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 August, 2012 - 31 December, 2019Categories: VerificationSource: GIPS Executive Committee
Are verifiers required to perform sufficient procedures to test if the firm’s error correction policies and procedures have been followed appropriately? If so, does this include errors that occurred prior to the period currently being verified but that were detected during the period currently being verified?
Yes, verifiers must perform sufficient procedures to test if a firm’s error correction policies and procedures have been followed appropriately. Errors that occurred in periods prior to the period currently being verified but that were detected during the period currently being verified could impact the accuracy of historical information presented in the current period’s compliant presentation(s). At a minimum, the verifier must consider the cause and impact of such errors. The verifier must also determine if the occurrence of the errors necessitates additional testing procedures during the current period’s verification.
Verifiers must not issue a verification report when the verifier knows that the firm is not in compliance with the GIPS standards. To fulfill this obligation, verifiers must consider errors that are identified prior to the issuance of their report, regardless of when they occurred and to which period they relate. This obligation applies to all periods, including periods that are covered by a previously issued verification report, even if the verification was conducted by a prior verifier.