Which of the statements is correct with respect to ownership

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Problem 1: Which of the following statements is correct with respect to ownership, possession, or access to a CPA firm's audit working papers?

Option 1: Working papers are not transferable to a purchaser of a CPA practice unless the client consents.

Option 2: Working papers may never be obtained by third parties unless the client consents.

Option 3: Working papers are subject to the privileged communication rule which, in most jurisdictions, prevents any third-party access to the working papers.

Option 4: Working papers are the client's exclusive property.

Reference no: EM132940753

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