9. Your firm was recently appointed as an audit senior of Felix Plc for the year ending 30 September 2021. Felix Plc manufactures sports goods such as for larger companies with established brands. You have held a meeting with the client and have ascertained the following: 1) Felix Plc's products are assembled and packaged in one factory in the UK before being distributed to customers across the UK. The work-in-progress balance is expected to be material at the year end. 2) During the year, Felix Plc started developing a new product. There was a technical difficulty in production due to which the launch of a new product has been delayed from September to November 2021. 3) To fund the expansion into a new product Felix Plc is seeking a listing on the London Stock Exchange in the fourth quarter of the year. Required: Using the information provided, describe four audit risks and explain the auditor's response to each risk in planning the audit of Felix Plc. Note: Prepare your answer using two columns headed "Audit risk and Response to a risk.