Singapore legislation
Regulation 23
of Carbon Pricing (Measurement, Reporting and Verification) Regulations 2018
Regulation 23
Verification report
Subregulation 1
The accredited external auditor must issue a verification report on the verification activities conducted by the verification team —
in the form specified by the Agency; and
signed by —
the lead verifier;
if the taxable facility concerned operates in a complex sector, the verifier who is an expert in the complex sector; and
the independent reviewer.
Subregulation 2
The verification report must include a verification opinion statement on the conclusions of the verification team from its verification activities conducted, as follows:
a positive verification opinion if the verification team is able to state with a reasonable level of assurance that the aggregated error in the total reckonable GHG emissions for the reporting period does not exceed the materiality limit in paragraph (3);
a negative verification opinion if the verification team is unable to do so.
Subregulation 3
For the purpose of paragraph (2), the materiality limit is as follows: (a)5% of the total reckonable GHG emissions for the reporting period, for a taxable facility with total reckonable GHG emissions less than 1,500,000 tonnes of carbon dioxide equivalence;
2% of the total reckonable GHG emissions for the reporting period, for a taxable facility with total reckonable GHG emissions equal to or more than 1,500,000 tonnes of carbon dioxide equivalence.
Subregulation 4
For a negative verification opinion statement, the verification team must make a reasonable estimation of the total reckonable GHG emissions from the taxable facility on the basis that the uncorrected misstatements had been corrected.
Subregulation 5
Nothing in paragraph (4) prevents the Agency from making and relying on its own estimation of the total reckonable GHG emissions from the taxable facility on the basis that the uncorrected misstatements had been corrected.