Final answer:
The working papers of a CPA are not joint property but rather are owned by the CPA or the CPA's firm, as per the standards set by the AICPA. The given statement is false.
Step-by-step explanation:
False. The working papers created by a Certified Public Accountant (CPA) during the audit are not considered joint property. Rather, these documents are typically the property of the CPA and the CPA's firm. The AICPA (American Institute of Certified Public Accountants) states that working papers are the property of the CPA firm, created for the purpose of supporting the audit work and conclusions.
The client is entitled to copies of certain documents if needed, but the original working papers remain the property of the CPA. This is an important distinction in understanding the ethical and legal boundaries in the field of accounting and auditing.
False. A CPA working papers are owned by the CPA, not the client. The working papers include the CPA's analysis, calculations, and other documentation related to an audit or other client service. While the client may have access to the working papers, the ownership remains with the CPA.