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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Current

Effective: 1 January, 2020

Categories: Performance Examinations

Source: 2020 GIPS Standards

Our most recent firm-wide verification report and performance examination for the Large Cap Composite covered the period from 1 January 2013 through 31 December 2019. We received a Request For Proposal (RFP) asking for our Large Cap Composite performance results from 1 January 2013 through 30 June 2020. The RFP asked whether the Large Cap Composite had been independently examined with respect to the GIPS standards. Because we want to be able to say that the composite presentation has been examined for all periods being requested (through 30 June 2020), we would like to have a performance examination completed through 30 June 2020. Must the firm-wide verification be completed through 30 June 2020 before a performance examination can be completed for the Large Cap Composite for the same time period?

Yes. A performance examination may only be performed either concurrently with, or subsequent to the completion of, a verification that covers the period of the performance examination. A performance examination report must not cover periods beyond those periods covered by the verification. In this specific situation, in order to obtain a performance examination for the Large Cap Composite for the period from 1 January 2020 through 30 June 2020, a firm-wide verification must be completed for this same period. The verification may be conducted prior to or concurrently with the performance examination.

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Q & A Database

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