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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ArchivedEffective: 1 January, 2014 - 31 December, 2019Categories: Error CorrectionSource: GIPS Executive Committee
Our firm had a software problem that went unnoticed for several months. We recently became aware of the issue and have corrected our composite returns and updated our compliant presentations. We have attempted to identify prospective clients that received the materially incorrect compliant presentation and have provided updated compliant presentations to them. However, we believe there may be others that we are not aware of and/or may have obtained our compliant presentations on the website. Have we handled this process appropriately? What should we do about the incorrect information posted on our website?
Given that the firm has deemed this error “material” according to its error correction policies, the firm must make every reasonable effort to provide the corrected compliant presentation to all prospective clients and other parties that received the incorrect information, including consultants and verifiers. A firm is not required to provide a corrected presentation to former prospective clients that did not hire the firm and are no longer considered a prospective client. The firm also must ensure that any clients that received the erroneous presentation also receive a corrected copy. The firm’s disclosure of the error correction must remain on the compliant presentation for a minimum period of 12 months following the correction of the presentation. The firm must also post the corrected presentation on its website because some parties may have obtained presentations through the firm’s website.
Please also see original Q&A