Which of the following statements is true with respect to ownership, possession, or access to a CPA firm's working papers related to its tax practice?
A. Working papers may never be obtained by third parties unless the client consents.
B. Working papers are not transferable to a purchaser of a CPA practice unless the client consents.
C. Working papers are subject to the privileged communication rule, which, in most jurisdictions, prevents any third-party access to the working papers.
D. Working papers are the client's exclusive property.
Answer: B. Working papers are not transferable to a purchaser of a CPA practice unless the client consents.
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