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.
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ArchivedEffective: 1 January, 2006 - 31 December, 2019Categories: VerificationSource: Guidance Statement on Verifier Independence
How much time and effort must the verification firm expend in order to identify all other services provided to a verification client?
Both the verifier and the verification client need to expend such time as is reasonable for them to, independently and jointly, satisfy themselves that none of the known relationships between the two organizations will impair the independence of the verifier. This is a continuing joint obligation and does not just apply on the first appointment of the verifier.
From a practical point of view, the inclusion of the word “known” is an essential qualifier, as both the verifier and verification client may have a business relationship which is confidential to all but a selected few. For example, a verification firm may serve in an advisory role in a corporate acquisition/sale, which would not be disclosed under any circumstances to the employees involved with the verification appointment of either the investment firm or the verification firm.