In late spring, you are advised of a new assignment as the in-charge accountant of your public accounting firm's recurring annual audit of a major client. Lancer Inc. You are given the engagement letter for the audit covering the cur¬ rent fiscal year and a list of personnel assigned to this engagement. It is your responsibility to plan and supervise the field work for the engagement.

Required

Discuss the necessary preparation and planning for the Lancer Inc. annual audit prior to beginning field work at the client's office. In your discussion, include the sources you should consult, the type of information you should seek, the preliminary plans and preparation you should make for the field work, and any actions you should take relative to the staff assigned to the engagement.