"morality" exercise:Knowledge of the Law
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Questions 1:
Jacques Lagarde, CFA, is a sell-side analyst at Springhill Financial, a small investment bank. Springhill is the lead manager for the equity offering of Chorale Music. Lagarde is not part of the IPO team for this offering. While finalizing a research report on Chorale, Lagarde discovers inconsistencies that makes him believe the company may have concealed losses in its leasing division last quarter that would significantly reduce its earnings. Lagarde suspects that Springhill’s investment banking team are aware of these unreported losses. The prospectus for Chorale’s equity offering has already been approved by regulators and distributed to potential investors. According to the CFA Institute Code of Ethics and Standards of Professional Conduct, Lagarde should most likely:
A 、report the issue to his supervisor.
B 、issue a report showing the leasing division losses.
C、 issue the report using data as reported in the prospectus.
Questions 2:
For firms to claim compliance with the GIPS standards they most likely must:
A 、take responsibility for their claim of compliance and maintaining that compliance.
B 、hire an independent third party to test a sample of their composites.
C、 increase the consistency and quality of the firm’s compliant presentations.
A is correct because Lagarde has potentially uncovered material omissions that would impact Chorale’s IPO, and the most appropriate first step would be to report this issue to his supervisor. This issue should be investigated more fully. If the losses are confirmed, Lagarde should insist that these losses be made public.
B is incorrect because given the sensitive (and potentially criminal) nature involving a company concealing losses from an earnings report, it would be inappropriate for Lagarde to issue a report showing the losses when his opinion may not be correct.
C is incorrect because it would be inappropriate for Lagarde to issue a report using the data from the prospectus when he has reason to believe this information is factually inaccurate.
A is correct. Firms claiming compliance with the GIPS standards are responsible for their claim of compliance and for maintaining that compliance. That is, firms self-regulate their claim of compliance.
B is incorrect because verification is performed to test the process with respect to an entire firm, not on specific composites or a sample of composites.
C is incorrect, verification not the firm, may increase the knowledge of the firm’s performance measurement team and improve the consistency and quality of the firm’s compliant presentations.
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