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, 2010 - 31 December, 2019Categories: VerificationSource: GIPS Executive Committee
Our firm has been in compliance with the GIPS standards since 2000. We obtained a verification from an independent verifier which covered the periods from 1 January 1995 through 31 December 2002. It is now 2011 and we have adopted the 2010 edition of the GIPS standards. May we still use the claim of compliance that states we are independently verified even though it is several years since our last verification? May we indicate that we have been verified when replying to consultant questionnaires or RFPs?
A firm that was verified for any period of time in the firm’s history may use the claim of compliance for a verified firm, because the periods for which the firm was independently verified are clearly stated within the claim of compliance. However, in the situation described above, it would be misleading to state or imply that the firm is currently verified. For example, when answering a consultant questionnaire or RFP question asking whether the firm is verified where the firm is not able to state the periods for which the firm has been verified, it would not be appropriate for the firm to simply answer “yes.” A firm may indicate that it is verified only if the end date of the period(s) covered by the latest verification report is not more than 24 months ago, or if the firm is able to indicate the periods verified in the response to such a question.