Which of the following statement best describes the understanding with respect to ownership and custody of working papers prepared by an auditor?

Question

Xaibi Aslam · Accepted Answer

The working papers may be obtained by third parties when they appear to be relevant to issues raised in litigation

Xaibi Aslam · Answer

The safe custody of working papers is the responsibility of client, if kept at his premises

Xaibi Aslam · Answer

The working papers must be retained by an audit firm for a period of 10 years

Xaibi Aslam · Answer

Successor  auditors  may  have  access  to  working  papers  of  the  predecessor auditors. The approval of client is not required.

Question #73159