Q & A Database
The GIPS Standards Q&A database contains questions and answers (Q&As) on various searchable topics that provide additional interpretation on an issue. Q&As are considered to be authoritative guidance and must be followed in order to claim compliance with the GIPS standards.
Content from prior Q&As was included in the GIPS Standards Handbook as much as possible and many Q&As were archived. Change the Status drop-down filter to "Archived" to see the archived Q&As.
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CurrentEffective: 1 March, 2021Categories: VerificationSource: 2020 GIPS Standards
Can a verifier rely on the work performed by the internal audit function of a verification client?
A verifier may rely on the work performed by the internal audit function of a verification client. The verifier must perform sufficient procedures to assess and determine competency and objectivity of those members of internal audit who conducted the work, and whether the internal audit function has applied a systematic and disciplined approach that includes quality control. The verifier must perform sufficient procedures to determine that it is appropriate to place reliance on the work that has been performed by the internal audit function. The verifier has sole responsibility for the verification report and/or performance examination report issued.