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