Final answer:
The statement is false; CPA working papers can be disclosed under certain legal or professional circumstances, albeit with a high regard for client confidentiality.
Step-by-step explanation:
The statement, "CPA working papers that include copies of client records are not available to 3rd party under any circumstances" is False. While CPAs do have an obligation to maintain client confidentiality, there are certain circumstances where these documents may be disclosed.
Such circumstances might include legal, ethical, or professional responsibilities that require sharing the documents with regulatory bodies, compliance with a validly issued subpoena or summons, or as part of a peer review process.
However, even in such cases, CPAs should always aim to protect their clients' confidentiality to the fullest extent possible.
CPA working papers that include copies of client records may be available to 3rd parties under certain circumstances.
For example, under the principle of subpoena power, a court can request access to a CPA's working papers, including client records, if it is deemed necessary for a legal proceeding.
Additionally, under the principle of client consent, a client may choose to disclose their working papers to a 3rd party, such as a potential investor or a business partner, as long as they give their explicit permission.