Regulation 11

In this Part —“complex sector” means an industry sector described in the Schedule;“control risk” means the risk that any quality management framework provided for in an approved monitoring plan may be applied incorrectly or may fail;“detection risk”, in relation to an emissions report, means the risk of a verification team not detecting a misstatement in the emissions report, assessed based on the control risks and inherent risks relating to the emissions report;“inherent risk”, in relation to an emissions report, means the risk of a misstatement in the emissions report arising from the collection, computation and management of data, in the absence of quality control over the collection, computation and management of the data;“materiality” means the effect of uncorrected misstatements as described in regulation 23(3);“misstatement” means any error or omission made in an emissions report;“non-complex sector” means any industry sector that is not a complex sector;“non-conformity” means any instance in which an emissions report does not conform to the approved monitoring plan applicable to the emissions report;“pre-verification engagement assessment” means the assessment mentioned in regulation 15(1);“reasonable level of assurance” means a level of verification where a verification team has accumulated sufficient evidence to substantiate a positive verification opinion in its verification report;“strategic assessment” means an analysis to determine the nature, scale and complexity of verification activities to be performed in order to verify an emissions report;“verification activities” means the activities carried out to verify, to a reasonable level of assurance, an emissions report, including the planning of the activities, and the issuing of the verification report;“verification engagement” means an undertaking to verify, to a reasonable level of assurance, an emissions report;“verification opinion statement” means the conclusion of the verification process expressing whether the information in an emissions report has been verified to a reasonable level of assurance, given the verification activities performed;“verification plan” means a verification plan described in regulation 18(1);“verification risk” means the risk of an inaccurate verification opinion statement being issued;“verification team” means the verification team appointed by an accredited external auditor under regulation 13 to undertake a verification engagement.