In late spring of 1998, you are assigned as the in-charge auditor of your firm's recurring annual audit of a major client, the Lancer Company. You are given the engagement letter for the audit covering the calendar year ending December 31, 1998, and a list of personnel assigned to the engagement. Your responsibility is to plan and supervise field work for the engagement.

Required: 

Discuss the sources you should consult in preparing and planning the Lancer Company engagement, the type of information you should seek, the preliminary plans and preparations you should make for the field work, and the agenda you should plan for a preliminary meeting with staff assigned to the engagement.