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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CurrentEffective: 1 January, 2020Categories: VerificationSource: 2020 GIPS Standards
Investment Firm XYZ contracted with a verification firm to have a GIPS standards verification. After performing their work, the verifiers concluded that they could not issue a verification report to Firm XYZ, as they do not believe that Firm XYZ is in compliance with the GIPS standards. The verifiers issued a statement to Firm XYZ indicating why they could not issue a verification report. What does Firm XYZ need to do?
The firm must carefully consider the issues presented by the verification firm. If the firm agrees with the conclusion of the verifier, the firm must cease claiming compliance with the GIPS standards until the issues are resolved. If the firm no longer claims compliance, it must notify CFA Institute. If the firm disagrees with the verifier, and believes it is in compliance, it must not use the compliance statement for a verified firm. In the course of resolving the issues, the firm must evaluate whether the issues are governed by its error correction policy. If the firm concludes that the issues are beyond the scope of its error correction policy, the firm must determine the actions necessary to resolve the issues. The firm must also determine if the firm’s error correction policy needs to be enhanced.
Please also see the prior version