GIPS: Firm failing verification still claiming compliance?

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2^#

发表于 2011-7-11 19:09 | 只看该作者

no i guess verification is a one up on compliance which gives a higher trust and credential for performance presentation. a firm can be gips complaint but may or may not be verified.

bpdulog

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3^#

发表于 2011-7-11 19:09 | 只看该作者

Verifying your firm's compliance to GIPS, is a recommendation of GIPS.

lcw77

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4^#

发表于 2011-7-11 19:09 | 只看该作者

"a firm that fails independent verification (for obvious reasons) will still be able to claim compliance with GIPS"

I believe the verifying firm would provide them with a list of why they did not comply and were not verified, then they get a chance to fix the stuff and try again no?

ll11

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5^#

发表于 2011-7-11 19:09 | 只看该作者

I dont't think I made it clear what my question was.

Let me use the following metaphor: If you consider yourself healthy but go to the doctor for your annual physcial and fail this, would you still be able to say you are healthy?

I don't see logic in a firm failing verification to still be able to claim compliance. Any suggestions?

Windjammer

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发表于 2011-7-11 19:09 | 只看该作者

You can still claim compliance.

You can say the claim was verified by so-and-so, and the verification report is available upon request.

It is up to the investor to go thru the report and see you are not compliant at all. Caveat emptor.

pennyless

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7^#

发表于 2011-7-11 19:09 | 只看该作者

but the claim of compliance in this case wasn't verified. this seems like a scenario that when verification is sought it should be binding.

zwjy

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8^#

发表于 2011-7-11 19:09 | 只看该作者

I don't think this is correct Jan, i don't have the text in front of me but i'm pretty sure i remember thinking to myself "man, there is no real upside to doing this" .... because it seemed like if you fail verification you can't claim compliance till remedied, so why would anyone do it?

Unforseen

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9^#

发表于 2011-7-11 19:09 | 只看该作者

You are right , it would be simpler to just not claim compliance , get things fixed , then try for compliance

Darien

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10^#

发表于 2011-7-11 19:09 | 只看该作者

Well now there are two ways to claim compliance. If you are not verified, you still have to state that you are NOT independently verified. I think that's something new as I don't remember it from before.