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Which of the following statements is most likely correct regarding Global Investment Performance Standards (GIPS) verification?
- A. Verification ensures the accuracy of a composite presentation.
- B. In order to claim compliance with the Global Investment Performance
Standards, firms must seek verification. - C. Verification tests the soundness of a firm’s policies and procedures to
calculate performance in accordance with the Global Investment Performance
Standards.
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The correct answer is C.
Verification tests the
soundness of a firm’s policies and procedures to calculate and present
performance in compliance with the GIPS standards.Option A is incorrect.
Verification cannot ensure the accuracy of any specific performance
presentation.Option B is incorrect.
Verification is voluntary. Firms are not required to seek verification.
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