During the audit of Truss Co, the client offers each member of the audit team a holiday voucher worth a significant amount as a thank you for their hard work. What should the team do?

Correct answer: B) Decline the vouchers, because gifts may only be accepted if they are trivial and inconsequential

Explanation

The ACCA Code states that gifts and hospitality from an audit client should not be accepted unless their value is trivial and inconsequential, because they create self-interest and familiarity threats. Disclosure, partner approval or timing do not reduce a significant threat to an acceptable level.