FRC Ethical Standard: Partner definition
Who is a ‘partner’ for the purposes of the FRC Ethical Standard?
Issued: January 2017
Last reviewed: January 2017
The footnote to overarching principle 1 of the FRC Ethical Standard (2016) (ES) defines the term 'partner' as including "any individual with authority to bind the firm with respect to the performance of a professional services engagement". In many firms this will extend to employees as well as the legal stakeholders in the firm. This raises questions about who is included within this definition, in multi-disciplinary firms with different structures.