This sounds like a typical client that my firm would have (smaller NFP, 5 day engagement, etc.). I've been at a regional firm for almost 2 years and have been in-charging jobs lately. To address your questions:
1. I would say that for my firm, for a job that starts tomorrow, it would be a little odd to not have at least the planning documentation rolled and ready to go. Usually the senior or in-charge staff (or if anything, the manager) completes this step at my firm, as the partners like to have this reviewed prior to starting fieldwork. Ideally you'd want to have at least your risk assessment and prelim work done beforehand, and make sure any cash/debt/AR confirms get sent out in a timely manner before fieldwork. Not sure if this is the norm at other firms. I have seen times where something out of the ordinary happens (the senior quits unexpectedly, fieldwork gets moved up at the last minute, etc.) and planning doesn't get completed until the first day of fieldwork, but it's not normal for us. Hopefully it won't be normal for you either! At my firm, planning typically gets done anywhere from 2 months to 2 weeks prior to when fieldwork starts, depending on the situation. The earlier, the better. Best case scenario is when the client sends over a trial balance ahead of time. It really sucks trying to get anything done during fieldwork when the trial balance isn't available yet.
2. Some tips:
– Look at the calendar and find out who else is on the team. You will hopefully find a senior or in-charge staff that you can contact about where to go, what to do, and what to expect. Look at least year's audit file and see who the team was last year… if those people are still at the firm or are on the team again this year, reach out to them and ask them what to expect from the client. They will prob be happy to share and it will allow for bonding experiences with your new coworkers, haha (at my firm the audit side is sort of like a big dysfunctional family).
– It kinda sounded like you were joking about the SALY thing, but no lie, that's essentially what you do. Just don't do it blindly and make sure that you're updating things that look like they might not be the same. It already sounds like you plan on following the audit programs, which is good. Always make sure to read the steps and make sure you're addressing them and not just blindly copying last year's answers (you will drive your reviewers nuts if you do this).
– Ask lots of questions. Everyone knows that you don't know what you're doing and they expect questions. In fact, if you don't ask questions, they will probably think that something's wrong. 🙂
– Read the client's prior year financials. I know this sounds super boring, but you will actually learn a ton if you go through and just take a quick look at their financials/footnotes to familiarize yourself and see what sorts of items you'll be dealing with.
3. Day one: Be on time! Don't be the new person that's late on the first day (while it's always a good idea to be on time, it's most important to be on time the first day of the audit). Otherwise… the momentum of the first day really depends on the client:
– Scenario 1 (Most Ideal): The client has been sent a prep guide ahead of time (by the sound of your blank audit file, that may not have happened) and/or has went through the effort to get things ready for you, and you can get right to business. I would say that this happens probably 70% of the time on jobs I've been on. Usually they provide the essentials but are missing a few things here and there. Sometimes you have to wait an hour or so for them to get everything on a flash drive for you.
– Scenario 2 (Less ideal): The client has some stuff, even just a couple things, ready (enough to keep you busy), and provides the remaining items as fieldwork progresses (hopefully sooner than later). You can kind of get straight to business, but only on the items you're able to do until you get more of the PBC items from the client.
– Scenario 3 (The wooooorst): The client is not prepared and has nothing ready, or the items they HAVE prepared don't pertain to your sections. Honestly, in my experience, this doesn't happen too often… maybe like 5% of the time. If planning procedures are being performed as they should be, the senior/manager/partner should be in contact with the client and should prevent this from happening. But, in the case that this does happen, you do what you can. SALY workpapers, get things populated for when you do receive the items, and hope that the Client has something ready for you by the end of the first day. The senior/in-charge/etc. should be getting status updates on when things will be available. If you literally can't do anything, offer your help to other engagement teams (ask your senior/manager first).
– If in doubt, ask your senior/in-charge/manager what you should be working on and let them know if you don't have the PBC items for your sections. They will have no problem directing you and would probably prefer that you ask them instead of try to figure out what to do on your own. Don't go rogue! Haha.
Whoops, that was a novel. Hopefully this helps! Good luck on your first job 🙂
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