1. A computer-implemented method for automatically generating and grouping documents associated with a tax and accounting related engagement, the method comprising: (a) presenting by a display a plurality of financial audit items for verifying recorded financial items and a set of risk levels associated with the plurality of financial audit items; (b) receiving and processing by a processor a set of responses to the presenting step; (c) automatically generating by the processor a financial audit approach set for verifying recorded financial items based at least in part on the set of responses as received and processed in the receiving and processing step, the financial audit approach set including a suggested financial audit approach and an alternative financial audit approach; (d) presenting for selection at least one financial audit approach from the financial audit approach set; (e) automatically generating by the processor documents related to verifying recorded financial items and associated with a selected financial audit approach; and (f) automatically grouping by the processor the automatically generated documents into one or more sets of documents irrespective of a physical location of said documents, wherein the one or more sets of documents are presented by the display.