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Accredited Investment Fiduciary (AIF) Training Practice Test

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All of the following statements about the investment policy statement governance are true, including who is typically involved in duties and responsibilities, EXCEPT:
Correct Answer:
All of the above
Explanation:
IPS governance is carried out by fiduciaries who must act with the care, skill, and prudence of a prudent expert, typically exercised by the plan sponsor or an investment committee. Plan participants may be kept informed and may have input, but they do not usually carry out the governance duties themselves. An independent auditor provides critical assurance and reviews processes, but is not a routine part of executing governance duties. Because not all three roles are typically involved in the governance duties, the statement that all of the above are true is not accurate, making that option the one that does not fit.

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