Video: Accountant Workpapers

In this lesson, Nick Palazzolo, CPA, takes a deep dive into the realm of accountant workpapers, explaining their vital role and the importance of maintaining confidentiality. Workpapers, as the bedrock of an accountant's conclusions and opinions, are presented as proprietary documents belonging to the accountant or accounting firm, not the client. Nick carefully outlines specific scenarios where sharing workpapers might be necessary, such as complying with a subpoena or during a quality control review by a state CPA society. With clarity, he distinguishes between documents belonging to the clients versus those that stay with the accountancy practice. He further illustrates these points with a case study, fostering a clear understanding of the ethical and legal boundaries concerning workpapers and their ownership. Laden with practical information, this lesson is an essential guide for navigating the nuanced responsibilities associated with handling sensitive client information and upholding professional standards.