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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Archived

Effective: 1 March, 2006 - 31 August, 2013

Categories: Verification

Source: GIPS Handbook, 2nd Edition

Our firm hired a new verifier as we had disagreements with our prior verifier. Must we report these disagreements to our new verifier?

No; however, in the spirit of fair representation and full disclosure, the firm should report any such disagreements to the new verifier. These disagreements should be discussed with the “new” verification firm prior to the investment firm actually hiring the “new” firm for the verification engagement.

The prior verifier is required to communicate to the investment firm the reason(s) why a verification report was not possible (see #5 under “Scope and Purpose of Verification” in the Verification section of the Standards at http://www.cfainstitute.org/cfacentre/ips/gips/pdf/GIPS_2006.pdf). The investment firm should provide this information, as well as any additional documentation that would assist the new verifier in understanding the issues.

Please also see updated Q&A