I came across a question on Sample Exam 3- ==> what is included in Verification for GIPS? I couldn’t find any such information in the pages 124-132? Is it possible that questions on sample exam doesn’t represent the updated curriculum? FROM CFA website – ----------------------- Study Session 1, Reading 4: The assigned section for this reading begins on page 124 at “Global Investment Performance Standards” and ends at “Input Data” on page 132. The “Preface” is not part of the assigned reading, nor are the Appendices.
what were the answer choices???
Question was - Q1. What is not included in Verification? a) calculation methodolgy. b) composite construction; c) nondiscretionary accounts; d) sample account selection I am sure calculation methodolgy was there as it is the correct choice, others I picked from answers.
Verification procedures are definition of the firm Composite construction non-discretionary accounts sample account selection account review performance measurement calculation disclosures maintenance of records From the above – it looks like Calculation methodology is NOT Included *** as you have pointed out ***
My question was - are we suppose to learn it for Level 1? FROM CFA website – ----------------------- Study Session 1, Reading 4: The assigned section for this reading begins on page 124 at “Global Investment Performance Standards” and ends at “Input Data” on page 132. The “Preface” is not part of the assigned reading, nor are the Appendices.
i think cfai pulled a fast one on us w/ this question. calculation methodology is part of the “provisions of gips”, not the “verification process”. provisions start on pg 129 and verification starts on pg 145. that said, if we are supposed to know calc methodology is a provision, i guess we can deduce it is not part of the verification process. (???)