In general, which of the following statements is correct with respect to ownership, possession, or access to working papers prepared by a CPA firm in connection with an audit?

Multiple Choice

The working papers may be obtained by third parties where they are relevant to litigation.

The working papers are the property of the client after the client pays the fee.

The working papers are subject to the privileged communication rule which, in a majority of jurisdictions, prevents third$-$party access to the working papers.

The working papers must be retained by the CPA firm for a period of ten years.