I started working at a CPA firm of about 15 people after graduating this past May. The firm started auditing about three years ago and has been making a push to expand its audit practice so I've spent most of my summer working on audits of small companies and review engagements. Everyone that works on audits is self-taught, and none of them have worked at other CPA firms or done any kind of auditing outside the firm. Audit procedures are generally limited to whatever workpapers ProSystem generates for us. I've been put in charge of, and completed, a couple review engagements, and I'm terrified that they're going to come back to bite the firm (or me) in the ass. After completing the reviews, I passed them off to someone who spent about an hour reviewing the report, financial statements, and workpapers and made just a couple formatting changes. The partner on the engagements signed off without even reading through the reports or looking at the workpapers.
I got almost no guidance on these projects beyond how to set things up in the software, and I keep thinking there have to be mistakes that are slipping through. Am I right to be worried, or am I just underestimating myself? Is this the kind of situation where I should start looking for a new job immediately?
