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\author{nova-cane98}
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  /Title (audit-exam-2.pdf)
  /Creator (Cheatography)
  /Author (nova-cane98)
  /Subject (Audit Exam 2 Cheat Sheet)
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    {\parbox{\dimexpr\textwidth-2\fboxsep\relax}{\noindent
        \hspace*{-6pt}\includegraphics[width=5.8cm]{/web/www.cheatography.com/public/images/cheatography_logo.pdf}}
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\begin{tabulary}{11cm}{L}
    \vspace{-2pt}\large{\bf{\textcolor{DarkBackground}{\textrm{Audit Exam 2 Cheat Sheet}}}} \\
    \normalsize{by \textcolor{DarkBackground}{nova-cane98} via \textcolor{DarkBackground}{\uline{cheatography.com/217313/cs/47737/}}}
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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 March, 2026.\\
   Page {\thepage} of \pageref{LastPage}.
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  %\includegraphics[width=48px,height=48px]{dave.jpeg}
  Measure your website readability!\\
  www.readability-score.com
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\begin{multicols*}{3}

\begin{tabularx}{5.377cm}{x{1.89126 cm} x{3.08574 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{{\bf{Fraud Risk}}}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Fraud \{\{ac\}\} \{\{border=2\}\}} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{The misrepresentation of facts that the individual knows to be false with the intention to deceive\{\{ac\}\} \{\{bb=3\}\}} \tn 
% Row Count 4 (+ 3)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Overstating revenues and assets} \tn 
% Row Count 5 (+ 1)
% Row 3
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{Understating expenses and liabilities} \tn 
% Row Count 6 (+ 1)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{\{\{bb=1\}\} Giving disclosures that are misstated or that omit important information} \tn 
% Row Count 8 (+ 2)
% Row 5
\SetRowColor{white}
Management fraud \{\{bb=1\}\} & Fraudulent financial reporting\{\{bb=1\}\} \tn 
% Row Count 10 (+ 2)
% Row 6
\SetRowColor{LightBackground}
Employee fraud \{\{bb=1\}\} & \{\{bb=1\}\}Misappropriation of assets \tn 
% Row Count 12 (+ 2)
% Row 7
\SetRowColor{white}
Fraud Risk categories & \{\{fa-caret-right\}\}Management's Characteristics and Influence \tn 
% Row Count 15 (+ 3)
% Row 8
\SetRowColor{LightBackground}
 & \{\{fa-caret-right\}\}Industry Conditions \tn 
% Row Count 17 (+ 2)
% Row 9
\SetRowColor{white}
 & \{\{fa-caret-right\}\}Operating Characteristics and Financial Stability \tn 
% Row Count 20 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Errors = unintentional  \newline Fraud = intentional}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{1.84149 cm} x{3.13551 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Misappropriation of Assets}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Fraud} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
 & Requires {\bf{intent}} to deceive the victim \tn 
% Row Count 3 (+ 2)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Embezzlement} \tn 
% Row Count 4 (+ 1)
% Row 3
\SetRowColor{white}
 & \{\{fa-arrow-right\}\}employees or nonemployees wrongfully taking money or property entrusted to them, by cover-up \tn 
% Row Count 9 (+ 5)
% Row 4
\SetRowColor{LightBackground}
 & \{\{fa-gears\}\} to permanently deprive the owner \tn 
% Row Count 11 (+ 2)
% Row 5
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{Larceny} \tn 
% Row Count 12 (+ 1)
% Row 6
\SetRowColor{LightBackground}
 & \{\{fa-arrow-right\}\} theft of an employer's property that is not entrusted to an employee \tn 
% Row Count 16 (+ 4)
% Row 7
\SetRowColor{white}
 & \{\{fa-gears\}\} to permanently deprive the owner \tn 
% Row Count 18 (+ 2)
% Row 8
\SetRowColor{LightBackground}
Defalcation \{\{nobreak\}\} & \{\{fa-arrow-right\}\} Misuse of funds by a fiduciary \tn 
% Row Count 20 (+ 2)
% Row 9
\SetRowColor{white}
 & \{\{fa-gears\}\} intentional wrongdoing \tn 
% Row Count 22 (+ 2)
% Row 10
\SetRowColor{LightBackground}
 & \{\{fa-gears\}\} OR negligence* \tn 
% Row Count 24 (+ 2)
% Row 11
\SetRowColor{white}
Errors & \{\{fa-arrow-right\}\}unintentional misstatements or omissions \tn 
% Row Count 27 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{If negligence: \{\{fa-ban\}\} fraud}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}--}
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\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{2.88666 cm} x{2.09034 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Engagement planning}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Goals \{\{ac\}\} \{\{border=2\}\}} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
obtain or update & {\emph{Important Events}} \tn 
% Row Count 3 (+ 2)
% Row 2
\SetRowColor{LightBackground}
ID areas & {\emph{Special Risks}} \tn 
% Row Count 4 (+ 1)
% Row 3
\SetRowColor{white}
Ensure that engagement is & {\emph{Timely}} \tn 
% Row Count 6 (+ 2)
% Row 4
\SetRowColor{LightBackground}
Control & {\emph{Engagement Risk}} \tn 
% Row Count 8 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Identify the risk of material misstatement at the financial statement level and the relevant assertion level.}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{0.84609 cm} x{4.13091 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{AU-C 300}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{{\bf{Planning an Audit}}\{\{ac\}\} \{\{border=2\}\}} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{{\bf{Purpose}}} \tn 
% Row Count 2 (+ 1)
% Row 2
\SetRowColor{LightBackground}
 & Identify risk of material misstatement at F/S and assertion level \tn 
% Row Count 4 (+ 2)
% Row 3
\SetRowColor{white}
 & design procedures to mitigate \tn 
% Row Count 5 (+ 1)
% Row 4
\SetRowColor{LightBackground}
 & issue appropriate opinion \tn 
% Row Count 6 (+ 1)
% Row 5
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{{\bf{Goals}}} \tn 
% Row Count 7 (+ 1)
% Row 6
\SetRowColor{LightBackground}
 & Understand important events \tn 
% Row Count 8 (+ 1)
% Row 7
\SetRowColor{white}
 & identify special risks \tn 
% Row Count 9 (+ 1)
% Row 8
\SetRowColor{LightBackground}
 & ensure timely completion \tn 
% Row Count 10 (+ 1)
% Row 9
\SetRowColor{white}
 & control engagement risk \tn 
% Row Count 11 (+ 1)
% Row 10
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{{\bf{Requirements}}} \tn 
% Row Count 12 (+ 1)
% Row 11
\SetRowColor{white}
 & Client acceptance/continuance \tn 
% Row Count 13 (+ 1)
% Row 12
\SetRowColor{LightBackground}
 & independence/ethics check \tn 
% Row Count 14 (+ 1)
% Row 13
\SetRowColor{white}
 & engagement letter \tn 
% Row Count 15 (+ 1)
% Row 14
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{{\bf{Key signal}}} \tn 
% Row Count 16 (+ 1)
% Row 15
\SetRowColor{white}
 & Procedures may change. \tn 
% Row Count 17 (+ 1)
% Row 16
\SetRowColor{LightBackground}
\{\{bb=1\}\} & Standards do not.\{\{bb=1\}\} \tn 
% Row Count 19 (+ 2)
% Row 17
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{\{\{ac\}\} The nature and extent of planning activities that are necessary depend on:} \tn 
% Row Count 21 (+ 2)
% Row 18
\SetRowColor{LightBackground}
 & \{\{fa-circle\}\} the size and complexity of the company \tn 
% Row Count 23 (+ 2)
% Row 19
\SetRowColor{white}
 & \{\{fa-circle\}\} the auditor's experience with the company \tn 
% Row Count 25 (+ 2)
% Row 20
\SetRowColor{LightBackground}
 & \{\{fa-circle\}\} changes in circumstances that occur during the audit \tn 
% Row Count 27 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{1.39356 cm} x{3.58344 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{CLIENT SELECTION \& RETENTION}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{{\bf{Main factor}}} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
 & Management integrity \tn 
% Row Count 2 (+ 1)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{{\bf{Sources}}} \tn 
% Row Count 3 (+ 1)
% Row 3
\SetRowColor{white}
\{\{fa-circle\}\} & Annual reports (8-k) \tn 
% Row Count 5 (+ 2)
% Row 4
\SetRowColor{LightBackground}
\{\{fa-circle\}\} & Background checks \tn 
% Row Count 7 (+ 2)
% Row 5
\SetRowColor{white}
\{\{fa-circle\}\} & Inquiry of bankers/counsel \tn 
% Row Count 9 (+ 2)
% Row 6
\SetRowColor{LightBackground}
\{\{fa-circle\}\} & Prior auditors (must inquire) \tn 
% Row Count 11 (+ 2)
% Row 7
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{{\bf{PREDECESSOR / SUCCESSOR}}} \tn 
% Row Count 12 (+ 1)
% Row 8
\SetRowColor{LightBackground}
\seqsplit{Requirement} & Attempt to communicate only \tn 
% Row Count 13 (+ 1)
% Row 9
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{{\bf{Topics}}} \tn 
% Row Count 14 (+ 1)
% Row 10
\SetRowColor{LightBackground}
 & Accounting disagreements \tn 
% Row Count 15 (+ 1)
% Row 11
\SetRowColor{white}
 & fraud/illegal acts communications \tn 
% Row Count 17 (+ 2)
% Row 12
\SetRowColor{LightBackground}
 & reasons for change \tn 
% Row Count 18 (+ 1)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{1.74195 cm} x{3.23505 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{8 Gathering Evidence Procedures}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{{\bf{Inspection of records and docs}}\{\{ac\}\}} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
\{\{fa-circle\}\} vouching & Books → Source \tn 
% Row Count 3 (+ 2)
% Row 2
\SetRowColor{LightBackground}
 & (occurrence) \tn 
% Row Count 4 (+ 1)
% Row 3
\SetRowColor{white}
\{\{fa-circle\}\} tracing & Source → Books \tn 
% Row Count 6 (+ 2)
% Row 4
\SetRowColor{LightBackground}
 & (completeness) \tn 
% Row Count 7 (+ 1)
% Row 5
\SetRowColor{white}
\{\{fa-circle\}\} scanning & general looking for anything unusual \tn 
% Row Count 9 (+ 2)
% Row 6
\SetRowColor{LightBackground}
 & existence, completeness, cutoff \tn 
% Row Count 11 (+ 2)
% Row 7
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{{\bf{inspection of tangible assets}}\{\{ac\}\}} \tn 
% Row Count 12 (+ 1)
% Row 8
\SetRowColor{LightBackground}
 & existence \tn 
% Row Count 13 (+ 1)
% Row 9
\SetRowColor{white}
 & valuation (asset condition) \tn 
% Row Count 15 (+ 2)
% Row 10
\SetRowColor{LightBackground}
 & NOT necessarily 'Rights' \tn 
% Row Count 16 (+ 1)
% Row 11
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{{\bf{observation}}\{\{ac\}\}} \tn 
% Row Count 17 (+ 1)
% Row 12
\SetRowColor{LightBackground}
 & watching people's actions/reactions \tn 
% Row Count 19 (+ 2)
% Row 13
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{{\bf{inquiry}}\{\{ac\}\}} \tn 
% Row Count 20 (+ 1)
% Row 14
\SetRowColor{LightBackground}
 & asking questions \tn 
% Row Count 21 (+ 1)
% Row 15
\SetRowColor{white}
 & written representations or management representations \tn 
% Row Count 24 (+ 3)
% Row 16
\SetRowColor{LightBackground}
 & "inquiry alone" is never enough \tn 
% Row Count 26 (+ 2)
% Row 17
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{Verbal Inquiry = Interview} \tn 
% Row Count 27 (+ 1)
% Row 18
\SetRowColor{LightBackground}
 & Prepare \tn 
% Row Count 28 (+ 1)
% Row 19
\SetRowColor{white}
 & Make an appointment \tn 
% Row Count 29 (+ 1)
% Row 20
\SetRowColor{LightBackground}
 & Be conversational \tn 
% Row Count 30 (+ 1)
\end{tabularx}
\par\addvspace{1.3em}

\vfill
\columnbreak
\begin{tabularx}{5.377cm}{x{1.74195 cm} x{3.23505 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{8 Gathering Evidence Procedures (cont)}}  \tn
% Row 21
\SetRowColor{LightBackground}
 & Ask questions \tn 
% Row Count 1 (+ 1)
% Row 22
\SetRowColor{white}
 & Listen carefully \tn 
% Row Count 2 (+ 1)
% Row 23
\SetRowColor{LightBackground}
 & Be noncommittal \tn 
% Row Count 3 (+ 1)
% Row 24
\SetRowColor{white}
 & Close gracefully \tn 
% Row Count 4 (+ 1)
% Row 25
\SetRowColor{LightBackground}
 & Document the interview \tn 
% Row Count 5 (+ 1)
% Row 26
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{{\bf{confirmation }}\{\{ac\}\}} \tn 
% Row Count 6 (+ 1)
% Row 27
\SetRowColor{LightBackground}
 & direct correspondence with independent parties \tn 
% Row Count 8 (+ 2)
% Row 28
\SetRowColor{white}
 & existence \tn 
% Row Count 9 (+ 1)
% Row 29
\SetRowColor{LightBackground}
 & rights and obligations \tn 
% Row Count 10 (+ 1)
% Row 30
\SetRowColor{white}
 & valuation \tn 
% Row Count 11 (+ 1)
% Row 31
\SetRowColor{LightBackground}
 & cutoff \tn 
% Row Count 12 (+ 1)
% Row 32
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{{\bf{recalculation}}\{\{ac\}\}} \tn 
% Row Count 13 (+ 1)
% Row 33
\SetRowColor{LightBackground}
 & ecalculation of computations previously performed by client personnel produces compelling evidence \tn 
% Row Count 17 (+ 4)
% Row 34
\SetRowColor{white}
 & existence and valuation \tn 
% Row Count 18 (+ 1)
% Row 35
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{{\bf{reperformance }}\{\{ac\}\}} \tn 
% Row Count 19 (+ 1)
% Row 36
\SetRowColor{white}
 & review of controls \tn 
% Row Count 20 (+ 1)
% Row 37
\SetRowColor{LightBackground}
 & reperformance is much broader than recalculation \tn 
% Row Count 22 (+ 2)
% Row 38
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{{\bf{analytical procedures}}\{\{ac\}\}} \tn 
% Row Count 23 (+ 1)
% Row 39
\SetRowColor{LightBackground}
 & studying relationships among both financial and nonfinancial data. \tn 
% Row Count 26 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{CAATs:  computer-assisted audit techniques  \newline (1) accounts receivable balances for amounts over the credit limit \newline (2) inventory quantities for negative balances or unreasonably large balances \newline (3) payroll files for terminated employees \newline (4) loan files for loans with negative balances \newline (5) debits in revenue accounts \newline (6) credits in expense accounts}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{p{0.4977 cm} x{4.4793 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Permanent Files}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{the corporate/association:} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
 & charter \tn 
% Row Count 2 (+ 1)
% Row 2
\SetRowColor{LightBackground}
 & bylaws \tn 
% Row Count 3 (+ 1)
% Row 3
\SetRowColor{white}
 & partnership agreement \tn 
% Row Count 4 (+ 1)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{continuing contracts such as:} \tn 
% Row Count 5 (+ 1)
% Row 5
\SetRowColor{white}
 & leases \tn 
% Row Count 6 (+ 1)
% Row 6
\SetRowColor{LightBackground}
 & bond indentures \tn 
% Row Count 7 (+ 1)
% Row 7
\SetRowColor{white}
 & royalty agreements \tn 
% Row Count 8 (+ 1)
% Row 8
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{A history of:} \tn 
% Row Count 9 (+ 1)
% Row 9
\SetRowColor{white}
 & the company \tn 
% Row Count 10 (+ 1)
% Row 10
\SetRowColor{LightBackground}
 & its products \tn 
% Row Count 11 (+ 1)
% Row 11
\SetRowColor{white}
 & markets \tn 
% Row Count 12 (+ 1)
% Row 12
\SetRowColor{LightBackground}
 & background \tn 
% Row Count 13 (+ 1)
% Row 13
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{minutes of meetings} \tn 
% Row Count 14 (+ 1)
% Row 14
\SetRowColor{LightBackground}
 & stockholders/directors that have lasting interest. \tn 
% Row Count 16 (+ 2)
% Row 15
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{Continuing schedules of long term accounts} \tn 
% Row Count 17 (+ 1)
% Row 16
\SetRowColor{LightBackground}
 & such as owners' equity \tn 
% Row Count 18 (+ 1)
% Row 17
\SetRowColor{white}
 & partnership capital \tn 
% Row Count 19 (+ 1)
% Row 18
\SetRowColor{LightBackground}
 & retained earnings, ect. \tn 
% Row Count 20 (+ 1)
% Row 19
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{prior-years' financial statements and audit reports.} \tn 
% Row Count 22 (+ 2)
% Row 20
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Client organization chart.} \tn 
% Row Count 23 (+ 1)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{Current Files}}  \tn
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{aka.  planning memorandum \newline % Row Count 1 (+ 1)
The document summarizing the preliminary analytical procedures and the materiality assessment with specific directions about the effect on the audit. \newline % Row Count 4 (+ 3)
In other words, the documentation must be sufficient to enable an experienced auditor, having no previous connection with the engagement, to understand  \newline % Row Count 8 (+ 4)
(1) the nature, timing, extent, and results of procedures \newline % Row Count 10 (+ 2)
(2) the overall conclusions reached with respect to the area covered by the audit documentation \newline % Row Count 12 (+ 2)
(3) the audit team member performing the work, the date of work, the audit team member \newline % Row Count 14 (+ 2)
reviewing the work, and the date of review.  \newline % Row Count 15 (+ 1)
The audit documentation should also be sufficient to allow another auditor to reperform the work if necessary. \newline % Row Count 18 (+ 3)
(1) the client's accounting records agree or reconcile with the financial statements,  \newline % Row Count 20 (+ 2)
(2) the work was adequately planned and supervised,  \newline % Row Count 22 (+ 2)
(3) a sufficient understanding of the client's internal control was obtained, and  \newline % Row Count 24 (+ 2)
(4) sufficient appropriate audit evidence was obtained as a reasonable basis for an audit opinion.% Row Count 26 (+ 2)
} \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}


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

\end{document}