Does anyone know the records retention requirements of a CPA's workpaper products in a CPA firm practice dissolution and asset sale? The facts:
No Audits, only compilations and tax returns
State of Florida
We never keep client's records, only work papers
Not all clients were sold - one client will be transitioned elsewhere and then the original firm will dissolve.
What if a client included in the asset sale decides not to transition in the sale - is the purchasing firm required to retain the workpapers or the seller?
Thanks.