EM-5 Hidden Expenses
Identify understated expenses and concealed losses.
Checks
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Review reserves (bad debt, warranty, loan loss, restructuring) for weakening coverage.
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Assess pension/OPEB and other assumption changes that reduce expense.
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Scan contingencies, commitments, VIE, and off-balance-sheet disclosures.
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Check for classification/presentation changes that obscure deterioration.
Output
Return JSON with shenanigan , risk_level , flags , supporting_evidence , and recommended_follow_up .