"My effective electronic systems will have no trouble capturing and maintaining cost and market values for portfolio valuations. My system automatically generates return information every quarter and, for my international composites, uses the same exchange rate sources for the portfolios and the benchmark."

"All of my fee-paying portfolios will be included in at least one composite. When clients decide they no longer need my services, my system automatically recalculates previous portfolio performance to reflect the removal of the portfolios from relevant historical performance presentations." Indicate whether each of these statements is an accurate representation of GIPS (global investment performance standards). If you find these statements to be inaccurate, explain the reasons for the inaccuracies.

Please note the references to the GIPS standards you use in full