55. Is WCM most likely correct in claiming compliance based on the verification report?
A. Yes
B. No, because of the level at which verification is claimed
C. No, because of the timeframe for which verification is claimed
Answer = B
“Global Investment Performance Standards,” Philip Lawton
2013 Modular Level III, Vol. 6, Reading 43, Section 6
Study Session 18–43–t
Discuss the purpose, scope, and process of verification.
B is correct because a single verification report is required to be issued with respect to the
whole firm. Verification cannot be carried out only on a composite and, accordingly, does not
provide assurance about the investment performance of any specific composite. The Standards
stress that firms must not state or imply that a particular composite has been “verified.”
Bạn đang xem 55. - CFA MOCK EXAM LEVEL III MOCK EXAM ITEMSET ANSWERS 2013