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 May, 2013 - 31 December, 2019

Categories: Verification

Source: GIPS Executive Committee

The GIPS standards state that “Verifiers must understand the firm’s policies and procedures for establishing and maintaining compliance with all the applicable requirements and adopted recommendations of the GIPS standards. The verifier must obtain a copy of the firm’s policies and procedures used in establishing and maintaining compliance with the GIPS standards and ensure that all applicable policies and procedures are properly included and adequately documented.” Is it the responsibility of the verifier to test whether the firm has properly determined which policies and procedures are reflected in and which items are excluded from the firm’s documented policies and procedures?

Yes. A verifier must perform sufficient procedures to ensure that all applicable policies and procedures are properly included and adequately documented in the firm’s policies and procedures. This would include performing sufficient procedures to ensure that omitted items are appropriately excluded. It would not be appropriate for the verifier to conclude that the omitted items are appropriately excluded solely because the investment management firm has made such a determination.