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In late spring, your supervisor assigns you to be the in-charge accountant of your CPA firm's recurring annual audit of a major client, the Lily Company. You are given the engagement letter for the audit covering the current calender year and a list of personnel assigned to the engagement. It is your responsibility to plan and supervise the field work for the engagement. Discuss the necessary preparation and planning for the Lily Company annual audit before beginning field work at the client's office. 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 audit.

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