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Geoff Carlson, CFA, is responsible for selecting external investment advisors for his asset management firm. Carlson designs a manager selection policy for his firm that specifies a standardized set of criteria for evaluating the adequacy of external advisors. The policy specifies that fund allocations to external advisors should be reviewed every two years.
Is Carlson's policy consistent with the Standard relating to diligence and reasonable basis?
A
Yes
B
No, because the policy should specify custom criteria for each advisor type
C
No, because the policy should specify that allocations of funds to advisers be reviewed at least annually