In General,which of the Following Statements Is Correct with Respect

question 35

Multiple Choice

In general,which of the following statements is correct with respect to ownership,possession,or access to working papers prepared by a CPA firm in connection with an audit?

• A)The working papers may be obtained by third parties where they appear to be relevant to issues raised in litigation.
• B)The working papers are subject to the privileged communication rule which,in a majority of jurisdictions,prevents third-party access to the working papers.
• C)The working papers are the property of the client after the client pays the fee.
• D)The working papers must be retained by the CPA firm for a period of ten years.

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Definitions:

Maintenance

Activities undertaken to keep equipment or systems functioning efficiently through preventive measures or repairs.

Reliability Tactic

Strategies or practices aimed at ensuring a system or component performs its required function under stated conditions for a specified period.

Individual Components

Distinct parts or elements that make up a complex product, system, or assembly.

Repair Speed

The rate at which damaged or malfunctioning products or equipment are restored to working order.