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.

The GIPS Standards Helpdesk is available for individual questions and typically responds to inquiries within 3 business days.

Search by category, status, date range, and/or keyword.

Category

Advertising Aggregate Method Alternative Investments Asset Owner Assimilating Assets Benchmarks Calculation Methodology Carve-Outs Cash Cash Flow Changes to the Standards: 2006 GIPS Client Reporting Client Updates Composite Calculations Composite Changes Composite Construction Consultant Questionnaires Corrections to the 2006 GIPS standards Creation Date Currency Definition of the Firm Disclosures Discretion Dispersion Early Adoption Effective Dates Error Correction Fees FINRA Firm Assets Firm Notification Requirement Fixed Income Fundamentals of Compliance General/Miscellaneous GIPS Reports Inception Date Incubator Funds Information Outside of GIPS Reports Leverage/Derivatives List of Composite Descriptions Lists of Composites and Pooled Funds Minimum Asset Level Model Results New Portfolios/Accounts Non-fee-paying Portfolios Overlay Strategies Partial Period Returns Performance Examinations Performance History/Track Record Pooled Funds Portability Private Equity Providing GIPS Reports Real Estate Recordkeeping Risk Securities Lending Sub-Advised Assets Sub-Advisors Supplemental/Additional Information Terminated Portfolios Total Asset Owner Assets Total Fund Definition Trade-Date Accounting Valuation Verification Wrap Fee Portfolios

Status

Organization Type

Effective

Keyword

1 Result

Archived

Effective: 1 August, 2012 - 31 December, 2019

Categories: Verification

Source: 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.