In question number 4
The ans marked on the back is C
But C doesnt make sense because we have to be 100% in compliance with with all rules and regulations to be in compliance with gips.
Whereas B seems correct.
Kindly correct me if im wrong
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The GIPS provisions include two components: Requirements and Recommendations. To claim compliance, a firm is needed to adhere to all the requirements compulsorily. But, it may or may not adhere to the recommendations. This means compliance requires adherence to only Requirements and not Recommendations. Hence, option B is incorrect.
Option C is correct because GIPS cannot accommodate all the various situations that exist in firms across the globe. So it is impossible to have a provision for every possible situation in firms. Therefore, GIPS require more than just following the given provisions. The onus is on the particular firm to go beyond the provisions and follow methods in areas untouched by GIPS that aim for full disclosure and fair representation. Hence, option C is correct.