Fairview Manufacturing Company ("Fairview") has been a client of Principled Partners (PP) for five (5) years. Wayne acted as lead audit partner on the Fairview engagement for three (3) years, and Annette acted as lead audit partner for two (2) years. The new CEO of Fairview has requested a meeting with Wayne and Annette to discuss the upcoming 2021 audit, including the amount of time the audit team take to complete the audit work, and the amount of the audit fee charged in the past two years, indicating the audit took too long in previous years, and the audit fee was too high.

REQUIRED:

Should Wayne and Annette have any concerns about the requested meeting by the CEO of Fairview? If yes, describe the key concerns.