Singapore legislation
Regulation 18
of Carbon Pricing (Measurement, Reporting and Verification) Regulations 2018
Regulation 18
Verification plan
Subregulation 1
The verification team must, for the purpose of conducting the verification engagement to verify the emissions report to a reasonable level of assurance, develop a verification plan that will minimise the verification risk associated with the verification engagement.
Subregulation 2
For the purpose of paragraph (1), the verification team must —
carry out a strategic assessment; (b)assess the inherent risks, control risks and detection risks associated with the verification engagement; and (c)develop the verification plan based on the assessments mentioned in sub‑paragraphs (a) and (b).
Subregulation 3
The verification plan must include the following: (a)a verification programme setting out the timetable for the verification activities to be carried out;
a data sampling plan setting out the scope and methods of sampling of data underlying the reckonable GHG emissions to which the emissions report relates;
an assessment of how the verification activities address the inherent risks and control risks, and lower the detection risks;
the dates of the proposed meetings between the accredited external auditor and the registered person;
the dates of the proposed site visits to the taxable facility.
Subregulation 4
The verification activities under the verification plan must be assessed by the independent reviewer to ensure they are commensurate with the findings of the strategic assessment and verification risk assessment.
Subregulation 5
The verification team must continually update the verification plan based on its findings made in the course of the verification engagement.