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Q. |
Which of the following statement best describes the understanding with respect to ownership and custody of working papers prepared by an auditor? |
A. | The working papers may be obtained by third parties when they appear to be relevant to issues raised in litigation |
B. | The safe custody of working papers is the responsibility of client, if kept at his premises |
C. | The working papers must be retained by an audit firm for a period of 10 years |
D. | Successor auditors may have access to working papers of the predecessor auditors. The approval of client is not required. |
Answer» A. The working papers may be obtained by third parties when they appear to be relevant to issues raised in litigation |
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