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Question 1(4 points) Which of the following statements is correct? Working papers prepared by...

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Accounting

Question 1(4 points)
Which of the following statements is correct?
Working papers prepared by the auditor solely for the engagement need to be
returned to the client.
Working papers prepared by the auditor solely for the engagement need not be
returned to the client.
CPA working papers that include copies of client's records are not available to
third parties under any circumstances.
CPA working papers are the joint property of the CPA and the client.
Client prepared records (e.g., the general ledger) may be retained by the CPA
until fees due to the CPA are received.
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