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.
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CurrentEffective: 1 May, 2013Categories: VerificationSource: GIPS Executive Committee
Can our firm’s internal audit department perform a verification of our firm?
No. While firms are encouraged to conduct a “self-check” of their compliance with the GIPS standards, which could be conducted by their internal audit department, this would not constitute an “independent” verification. An investment management firm’s internal audit department is not independent from the investment management firm and so would be precluded from performing the verification. Please see the Guidance Statement on Verifier Independence for additional guidance.
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