GIPS verification

[derswap07]

When the firm is verified, the definition of the firm (3d definition) :

“Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis, and (2) the firm’s processes and procedures are designed to calculate and present performance in compliance with the GIPS standards. The [insert name of composite] composite has been examined for the periods [insert dates]. The verification and examination reports are available upon request.” What I do not understand is they say that they cannot verif a single composite and here the last line reads the opposite?

[Jen_R]

You can be verified at the firm level only. However, you can have composite examinations done on individual composites (only if the firm is also verified). They’re essentially two different reports that the verifier is signing off on. You don’t have to get composite examinations done on every composite - many firms will choose just to do this for their marketed composites.