Separate from a firm-wide verification, a firm may choose to have a more extensive, specifically focused performance examination of a specific composite track record.

A performance examination tests: 
 

•  Whether the firm has constructed and calculated the composite in compliance with the GIPS standards, and 
•  Whether the firm presents the composite in compliance with the GIPS standards.

A firm cannot make any claim that a particular composite has been examined unless a performance examination has been completed.

A performance examination requires:
 

•  That the verifier follow all of the procedures outlined for a verification and to issue a verification report previous to or concurrent with the performance examination report, and 
•  That the performance results of a specific composite being examined be presented in conformity with the GIPS standards.

The performance examination of a specific composite presentation will include, but is not limited to, the following objectives:

Cash Flows
Determine whether capital contributions and withdrawals are recorded in the proper accounts, at the correct amounts and on a timely basis.

Income and Expenses
Determine that income and expenses are recorded in the proper accounts, at the correct amounts, and on a timely basis.

Portfolio Trade Processing
Determine that purchases and sales of securities have been recorded in the proper accounts, at the correct amounts an on the appropriate dates.

Portfolio Valuations
Determine whether the end-of-period valuations of security positions are appropriate and that valuation policies are consistently applied.

Performance Measurement Calculations
Determine that the performance measurement statistics have been computed in accordance with the requirements contained in the CFA Institute standards on a consistent basis.

Other Disclosures
Determine whether all required disclosures have been properly presented in the performance presentation and that disclosures are supported by available documentation.