1. An investment management firm, Investco, Inc., was recently examined by the U.S. SEC. Investco included the following statement in its performance presentation report: This report has been verified as GIPS compliant by Investcos Compliance Department and the US SEC. Does this constitute acceptable verification under GIPS?

A. No, only one party may perform GIPS verification.

B. No, neither party involved in the review of Investco, Inc. constitutes an acceptable GIPS verification.

C. Yes, because a review was performed implicitly by the SEC and explicitly by the firms internal audit team.