Ethical and Professional Standards Q152

152Which of the following statements regarding verification is least accurate?

A
The verification procedures are different for each firm.
B
Though compliance is firm-wide, verification can be done for a specific fund or composite.
C
Verification tests whether the composite construction requirements have been complied with on a firm-wide basis.

Option : B
Explanation : Verification cannot be done for a fund or a composite. It is firm-wide just as claiming compliance is.

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