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I have doubts regarding this sentence:

"This document will go further and highlight shortcomings of policies presented at this time"

Is this correct or do you have to say:

"This document will go further and will highlight shortcomings of policies presented at this time"

And also should I add:

"This document will go further and highlight shortcomings of the policies presented at this time"

Does "presented at this time" sound good in this sentence?
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'Go further' alone does not quite make sense. It is also difficult to see how the policies and the shortcomings will be presented at the same time, since I suppose someone else presented the policies before this paper discovered their shortcomings. How about--

This document will go further to highlight shortcomings of the policies that have been presented.

OR

This document will go further at this time to highlight shortcomings of the policies presented.
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That's not the meaning. I will try to explain. This sentence appears in the introduction of a document/report I'm writing and I'm trying to explain what is going be presented ahead.

I start by saying that the report will identify the effects of some policies......

And then I want to say that besides identifying the effects of these policies, the report will also highligththe shortcomings ....blablabla

I don't know if this makes it any clear.
Mister Micawber'Go further' alone does not quite make sense. It is also difficult to see how the policies and the shortcomings will be presented at the same time, since I suppose someone else presented the policies before this paper discovered their shortcomings. How about--

This document will go further to highlight shortcomings of the policies that have been presented.

OR

This document will go further at this time to highlight shortcomings of the policies presented.

I read it 3 times trying to make some sense of it, and I agree with MM. "Further" can be used as a verb. i.e. To further one's eduation. It also can be used a a compartive, i.e. John can jump further than Paul. But it's neither in your sentence. I think you mean may be this: This document will go further to highlight [the] shortcomings of the policies [which] / that have been presented.