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Audit Strategy – CSIRO 
Question 1: What are the key business risks to CSIRO and how will these impact the 
financial statements and your audit?  
CSIRO faces a number of risks that can have a future impact on the financial statements and 
audit of the company. The primary risk faced by the company is Operational risk. These are 
related to the going concern of the company. Other major risk faced by CSIRO is Audit Risk. 
Audit risk is the probability of incorrect reporting of the financial statements of a company. It 
indicates the willingness of an auditor of the company towards accepting that financial 
statements may be misstated bearing a material impact of the company. There are three types of 
auditor risks, namely inherent risk, control risk and detection risk and audit risk is the cumulating 
of all the three risks with a conditional probability. Inherent risk is a possibility that a portion of 
financial statements or its components is missed or materially misstated bearing a material 
impact. Inherent risks do not consider inadequacy in internal controls and procedures and 
detection of a fraud. These are the risks that relates to the account as well as / or a section in the 
annual report or financials is either materially misstated or omitted without even considering the 
internal controls of the company due to an error or fraud. 
Question 2: What strengths or weaknesses in internal control have you identified? 
The major strength of the internal control of CSIRO is that there is no material weakness in the 
internal controls of the company.

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