Assessment of Auditor's Opinion of Austal Ltd: A Risk-Based Audit Approach

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AUDITING AND ASSURANCE SERVICES

EXECUTIVE SUMMARY
A risk-based audit can be defined as an approach whose main concentration is on the intrinsic
risk present in activities or system and provide assurance that risk is being managed by the
administration within the defined risk administration function of an organisation by giving
assurance related to risk mitigation. Further, RBA enables the auditor to assert assurance to
the board of members that risk management processes are supervising risk efficiently,
corresponding to the risk appetite. Present report revolves around detail assessment of
auditor’s opinion of Austal Ltd. The report initiates with the description research
methodology which has been applied in the present result to attain an appropriate conclusion.
A further finding of important areas in order to comment on the opinion of the auditor, i.e.
corporate governance, internal control, auditor reporting obligation and auditor negligence
and contributory negligence have been explained. The same has been related to specific
provision and regulation in order to judge compliance of same in case of Austal Ltd. The
implication of provision in case of Austal Ltd. represents that the company has complied with
all required provision to a significant extent. Eventually recommendation have been provides
which explain compliance and substantive procedure which should be applied by the auditor
in order to provide opinion on financial report.

Table of Contents
Introduction................................................................................................................................5
Methodology..............................................................................................................................5
Findings......................................................................................................................................6
Implication of findings...............................................................................................................9
Conclusion and recommendation.............................................................................................15
References................................................................................................................................17

List of figures
Figure 1: Graph representing frequency rate of attainment of success in safety measures fro
employees.................................................................................................................................10
Figure 2: Type of Audit procedures.........................................................................................13
Figure 3: Directions in which assertion of an auditor are made..............................................14