About Lesson
a. The firms that claim compliance with GIPS are responsible for ensuring that they actually are compliant.
b. Once a firm claims compliance, they may hire an independent third party to verify their claim.
c. The verification is performed concerning the entire firm and not on specific composites.
d. The verification test cannot be performed by the firm itself. It should be done by the third party to ensure:
i. The firm has complied with all the composite construction requirements on a firm-wide basis.
ii. The firm’s processes/procedures calculate and present performance information in line with GIPS.