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 May, 2013 - 31 December, 2019Categories: VerificationSource: GIPS Executive Committee
When performing a verification, must a verifier test that a firm is meeting the requirement to make every reasonable effort to provide all prospective clients with a compliant presentation?
Yes. Verifiers must perform testing of this requirement. Verifiers must determine that a firm has established appropriate policies and procedures to make every reasonable effort to provide a compliant presentation to all prospective clients. The specific testing procedures performed by the verifier would depend on the firm’s policies.
Verifiers are reminded that if they become aware that a firm is not making every reasonable effort to provide compliant presentations to prospective clients, then the firm is not in compliance with the GIPS standards. The verifier must not issue a verification report in such circumstances.