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Dissertation
The effect on users' understanding of alternative attest reports on investment managers' compliance with performance presentation standards
Doctor of Philosophy (Ph.D.), Drexel University
1997
DOI:
https://doi.org/10.17918/00009195
Abstract
In recent years, accountants have performed attest services and provided reports on information other than financial statements. The American Institute of Certified Public Accountants has promulgated attestation standards under which accountants can report on whether investment managers' and their firm's performance reports comply with the Performance Presentation Standards (PPS) of the Association for Investment Management and Research (AIMR). The first purpose of this research is to examine users' perceptions of an attestation report on an investment manager's compliance with the PPS. While compliance with the PPS is mandatory, the investment manager engaging a third party to attest to his or her compliance is voluntary. Additionally, the PPS do not prohibit a firm from attaching to its report additional information not examined by the accountant. As a result, report users may not understand precisely what information was and was not examined and attested to by the accountant. In order to inform users as to what was and was not examined by the accountant, a disclaimer on the unattested information may be included in the attestation report. The second purpose of this research is to examine whether a disclaimer on additional composites or a disclaimer on additional schedules influences users' perceptions about the additional composite or schedules being in compliance with the PPS. The research indicates that the attestation report has an effect on users' perceptions that the performance presentation is in compliance with the PPS as well as on the decision to engage the investment manager who presented the performance report. The research also indicates that there is a negative signal sent out by a disclaimer on additional composites or schedules. However, the research indicates that there is an interaction effect between the disclaimer on additional composites and the disclaimer on additional schedules.
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Details
- Title
- The effect on users' understanding of alternative attest reports on investment managers' compliance with performance presentation standards
- Creators
- Marianne Scicchitano Rexer
- Awarding Institution
- Drexel University
- Degree Awarded
- Doctor of Philosophy (Ph.D.)
- Publisher
- Drexel University; Philadelphia, Pennsylvania
- Number of pages
- xii, 187 pages
- Resource Type
- Dissertation
- Language
- English
- Academic Unit
- College of Business (and) Administration (1970-1999); Drexel University
- Other Identifier
- 991021889096604721