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FRC Ethical Standard: Acceptance of gifts and hospitality from a client

At what point does my audit client’s generosity become an unacceptable inducement?

Issued: October 2017
Last reviewed: January 2018

Section 4 of the FRC Ethical Standard provides guidance on gifts and hospitality at paragraphs 4.61D-4.65 which states that the firm, its partners, covered persons and those closely associated with them should not accept gifts, favours or hospitality unless an objective, reasonable and informed third party would consider the value as trivial or inconsequential.