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.

The GIPS Standards Helpdesk is available for individual questions and typically responds to inquiries within 3 business days.

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1 Result
  • Current

    Effective: 1 January, 2020
    Categories: Verification
    Source: 2020 GIPS Standards

    Our firm wishes to hire a new verifier because we had disagreements with our prior verifier. Must we report these disagreements to a new verifier? If so, when must we provide this information?

    In the spirit of fair representation and full disclosure, the firm should report any disagreements with the prior verifier to the prospective new verifier, setting out as objectively as possible the firm’s and the prior verifier’s respective positions. These disagreements should be discussed with the prospective new verifier prior to the investment firm hiring the new verifier.  If the prior verifier concluded that the firm is not in compliance with the GIPS standards or that the records of the firm could not support a verification, the prior verifier would have been required to inform the firm  why a verification report could not be issued. The firm must provide this information to the prospective new verifier, as well as any additional information that would assist the prospective new verifier in understanding the issues. The firm must provide this information to the prospective new verifier prior to hiring the new verifier.

    Please also see the prior version