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Each risk is detailed with its potential impact on financial statements and the corresponding auditor's response. For instance, risks related to inventory stored at third-party warehouses include potential overstatement due to lack of direct control, with auditor responses focusing on obtaining direct confirmation and reviewing storage agreements. Production risks involve incorrect valuation of work-in-progress, necessitating review of production reports and valuation reasonableness. Inventory held across multiple locations or in transit presents challenges in obtaining sufficient evidence, requiring attendance at counts and review of shipping documents. Revenue risks such as premature recognition and incorrect accounting for long-term service contracts are addressed by inspecting customer contracts and recalculating revenue. The document also covers risks associated with payables and expenses, including large volumes of unprocessed invoices and capitalization of training costs, with auditor responses involving review of unprocessed invoices and reclassification of amounts. Risks related to non-current assets like land/buildings, development expenditure, and assets held before use or disposal are detailed, along with auditor verification steps. Finally, risks concerning provisions, contingent liabilities, fraud, going concern, and systems are presented with their respective mitigation strategies for auditors. The goal is to provide a structured framework for auditors to identify and address potential misstatements in financial statements.",{"@graph":69,"@context":105},[70,84],{"@type":71,"itemListElement":72},"BreadcrumbList",[73,77,79,82],{"item":74,"name":75,"@type":76,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":78,"name":9,"@type":76,"position":14},"https://docshare.wps.com/document/",{"item":80,"name":40,"@type":76,"position":81},"https://docshare.wps.com/document/research-report/",3,{"item":83,"name":65,"@type":76,"position":19},"https://docshare.wps.com/document/common-risk-and-response-final/25837/",{"url":83,"name":65,"@type":85,"image":86,"author":91,"headline":65,"publisher":94,"fileFormat":97,"inLanguage":63,"description":67,"dateModified":98,"datePublished":99,"encodingFormat":97,"isAccessibleForFree":100,"interactionStatistic":101},"DigitalDocument",{"url":87,"@type":88,"width":89,"height":90},"https://docshare.wps.com/thumbnails/common-risk-and-response-final/25837.png","ImageObject",300,407,{"name":92,"@type":93},"Violet","Person",{"url":74,"name":95,"@type":96},"DocShare","Organization","application/pdf","2026-09-18","2026-05-07",true,{"@type":102,"interactionType":103,"userInteractionCount":8},"InteractionCounter",{"@type":104},"ViewAction","https://schema.org",{"og:url":107,"og:type":108,"og:title":65,"og:site_name":95,"og:description":67},"https://docshare.wps.com/document/common-risk-and-response-final/25837","article",{"robots":110,"canonical":107},"index,follow",{"doc_id":112,"site_id":62},25837,1778194927,{"code":4,"msg":5,"data":115},{"doc_id":112,"user_id":116,"nickname":92,"user_avatar":117,"doc_module":4,"category_id":39,"category_name":40,"doc_title":65,"doc_description":67,"doc_content":66,"file_id":118,"file_url":119,"file_type":120,"file_size":121,"view_count":8,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":24,"language":122,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":66,"faqs":66,"seo_title":123,"seo_description":67,"update_tm":113,"read_time":124},4398048950312,"https://ap-avatar.wpscdn.com/avatar/400002538284de19e3c?_k=1778320343897328908","cbCaiiBd1dmYXBXs","https://ap.wps.com/l/cbCaiiBd1dmYXBXs","pdf",878462,"English","Common Risk and Response Final | PDF",13]