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Basic Question 1 of 3

According to the Global Investment Performance Standards (GIPS), which of the following statements are correct when dealing with Verification?

I. Verification tests whether the firm has complied with the composite construction requirements on a firm-wide basis.
II. Verification tests whether the firm has processes and procedures in place to calculate and present performance results to ensure that they comply with the GIPS.
III. A verification report is issued with respect to the whole firm and NOT just with respect to a single composite.

User Contributed Comments 1

User Comment
To-be-CFA Independent review of a firm's performance and procedures by a third-party. Applies to firm on whole, and not to individual composites.
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I am using your study notes and I know of at least 5 other friends of mine who used it and passed the exam last Dec. Keep up your great work!
Barnes

Barnes

Learning Outcome Statements

describe the concept of independent verification

CFA® 2025 Level I Curriculum, Volume 6, Module 4.