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

  1. Working papers may never be obtained by third parties unless the client consents.
  2. Working papers are not transferable to a purchaser of a CPA practice unless the client consents.
  3. Working papers are subject to the privileged communication rule which, in most jurisdictions, prevents any third-party access to the working papers.
  4. Working papers are the client’s exclusive property.