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Recommend practices and procedures designed to prevent violations of the Asset Manager Code address performance and valuation. Performance and valuation deal with reporting investment results in an accurate manner without misrepresentation and using fair-market values when determining portfolio asset values. A good guideline to follow would be the Global Investment Performance Standards (GIPS®), which incorporates a high level of quality in reporting requirements. Because manager compensation is sometimes based on performance results, managers may be tempted to manipulate performance results in an attempt to increase their compensation. To avoid this conflict of interest, procedures for valuing asset accounts should include transferring the responsibility of valuing asset accounts to an independent third party