Question: Bailly & Co . , CPAs, has a longtime tax client, Chocolate Decadence Corp. The owners of Chocolate Decadence love Bailly and all of its

Bailly & Co

.,

CPAs, has a longtime tax client, Chocolate Decadence Corp. The owners of Chocolate Decadence love Bailly and all of its staff. Their appreciation is frequently demonstrated through gifts and tickets to fun events. Which of the following correctly describes Bailly's responsibilities for the gifts and tickets?

All gifts and entertainment must be refused due to their impact on objectivity and integrity.

Gifts of "product" are allowed but entertainment must be refused.

Gifts and entertainment should be evaluated to ensure they are "reasonable in the circumstances" and do not violate firm or client policies.

Acceptance of "reasonable" gifts and entertainment under $

100

are allowed.

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