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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Effective

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1 Result

Archived

Effective: 1 August, 2013 - 31 December, 2019

Categories: Verification

Source: GIPS Executive Committee

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 issue a written statement to the firm clarifying why a verification report could not be issued. The firm must provide a copy of this statement 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 original Q&A
Please also see updated Q&A