Sarcasm alert: I'd guess they'll do all of the analytics using printouts spewed by a computer, confirmations that will be assigned to the most recently hired junior staff person, about an inch of checklists to document their thoughts and prayers... and then do a cut & paste of an auditors' report template from a reference book onto the financials and notes that Tom supplied. Hopefully the auditor will remember to change the name in the template from "XYZ Company" before it is issued. /endsarcasm
My highest level at this point are review statements, and it IS a lot of work even without the all of the documenting of the work I do, but I don't have all the fancy programs and have designed all of my workpapers and analytics on my own in Excel that I update each year. All of that flows directly to the financials, again of my own devising that I tweak each year as needed or required. I'm scheduled for my 3-year peer review on that work between now and February too. It truly is a lot of thought and work that goes into it, but all the clients see are the final resulting statements and notes that, to them, look much like they did 30+ years ago.
In almost 40 years of practice, I only remember one client that truly had a complete set of financials including a complete all of the required disclosures, and that was in 1986 for a 72-store regional chain of pharmacies with a huge bookkeeping dept headed up by a someone with multiple degrees and many letters after his name. The only question for the accounting firm was for us to recheck his MACRS depreciation because the law was new at that time. I helped with that but was not involved in the overall audit at year-end. I did work on the separate audit of its pension plan though. That company was ultimately swallowed up by one of the well known national chains.