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 January, 2006 - 31 December, 2019Categories: VerificationSource: Guidance Statement on Verifier Independence
Is there a formal process for reporting conflicts of interest?
No, there is no formal process for reporting conflicts of interest. If a verifier determines that a conflict of interest prevents them from accepting a verification engagement or continuing to provide verification services to a client, the verification firm should inform the client immediately of such conflict. The verifier and the client should also discuss if a newly discovered conflict extends to historic periods, which may require that any previously issued verification reports be recalled, (i.e., the investment firm must cease making any claims of verification for the period the conflict existed). If, in the future, the investment management firm is verified for that period by an independent third-party, the investment management firm may again claim that it was verified for that period.