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Splashing out on entertainment!
01 April 2019
The Big 4 accountancy firms spent £700,000 on wining and dining clients, despite new rules effectively banning the practice.
The FRC introduced new ethical standards in 2016 which stated firms must not give or receive gifts, favours or hospitality “unless trivial or inconsequential”.
As part of an inquiry into the sector Deloitte, EY, KPMG and PwC were asked to disclose their hospitality annual spending for both existing and prospective clients by the Business, Energy & Industrial Strategy Select Committee.
The Big 4 have disclosed budgets per head for current clients. PwC’s is £20, Deloitte’s £150, EY’s is £175 and KPMG’s is the highest at £200 a head.
However, Deloitte’s entertainment bill for prospective clients was £120,000 in the past two years. EY forked out an average of £61,000 a year on new business prospects. PwC spent £43,000 a year between 20184 and 2018, and KPMG’s spent on average £27,000 a year.
The full report will be published tomorrow!
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