Which statement(s) is (are) false?

I. Although verification must be performed with respect to an entire firm, different verification reports can be issued for different composites.
II. Firms that have been verified can add a disclosure to composite presentations stating that the firm has been verified.
III. By undergoing verification, a firm may improve its internal policies and procedures with regard to all aspects of complying with GIPS standards.

Correct Answer: Only I is false. A single verification report is issued with respect to the whole firm.