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... Areas with heightened audit risk in Abbey PLC. annual report The current business world is very dynamic; it is unpredictable, volatile and fraught with risk. Businesses since the time of immemorial, have seen risk as an unavoidable evil, which should be mitigated or minimized at all costs. Abbey PLC. is not exceptional. As an auditor for the company, the three main areas with heightened audit risk are the audit of inventories, which include cash, fixed assets, and receivables. Secondly, expenses such as payment of salaries and creditors is another area, which the auditor should look at it closely. Thirdly, revenue recognition is another area where the company management can try to tamper with mainly ...