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Caltex Audit Risk

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Executive Summary:

Audit risk analysis gives a transparent image of the company. It shows that if the company is depicting accurate information in its financial report. In this report we did an audit risk analysis for Caltex Australia Limited. It is a company traded on Australian Securities Exchange (ASX: CTX). It is a company which has its business expanded all over Australia and they are involved in the purchase and distribution of oil and they have outlets spread across Australia.
We covered the challenges faced by Caltex about the underpaid wages to its employees by the franchises and also allegations against them about the price rise of the petroleum and they faced challenges regarding the safety of its employees with many questions being raised about it. We gave introduction about its Chairman and CEO and their views on the financial position of the company, we also did analysis of the financial report of the company and gave opinion on it based on the interpretation. We got all the financial statements and notes related to the statements with all the supporting documents which helped us in giving a fair and true opinion. Based on the Audit risk assessment we came to a conclusion that it is safe to go on board with Caltex Australia.

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The audit was done by comparing the basis for recognition and measurement of remediation provisions for consistency, obtaining third party expert reports as well as internal and external documentation. Testing the accuracy and historical remediation. The independent auditor’s responsibility was to obtain reasonable assurance whether the financial statements are true and to give a report with his/her opinion. The auditor found the financial statements of Caltex Australia Limited to be fair and in compliance with Section 300A of the Corporations Act

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