Just my opinions:
I would say that in all circumstances, industrial or domestic, it would be a risk assessment, (in it's true sense, not a box ticking exercise).
If, in your technical judgement, there is an immediate threat to life or health then the power should be isolated immediately, more or less regardless of cost or consequences.
If the danger is judged less severe, such as marginal non-compliance with regulations, deterioratiing condition of installation, etc, then you should highlight it for urgent attention.
And yes, if you are negligent in carrying out your responsibilities you can be prosecuted under H&SaW act.
I think you, as an operator, would have to be very negligent though. Action would be more likely against your supervisors or managers for failing to have adequate supervision or training in place.