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.
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CurrentEffective: 1 January, 2020Categories: Performance ExaminationsSource: 2020 GIPS Standards
Our firm recently completed our annual verification process and then hired a different verification firm to conduct performance examinations on a few selected composites. During the verification, several issues were identified that might be important for the performance examination verifier to know. What is the firm’s responsibility to report such information?
It is the responsibility of the firm to fully disclose any information that might impact the work of the verifier who is performing the performance examination(s). Although permitted by the GIPS standards, it is not required that the verifier conducting the performance examinations accept the work of another verifier as part of the basis of the opinion. The verifier conducting the performance examination should discuss with the prior verifier that conducted the verification the nature of the testing, the results of the testing, and any disagreements with management. Firms should consider the impact of having different verifiers perform the verification and the performance examination(s).
Please also see the prior version