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  /Title (audit-exam-1.pdf)
  /Creator (Cheatography)
  /Author (nova-cane98)
  /Subject (Audit Exam 1 Cheat Sheet)
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    \vspace{-2pt}\large{\bf{\textcolor{DarkBackground}{\textrm{Audit Exam 1 Cheat Sheet}}}} \\
    \normalsize{by \textcolor{DarkBackground}{nova-cane98} via \textcolor{DarkBackground}{\uline{cheatography.com/217313/cs/47677/}}}
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  \mymulticolumn{2}{p{5.377cm}}{\bf\textcolor{white}{Cheatographer}}  \\
  \vspace{-2pt}nova-cane98 \\
  \uline{cheatography.com/nova-cane98} \\
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  \mymulticolumn{1}{p{5.377cm}}{\bf\textcolor{white}{Cheat Sheet}}  \\
   \vspace{-2pt}Not Yet Published.\\
   Updated 13th February, 2026.\\
   Page {\thepage} of \pageref{LastPage}.
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  Measure your website readability!\\
  www.readability-score.com
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\begin{tabularx}{5.377cm}{x{1.24425 cm} x{3.73275 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{ASSURANCE}}  \tn
% Row 0
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\seqsplit{Definition} & Any independent professional service that improves the quality of information, or its context, for decision makers. \tn 
% Row Count 4 (+ 4)
% Row 1
\SetRowColor{white}
Purpose & To lend credibility to information used in decision making. \tn 
% Row Count 6 (+ 2)
% Row 2
\SetRowColor{LightBackground}
Core Elements & Independence (fact \& appear) \tn 
% Row Count 8 (+ 2)
% Row 3
\SetRowColor{white}
 & Professional judgment \tn 
% Row Count 9 (+ 1)
% Row 4
\SetRowColor{LightBackground}
 & Due professional care \tn 
% Row Count 10 (+ 1)
% Row 5
\SetRowColor{white}
 & Improves information quality or context \tn 
% Row Count 12 (+ 2)
% Row 6
\SetRowColor{LightBackground}
 & For decision makers \tn 
% Row Count 13 (+ 1)
% Row 7
\SetRowColor{white}
Report? & no \tn 
% Row Count 14 (+ 1)
% Row 8
\SetRowColor{LightBackground}
Key signals & lending credibility \tn 
% Row Count 16 (+ 2)
% Row 9
\SetRowColor{white}
 & improves quality \tn 
% Row Count 17 (+ 1)
% Row 10
\SetRowColor{LightBackground}
 & independent professional service \tn 
% Row Count 19 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
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\begin{tabularx}{5.377cm}{x{1.59264 cm} x{3.38436 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{ATTESTATION}}  \tn
% Row 0
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Definition & An engagement in which a practitioner issues a report on subject matter or an assertion that is the responsibility of another party. \tn 
% Row Count 5 (+ 5)
% Row 1
\SetRowColor{white}
Purpose & To provide assurance through a written report regarding reliability of management's assertion. \tn 
% Row Count 9 (+ 4)
% Row 2
\SetRowColor{LightBackground}
Levels of Assurance & Examination = high \tn 
% Row Count 11 (+ 2)
% Row 3
\SetRowColor{white}
 & Review = moderate \tn 
% Row Count 12 (+ 1)
% Row 4
\SetRowColor{LightBackground}
 & Agreed-upon procedures = no opinion, findings only \tn 
% Row Count 14 (+ 2)
% Row 5
\SetRowColor{white}
Report? & Yes — always \tn 
% Row Count 15 (+ 1)
% Row 6
\SetRowColor{LightBackground}
Standards & SSAE / AT-C standards (nonissuers) \tn 
% Row Count 17 (+ 2)
% Row 7
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 & PCAOB attestation standards (issuers) \tn 
% Row Count 19 (+ 2)
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\begin{tabularx}{5.377cm}{x{1.64241 cm} x{3.33459 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{AUDITING}}  \tn
% Row 0
\SetRowColor{LightBackground}
Definition (AAA) & A systematic process of objectively obtaining and evaluating evidence regarding assertions to determine correspondence with established criteria and communicating results to users. \tn 
% Row Count 7 (+ 7)
% Row 1
\SetRowColor{white}
Purpose (AICPA) & To enhance the degree of confidence intended users can place in the financial statements. \tn 
% Row Count 11 (+ 4)
% Row 2
\SetRowColor{LightBackground}
Objective & Express an opinion on whether financial statements are presented fairly, in all material respects, in accordance with GAAP or applicable financial reporting framework. \tn 
% Row Count 18 (+ 7)
% Row 3
\SetRowColor{white}
Core \seqsplit{Characteristics} & Systematic process \tn 
% Row Count 20 (+ 2)
% Row 4
\SetRowColor{LightBackground}
 & Evidence-based \tn 
% Row Count 21 (+ 1)
% Row 5
\SetRowColor{white}
 & Materiality-driven \tn 
% Row Count 22 (+ 1)
% Row 6
\SetRowColor{LightBackground}
 & Independent \tn 
% Row Count 23 (+ 1)
% Row 7
\SetRowColor{white}
 & Communicated via auditor's report \tn 
% Row Count 25 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
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\begin{tabularx}{5.377cm}{x{2.38896 cm} x{2.58804 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{ADVISORY / CONSULTING (Non-assurance)}}  \tn
% Row 0
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Definition & Providing recommendations to management for specific outcomes. \tn 
% Row Count 4 (+ 4)
% Row 1
\SetRowColor{white}
Focus & Design and operations, system improvements, decision support. \tn 
% Row Count 8 (+ 4)
% Row 2
\SetRowColor{LightBackground}
Restrictions (impairing independence) & Bookkeeping \tn 
% Row Count 10 (+ 2)
% Row 3
\SetRowColor{white}
 & Appraisal or valuation services \tn 
% Row Count 12 (+ 2)
% Row 4
\SetRowColor{LightBackground}
 & Internal audit outsourcing \tn 
% Row Count 14 (+ 2)
% Row 5
\SetRowColor{white}
 & Management or HR \tn 
% Row Count 15 (+ 1)
% Row 6
\SetRowColor{LightBackground}
 & Legal and expert services \tn 
% Row Count 17 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
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\begin{tabularx}{5.377cm}{x{2.04057 cm} x{2.93643 cm} }
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\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{RESPONSIBILITIES PRINCIPLE}}  \tn
% Row 0
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{\bf{Phase}} \{\{bb=3\}\} & all phases of audit \{\{bb=3\}\} \tn 
% Row Count 2 (+ 2)
% Row 1
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\mymulticolumn{2}{x{5.377cm}}{{\bf{Components}}} \tn 
% Row Count 3 (+ 1)
% Row 2
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Competence \{\{rowspan=4\}\} & education, training, experience \tn 
% Row Count 5 (+ 2)
% Row 3
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Independence & fact and appearance; financial or relationship \tn 
% Row Count 7 (+ 2)
% Row 4
\SetRowColor{LightBackground}
 & \textasciitilde{}Practical independence\textasciitilde{} \tn 
% Row Count 9 (+ 2)
% Row 5
\SetRowColor{white}
 & \textasciitilde{}no subordinating judgement\textasciitilde{} \tn 
% Row Count 11 (+ 2)
% Row 6
\SetRowColor{LightBackground}
Due professional care (GAAS) & execution and reporting \tn 
% Row Count 13 (+ 2)
% Row 7
\SetRowColor{white}
 & conduct, special training, supervision and review, \tn 
% Row Count 16 (+ 3)
% Row 8
\SetRowColor{LightBackground}
Skepticism & Professional judgment \tn 
% Row Count 17 (+ 1)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Procedures may change.  \newline Standards do not. \newline Reasonable person standard applies.}  \tn 
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\mymulticolumn{3}{x{5.377cm}}{\bf\textcolor{white}{PERFORMANCE PRINCIPLE}}  \tn
% Row 0
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Phase \{\{border=2\}\} & execution phase &  \tn 
% Row Count 3 (+ 3)
% Row 1
\SetRowColor{white}
Objective\{\{border=1\}\} & Obtain reasonable assurance that financial statements are free of material misstatement (error or fraud). &  \tn 
% Row Count 10 (+ 7)
% Row 2
\SetRowColor{LightBackground}
\seqsplit{Requires} & Planning and supervision &  \tn 
% Row Count 12 (+ 2)
% Row 3
\SetRowColor{white}
 & Determining materiality &  \tn 
% Row Count 14 (+ 2)
% Row 4
\SetRowColor{LightBackground}
 & Risk assessment & understanding entity \& internal control \tn 
% Row Count 17 (+ 3)
% Row 5
\SetRowColor{white}
 & Sufficient \& Appropriate evidence &  \tn 
% Row Count 20 (+ 3)
% Row 6
\SetRowColor{LightBackground}
\seqsplit{Execution} phase & Planning & properly plan and supervise \tn 
% Row Count 22 (+ 2)
% Row 7
\SetRowColor{white}
 & Risk Assessment & understanding of the entity \tn 
% Row Count 24 (+ 2)
% Row 8
\SetRowColor{LightBackground}
 & Materiality Determination (NTE) &  \tn 
% Row Count 27 (+ 3)
% Row 9
\SetRowColor{white}
Risk \seqsplit{determinants} & Nature & type of procedure \tn 
% Row Count 30 (+ 3)
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\vfill
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\begin{tabularx}{5.377cm}{x{0.96117 cm} x{1.78503 cm} x{1.8308 cm} }
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\mymulticolumn{3}{x{5.377cm}}{\bf\textcolor{white}{PERFORMANCE PRINCIPLE (cont)}}  \tn
% Row 10
\SetRowColor{LightBackground}
 & timing & when performed \tn 
% Row Count 1 (+ 1)
% Row 11
\SetRowColor{white}
 & extent & how much (sample size) \tn 
% Row Count 3 (+ 2)
% Row 12
\SetRowColor{LightBackground}
\seqsplit{Evidence} \seqsplit{Gathering} & sufficient & quantity \tn 
% Row Count 6 (+ 3)
% Row 13
\SetRowColor{white}
 & appropriate & quality \tn 
% Row Count 7 (+ 1)
% Row 14
\SetRowColor{LightBackground}
 &  & Relevance \& Reliability \tn 
% Row Count 9 (+ 2)
% Row 15
\SetRowColor{white}
 & Relevance — the assertion being tested & Reliability — source and nature of the evidence \tn 
% Row Count 13 (+ 4)
\hhline{>{\arrayrulecolor{DarkBackground}}---}
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\begin{tabularx}{5.377cm}{x{1.89126 cm} x{3.08574 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{REPORTING PRINCIPLE}}  \tn
% Row 0
\SetRowColor{LightBackground}
Phase & conclusion and communication \tn 
% Row Count 2 (+ 2)
% Row 1
\SetRowColor{white}
Purpose & Standardize reporting and communicate conclusions clearly. \tn 
% Row Count 5 (+ 3)
% Row 2
\SetRowColor{LightBackground}
Requires auditor to: & State whether financial statements follow GAAP \tn 
% Row Count 7 (+ 2)
% Row 3
\SetRowColor{white}
 & Identify inconsistencies \tn 
% Row Count 8 (+ 1)
% Row 4
\SetRowColor{LightBackground}
 & Address adequacy of disclosures \tn 
% Row Count 10 (+ 2)
% Row 5
\SetRowColor{white}
 & Express an opinion or explain why none is given \tn 
% Row Count 12 (+ 2)
% Row 6
\SetRowColor{LightBackground}
Types of Opinions & Unqualified (unmodified) \tn 
% Row Count 14 (+ 2)
% Row 7
\SetRowColor{white}
 & Qualified \tn 
% Row Count 15 (+ 1)
% Row 8
\SetRowColor{LightBackground}
 & Adverse \tn 
% Row Count 16 (+ 1)
% Row 9
\SetRowColor{white}
 & Disclaimer \tn 
% Row Count 17 (+ 1)
% Row 10
\SetRowColor{LightBackground}
Audit documentation must: & Show who performed work \tn 
% Row Count 19 (+ 2)
% Row 11
\SetRowColor{white}
 & Show who reviewed work \tn 
% Row Count 20 (+ 1)
% Row 12
\SetRowColor{LightBackground}
 & Support planning, supervision, and conclusions \tn 
% Row Count 22 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
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\begin{tabularx}{5.377cm}{x{1.89126 cm} x{3.08574 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{TYPES OF AUDITS}}  \tn
% Row 0
\SetRowColor{LightBackground}
FINANCIAL STATEMENT AUDIT & Opinion on fair presentation under GAAP \tn 
% Row Count 2 (+ 2)
% Row 1
\SetRowColor{white}
INTERNAL AUDIT & Evaluates risk management, governance, internal control. \tn 
% Row Count 5 (+ 3)
% Row 2
\SetRowColor{LightBackground}
OPERATIONAL AUDIT & Evaluates efficiency and effectiveness. \tn 
% Row Count 7 (+ 2)
% Row 3
\SetRowColor{white}
COMPLIANCE AUDIT & Determines adherence to laws, regulations, policies. \tn 
% Row Count 10 (+ 3)
% Row 4
\SetRowColor{LightBackground}
PERFORMANCE AUDIT & Economy and efficiency \tn 
% Row Count 12 (+ 2)
% Row 5
\SetRowColor{white}
 & Program effectiveness \tn 
% Row Count 13 (+ 1)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Key signals \newline "following laws" = compliance \newline "efficient and effective" = operational \newline "economy and efficiency" = performance audit}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}--}
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\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{1.89126 cm} x{3.08574 cm} }
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\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{FINANCIAL STATEMENT ASSERTIONS}}  \tn
% Row 0
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\mymulticolumn{2}{x{5.377cm}}{PCAOB — PERCV} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
Presentation \& Disclosure & M.A. that all transactions and events have been presented correctly and that all relevant information has been disclosed to financial statement users. \tn 
% Row Count 8 (+ 7)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Existence / Occurrence} \tn 
% Row Count 9 (+ 1)
% Row 3
\SetRowColor{white}
Existence & Management assertion that all assets, liabilities, and equity interests do actually exist. \tn 
% Row Count 13 (+ 4)
% Row 4
\SetRowColor{LightBackground}
Occurrence & Management assertion that all of the transactions and events that have been recorded are valid, pertain to the entity, and have actually taken place. \tn 
% Row Count 20 (+ 7)
% Row 5
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{Rights \& Obligations} \tn 
% Row Count 21 (+ 1)
% Row 6
\SetRowColor{LightBackground}
Rights & the entity is entitled to all rights of the assets \tn 
% Row Count 24 (+ 3)
% Row 7
\SetRowColor{white}
Obligations & the liabilities are the legal responsibility of the entity, and all of the disclosed events and transactions pertain to the entity. \tn 
% Row Count 30 (+ 6)
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\vfill
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\begin{tabularx}{5.377cm}{x{1.89126 cm} x{3.08574 cm} }
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\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{FINANCIAL STATEMENT ASSERTIONS (cont)}}  \tn
% Row 8
\SetRowColor{LightBackground}
Completeness & All items that should be included are included. \tn 
% Row Count 2 (+ 2)
% Row 9
\SetRowColor{white}
Valuation / Allocation & Amounts recorded appropriately. \tn 
% Row Count 4 (+ 2)
% Row 10
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Tracing Direction} \tn 
% Row Count 5 (+ 1)
% Row 11
\SetRowColor{white}
Source → books & completeness \tn 
% Row Count 7 (+ 2)
% Row 12
\SetRowColor{LightBackground}
Books → source & occurrence \tn 
% Row Count 9 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Key signals \newline liabilities and revenue = completeness focus \newline assets = existence focus \newline inventory consignment = rights focus \newline consignment = rights and obligations \newline accrued liabilities = completeness \newline credit ratings = valuation \newline ASC 606 accuracy = valuation/allocation \newline push/pull revenue = cutoff/occurrence}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}--}
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\begin{tabularx}{5.377cm}{x{1.59264 cm} x{3.38436 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{ATTESTATION STANDARDS}}  \tn
% Row 0
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\mymulticolumn{2}{x{5.377cm}}{{\bf{General}}} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{Training and proficiency} \tn 
% Row Count 2 (+ 1)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Independence} \tn 
% Row Count 3 (+ 1)
% Row 3
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{Due professional care} \tn 
% Row Count 4 (+ 1)
% Row 4
\SetRowColor{LightBackground}
Suitability & objective \tn 
% Row Count 5 (+ 1)
% Row 5
\SetRowColor{white}
 & measurable \tn 
% Row Count 6 (+ 1)
% Row 6
\SetRowColor{LightBackground}
 & complete \tn 
% Row Count 7 (+ 1)
% Row 7
\SetRowColor{white}
 & relevant \tn 
% Row Count 8 (+ 1)
% Row 8
\SetRowColor{LightBackground}
Availabilty & Publicly \tn 
% Row Count 9 (+ 1)
% Row 9
\SetRowColor{white}
 & By presentation or assertion \tn 
% Row Count 11 (+ 2)
% Row 10
\SetRowColor{LightBackground}
 & Practitioner's report \tn 
% Row Count 12 (+ 1)
% Row 11
\SetRowColor{white}
 & Well understood \tn 
% Row Count 13 (+ 1)
% Row 12
\SetRowColor{LightBackground}
 & Only to specified parties \tn 
% Row Count 14 (+ 1)
% Row 13
\SetRowColor{white}
{\bf{Fieldwork}} & Planning and supervision \tn 
% Row Count 16 (+ 2)
% Row 14
\SetRowColor{LightBackground}
 & Sufficient evidence \tn 
% Row Count 17 (+ 1)
% Row 15
\SetRowColor{white}
 & Representation letter \tn 
% Row Count 18 (+ 1)
% Row 16
\SetRowColor{LightBackground}
{\bf{Reporting}} & Identify subject matter \tn 
% Row Count 20 (+ 2)
% Row 17
\SetRowColor{white}
 & State nature of engagement \tn 
% Row Count 21 (+ 1)
% Row 18
\SetRowColor{LightBackground}
 & Express conclusion \tn 
% Row Count 22 (+ 1)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Key signals \newline "suitable criteria," "representation letter," "subject matter evaluated against criteria"}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
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\begin{tabularx}{5.377cm}{x{2.09034 cm} x{2.88666 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{QUALITY CONTROL (Responsibilities)}}  \tn
% Row 0
\SetRowColor{LightBackground}
Leadership \seqsplit{responsibilities} & Communicating /Tone at the Top \tn 
% Row Count 2 (+ 2)
% Row 1
\SetRowColor{white}
Relevant ethical requirements & Maintaining independence in fact and appearance \tn 
% Row Count 5 (+ 3)
% Row 2
\SetRowColor{LightBackground}
 & Annual independence confirmations \tn 
% Row Count 7 (+ 2)
% Row 3
\SetRowColor{white}
 & Monitoring financial relationships \tn 
% Row Count 9 (+ 2)
% Row 4
\SetRowColor{LightBackground}
 & Identifying prohibited nonattest services \tn 
% Row Count 11 (+ 2)
% Row 5
\SetRowColor{white}
 & Resolving independence violations promptly \tn 
% Row Count 13 (+ 2)
% Row 6
\SetRowColor{LightBackground}
Acceptance and continuance & Management integrity \tn 
% Row Count 15 (+ 2)
% Row 7
\SetRowColor{white}
 & Firm competence to perform the engagement \tn 
% Row Count 17 (+ 2)
% Row 8
\SetRowColor{LightBackground}
 & Risk profile of the client \tn 
% Row Count 19 (+ 2)
% Row 9
\SetRowColor{white}
 & Firm competence to perform the engagement \tn 
% Row Count 21 (+ 2)
% Row 10
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Human Resources} \tn 
% Row Count 22 (+ 1)
% Row 11
\SetRowColor{white}
Engagement performance & Proper planning and supervision \tn 
% Row Count 24 (+ 2)
% Row 12
\SetRowColor{LightBackground}
 & Consultation on difficult matters \tn 
% Row Count 26 (+ 2)
% Row 13
\SetRowColor{white}
 & Review of work performed \tn 
% Row Count 28 (+ 2)
% Row 14
\SetRowColor{LightBackground}
 & Documentation standards \tn 
% Row Count 29 (+ 1)
% Row 15
\SetRowColor{white}
Monitoring & Identifying deficiencies \tn 
% Row Count 31 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{1.94103 cm} x{3.03597 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{RISK \& EVIDENCE}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{RISK TYPES} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
Business Risk & entity fails to meet objectives \tn 
% Row Count 3 (+ 2)
% Row 2
\SetRowColor{LightBackground}
Information Risk & Probability information is false or misleading. \tn 
% Row Count 5 (+ 2)
% Row 3
\SetRowColor{white}
Inherent Risk & Risk of misstatement assuming no controls \tn 
% Row Count 7 (+ 2)
% Row 4
\SetRowColor{LightBackground}
Control Risk & Risk controls fail to prevent/detect misstatement. \tn 
% Row Count 10 (+ 3)
% Row 5
\SetRowColor{white}
Detection Risk & Risk auditor procedures fail to detect misstatement. \tn 
% Row Count 13 (+ 3)
% Row 6
\SetRowColor{LightBackground}
 & Detection risk assigned my audit firm? \tn 
% Row Count 15 (+ 2)
% Row 7
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{INTERNAL CONTROL} \tn 
% Row Count 16 (+ 1)
% Row 8
\SetRowColor{LightBackground}
Purpose & Prevent or detect misstatements. \tn 
% Row Count 18 (+ 2)
% Row 9
\SetRowColor{white}
Effective control & Reduces control risk \tn 
% Row Count 20 (+ 2)
% Row 10
\SetRowColor{LightBackground}
 & Allows reliance on management \tn 
% Row Count 22 (+ 2)
% Row 11
\SetRowColor{white}
 & May reduce substantive testing \tn 
% Row Count 24 (+ 2)
% Row 12
\SetRowColor{LightBackground}
Weak control & Increases substantive procedures \tn 
% Row Count 26 (+ 2)
% Row 13
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{SUFFICIENCY VS APPROPRIATENESS} \tn 
% Row Count 27 (+ 1)
% Row 14
\SetRowColor{LightBackground}
Sufficiency & Quantity of evidence \tn 
% Row Count 28 (+ 1)
% Row 15
\SetRowColor{white}
\seqsplit{Appropriateness} & Quality of evidence. \tn 
% Row Count 29 (+ 1)
% Row 16
\SetRowColor{LightBackground}
 & Relevance – does it relates to assertion \tn 
% Row Count 31 (+ 2)
\end{tabularx}
\par\addvspace{1.3em}

\vfill
\columnbreak
\begin{tabularx}{5.377cm}{x{1.94103 cm} x{3.03597 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{RISK \& EVIDENCE (cont)}}  \tn
% Row 17
\SetRowColor{LightBackground}
 & Reliability – trustworthy source \tn 
% Row Count 2 (+ 2)
% Row 18
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{HIERARCHY OF EVIDENCE} \tn 
% Row Count 3 (+ 1)
% Row 19
\SetRowColor{LightBackground}
Direct personal knowledge & auditor physically inspected \tn 
% Row Count 5 (+ 2)
% Row 20
\SetRowColor{white}
Fully external evidence & third-party confirmation \tn 
% Row Count 7 (+ 2)
% Row 21
\SetRowColor{LightBackground}
\seqsplit{External-internal} evidence & bank statement obtained from client records \tn 
% Row Count 9 (+ 2)
% Row 22
\SetRowColor{white}
Internal documentation & internal reports \tn 
% Row Count 11 (+ 2)
% Row 23
\SetRowColor{LightBackground}
Inquiry of management & discussion with controller \tn 
% Row Count 13 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Key signals \newline "absence of controls" = inherent risk \newline "internal control effectiveness" = control risk \newline "sufficient appropriate evidence" = detection risk \newline  \newline Key signals \newline "more internal control" = lower control risk \newline "less effective controls" = increase procedures}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}


% That's all folks
\end{multicols*}

\end{document}