Which statement best describes the ownership and custody of working papers prepared by an auditor?

1. A Option A: Successor auditors may have access to working papers of the predecessor auditors. The approval of client is not required.
2. B Option B: The working papers must be retained by an audit firm for a period of 10 years
3. C Option C: The safe custody of working papers is the responsibility of client, if kept at his premises
4. D Option D: The working papers may be obtained by third parties when they appear to be relevant to issues raised in litigation

Answer checked 11 October 2026 · How we write and check questions