Not a problem at all. Just keep in mind that your memo is a starting point and will be polished as you spend more time with the client. The level of detail for documentation should comply with AS 1215 Audit Documentation, and you can leverage AS 2101 Audit Planning; to know what specific details you need to include in the memo. I also suggest reading over AS 2110 Identifying and Assessing Risks of Material Misstatement, when documenting your understanding of the company. We also may need to consider AS 2415 Consideration of an Entity's Ability to Continue as a Going Concern, but that may be more of a conversation after we look at the data