I searched the forums for reasons why the INDIRECT function may return
REF. The only answer I found was that it will return REF id it is
trying to access a closed workbook.

In my case, the INDIRECT returns REF regardless of where it is used.
For example, if I open a new workbook and type in cell A2 the
following: =INDIRECT(A1), it will return #REF!.

Any help would be appreciated.

cheers.