Explanation:
Explanation:
Option A is correct because, under the GIPS standards, verification is performed on a firm-wide basis, not on specific composites or pooled funds. This ensures a comprehensive assessment of the firm's compliance with the standards.
Option B is incorrect because verification must be conducted by an independent third-party verifier, not the firm's internal compliance department. The verifier tests the firm's adherence to the GIPS standards on a firm-wide basis.
Option C is incorrect because verification is not mandatory for firms claiming compliance with the GIPS standards. However, firms may voluntarily undergo verification to enhance confidence in their compliance claims.
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According to the Global Investment Performance Standards (GIPS), verification is:
A
Conducted on a firm-wide basis, encompassing the entire firm.
B
Executed by the firm's internal compliance team.
C
A compulsory requirement for firms asserting adherence to the GIPS standards.