Canadian Greenhouse Gas Offset Credit System Regulations — 24
Verification standard 24 (1) A verification body must conduct verifications in accordance with ISO Standard 14064-3 by applying methods that allow it to make a determination to a reasonable level of assurance, as defined in that Standard as to whether, in its opinion, (a) with respect to a project report or corrected project report (i) the quantity of GHG reductions reported in the report was calculated in accordance with these Regulations, (ii) the report was prepared in accordance with these Regulations, (iii) the project was implemented in accordance with the applicable protocol, (iv) the conditions of registration for the project, set out in section 8 or 9 , are still being met at the time of the preparation of the verification report, (v) the proponent meets the requirements for the issuance of offset credits, set out in section 7 , at the time of the preparation of the verification report, and (vi) no material discrepancy, referred to in subsection (2) or (3), as the case may be, exists with respect to the quantity of GHG reductions reported in the report; (b) with respect to a reversal report (i) reversal risk mitigation measures and monitoring activities were implemented in accordance with the reversal risk management plan prior to the reversal, (ii) the report was prepared in accordance with these Regulations, and (iii) the errors or omissions identified during the verification and referred to in paragraph 3(b) of Schedule 5 do not constitute a material discrepancy, referred to in subsection (4); and (c) with respect to a monitoring report (i) the report was prepared in accordance with these Regulations, (ii) the reversal risk mitigation measures and monitoring activities were implemented in accordance with the reversal risk management plan, and (iii) the reversal risk mitigation measures and monitoring activities that were implemented were those set out in the report. Material discrepancy — project report or corrected project report (2) For the purpose of the verification of the project report or corrected project report, a material discrepancy exists if (a) with respect to the quantity of GHG reductions referred to in subsection 20 (1) or (2) that are reported in the project report or corrected project report for any calendar year covered by the report and that are less than 100,000 tonnes of CO 2 e, (i) in the case of each error or omission in the project report or corrected project report, that is identified during the verification and that may be quantified, the amount, expressed as a percent, determined by the following formula, is equal to or greater than 5%: A ÷ B × 100 where A is the absolute value of the overstatement or understatement resulting from the error or omission for the calendar year, expressed in CO 2 e tonnes, and B is the quantity of GHG reductions, determined in accordance with subsection 20 (1) or (2), as the case may be, that are reported in the project report or corrected project report for the calendar year, expressed in CO 2 e tonnes, and (ii) in the case of the aggregate of all errors and omissions in the project report or corrected project report, that are identified during the verification and that may be quantified, the amount, expressed as a percent, determined by the following formula, is equal to or greater than 5%: A ÷ B × 100 where A is the sum of the absolute value of all overstatements and understatements resulting from the errors and omissions, for the calendar year, expressed in CO 2 e tonnes, and B is the GHG reductions determined in accordance with subsection 20 (1) or (2), as the case may be, with respect to a calendar year stated in the project report or corrected project report, expressed in CO 2 e tonnes; and (b) with respect to quantity of GHG reductions referred to in subsection 20 (1) or (2) that are reported in the project report or corrected project report for any calendar year covered by the report and that are equal to or greater than 100,000 tonnes of CO 2 e, (i)