prevent fraud,
money laundering, and possible terrorism financing, according to government
authorities.

Money laundering is used by criminals to "clean money" from illegal activities, such as
fraud, drug trafficking, tax evasion, smuggling, theft, and arms trafficking. Authorities
estimated serious crime generates between $10 billion and $15 billion a year in illicit
funds.

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National Australia Bank recently joined the other big three banks in closing the door
on many foreign investors. Under NAB's new rules applicants that relied on 100
percent of foreign income and did not have existing Australian income were not
accepted. No lending was also allowed to most applicants on visitor visas, working
holidays, or seasonal work.

The banks announced the measures after detecting loan documents missing pages,
untraceable employer references, and suspicious income statements. Fraudulent loan
documents using the Bank of China letterhead and costing about $250 have also been
used for applications.

AMP, the banking division of the nation's largest financial conglomerate, and Firstmac
have toughened criteria while Citi and Macquarie Bank have restricted currencies used
for loans.

Under the new Bankwest rules, a customer completing a loan application and
overseas verification of identity form will need to have this witnessed by prescribed
officials, such as an Australian consular official or Australian legal practitioner. There
are also additional requirements on the type and quality of documents used for
identification.

(Source: Financial Review, Duncan Hughes, Updated Jul 6, 2016 – 4.06 pm, first
published at 12.19 pm, The Sunday Morning Herald, By Rick Feneley May 5, 2010
— 3.00 am)

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 Chapter-03

Management Responsibility
Management is responsible for the preparation and presentation of the consolidated
financial statements following Accounting Principles Generally Accepted in the United
States of America this includes the design, implementation, and maintenance of
effective internal control over financial reporting relevant to the preparation and fair
presentation of the consolidated financial statements that are free from material
misstatement, whether due to fraud or error. Management is also responsible for its
assessment of the effectiveness of internal control over financial reporting included in
the accompanying report of Management on Effectiveness of Internal Controls.

Auditor's Responsibility
Our responsibility is to express an opinion on the consolidated financial statements
and an opinion on the bank's internal control over financial reporting based on our
audits. We conducted our audits following auditing standards Generally Accepted in
the United States of America. Those standards require that we plan and perform the
audits to obtain reasonable assurance about whether the consolidated financial
statements are free from material misstatement and with effective internal control over
financial reporting was maintained in all material respects.

An audit of financial statements involves performing procedures to obtain audit

evidence about the amounts and the disclosures in the consolidated financial
statements. The procedures selected depend on our judgment including the
assessment of the risks of material misstatement of the consolidated financial
statements whether due to fraud or error. In making those risks assessments we
consider internal control relevant to the bank's preparation and fair presentation of the
consolidated financial statements to design audit procedures that are appropriate in
the circumstances. An audit of financial statements also includes evaluating the
appropriateness of accounting policies used and the overall presentation of the
financial statements.

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An audit of internal control over financial reporting involves performing to obtain
evidence about whether a material weakness exists. The procedures selected depend
on our judgment, including assessment of the risk that a material weakness exists. An
audit of internal control over financial reporting also involves obtaining an
understanding of internal control over financial reporting and testing and evaluating
the design and operating effectiveness of Internal control over financial reporting
based on the assessed risk.

We believe that the audit evidence we have obtained is sufficient to provide a basis
for our audit opinions.

Definition and Inherent Limitations of Internal Control over

Financial Reporting
A bank's internal control over financial reporting is a process effected by those charged
with governance, management, and other personnel, designed to provide reasonable
assurance regarding the preparation of reliable financial statements following
accounting principles generally accepted in the United States of America. because
management assessment and Audit are conducted to meet the reporting requirement
of the Federal Deposit Insurance Corporation Improvement Act (FDICIA), our audit
Bank of the and Subsidiaries internal control over financial reporting included controls
over the preparation of financial statements following accounting principles generally
accepted in the United States of America and with the instructions to the Federal
Financial Institutions Examination Council Instructions for Reports of Condition and
Income. A bank's internal control over financial reporting includes those procedures
that 1) pertain to the maintenance of records that is reasonable detail, accurately and
fairly reflect the transactions and dispositions of the asset of the bank; 2) provide
reasonable assurance that transactions are recorded as necessary to permit
preparation of financial statements following accounting principles generally accepted
in the United States of America, and that receipts and expenditures of the Bank are
being made only following authorizations of management and those charged with
governance and 3) provide reasonable assurance regarding prevention, or timely

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detection and correction, of unauthorized acquisition, use, or disposition of the bank's
assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not
prevent or detect and correct, misstatements. Also, projections of any assessment of
effectiveness to future periods are subject to the risk that controls may become
inadequate because of changes in conditions, or that the degree of compliance with
the policies or procedures may deteriorate.

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 Final Chapter

Current Name
Currently, the Bank is known as Bankwest which was formerly known as the Bank of
Western Australia from 1994. It has more than 120 years of experience and it reaches
its services to 1.2 million people across Australia.

Regulatory Body
The bank is regulated by the regulatory board of the parent company, Commonwealth
Bank. There is a board of directors of Bankwest and a management committee that
handle the strategic issues of the bank. Collaborating the direction from
commonwealth bank and their regulatory body, Bankwest provides banking, finance,
insurance, funds management, financial advice, and other services.

Current services provided by the bank-

 The bank is providing service in both personal and business sectors.

 For business service- business account, business credit loan, equipment, and vehicle
finance, overdrafts and bank guarantees are available now.
 For personal service, the bank is providing different savings schemes, credit cards,
home loans, and personal loan services.
 The two-year fixed rate for home loan service is currently 1.89% and the comparison
rate is 3.25%.
 Apart from these, foreign exchange facilities are available here.

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The current state of Bankwest
Bankwest is a full-service bank that provides banking and financial services across
Australia. It is operating under The Commonwealth Bank of Australia which is the
regulatory body of the bank. The commonwealth bank bought Bankwest in 2008 at an
average of $2.1 billion which is now operating as a subsidiary under the parent
company of Commonwealth Bank of Australia. The BOD team of the bank claims that
currently their leadership team is comprised of successful, hard-working folks from all
walks of life. Each brings a unique set of skills and experiences to help make the
customers successful.

The Bank claims its trustworthiness to the customers for their ancient establishment
and successful operation till now. The tagline of the bank is- “Responsible Bank”.
During the Covid-19 period, the bank has expanded its online banking service more
than previously. On 18 July 2018, Bankwest announced plans to close 29 branches in
New South Wales, Victoria, and Queensland from 17 August to 7 September.
Bankwest managing director Rowan Munchenberg said an overwhelming number of
its customers were choosing to bank online, prompting the closure of the stores.

Does the company exist or restructured?

The bank was restructured several times from its inception. In 1945, Bankwest
became a full trading bank, and its share was listed on the stock exchange in 1996. In
early June 2008, reports began to circulate that HBOS intended to sell Bankwest. In
September 2008, Lloyds TSB bought HBOS in a deal worth over £12.2 billion. This
was followed in October 2008, HBOS/Lloyds TSB agreed to the sale of Bankwest and
St Andrews Insurances to Commonwealth Bank of Australia (CBA) for an initial
purchase price of A$2.1 billion. After the takeover of the bank by (CBA), a group is
claiming that the bank is restructured and moved aggressively to reduce its exposure
to small- and medium-sized commercial property clients.

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Conclusion

The purpose of an audit is to form a view on whether the information presented in the
financial report, taken as a whole, reflects the financial position of the organization at
a given date. In this report, we have stated mainly the fraud process of auditing
Bankwest. We have mentioned four fraudulent cases of Bankwest and analyzed the
various circumstances of the fraud process. We have also stated the Management
roles in the fraud process. Finally, we have discussed the current state of the
Bankwest.

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Loans. [Online] Available at: <https://www.bankwest.com.au/> [Accessed 3 July

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2021].

Consumerfraudlegalservices.com. 2021. Bank of the West. [Online] Available at:

<https://www.consumerfraudlegalservices.com/bankwest> [Accessed 3 July 2021].

2021. [Online] Available at: <https://australianjobshub.com/job/senior-manager-fraud-

and-operational-control-intelligence/> [Accessed 3 July 2021].

Australian Financial Review. 2021. Bankwest cracks down on money launderers.

[Online] Available at: <https://www.afr.com/companies/financial-services/bankwest-

cracks-down-on-money-launderers-20160706-gpzltf> [Accessed 3 July 2021].

Radin, M. and Warren, E., 2020. The Rights of Margin Customers against Wrongdoing

Stockbrokers, and Some Other Problems in the Modern Law of Pledge. (Short Title:

"Margin Customers"). Virginia Law Review, 28(6), p.848.

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