) IN HER STATEMENT TO THE CEO, WESTLEY IS LEAST LIKELY CORRECT WITH RESPECT TO

1.) In her statement to the CEO, Westley is least likely correct with respect to:

A.

verification.

B.

exclusion of the Phoenix division.

C.

the status of Swiss Corp's other subsidiaries.

Answer = A

Although the GIPS standards recommend that firms undertake verification, it is not

required to claim compliance. The Phoenix office holds itself separate geographically, as

well as with respect to personnel and its investment process. Philadelphia will be able to

be GIPS compliant even if its Phoenix office is not. Finally, because Arcadia markets itself

as separate and distinct from the other affiliates, it can claim compliance even if the

others units are not compliant.

“Overview of the Global Investment Performance Standards,” by Phillip Lawton