Compliance with GIPS standards is voluntary and a firm may hire an independent third party to verify its claim of GIPS compliance.
Primary purpose of verification is to provide assurance that compliance with GIPS is on a firm-wide basis.
The third party verifier must attest that firm has complied with GIPS requirements for composite construction on a firm-wide basis, and firm’s processes / procedures are established to present performance in accordance with proper calculation methods, data and format.