Annual Verification Audit Overview and Provisions
For Auditors and Sellers Participating in Green-e® Climate
Reporting Year 2014
Center for Resource Solutions
1012 Torney Ave, 2nd Floor
San Francisco, CA 94129
415-561-2100 | www.resource-solutions.org
Copyright © 2015 Center for Resource Solutions. All Rights Reserved.
Table of Contents
I.
OVERVIEW .................................................................................................................... 3
A.
II.
Summary Requirements .................................................................................................................. 4
GENERAL VERIFICATION AUDIT PROVISIONS ................................................................. 4
A.
B.
C.
D.
E.
F.
G.
H.
I.
J.
Scope of Verification Audit .............................................................................................................. 4
Form of Engagement and Report..................................................................................................... 4
Scope of Testing ............................................................................................................................... 5
Period and Sales Covered by Reporting Requirements ................................................................... 6
Date the Annual Verification Submission Is Due to the Center for Resource Solutions.................. 6
Other Materials to be Submitted to the Center for Resource Solutions with the Annual
Verification Submission ................................................................................................................... 7
Use of Sampling Techniques ............................................................................................................ 7
Tests of Attributes.......................................................................................................................... 11
Principal Testing to Be Performed ................................................................................................. 11
Applying General Procedures to Specific Cases ............................................................................. 12
III.
GENERAL NOTES ON AUDIT REQUIREMENTS ............................................................... 12
V.
AUDITOR’S QUALIFICATIONS ....................................................................................... 13
VI.
HOW TO GET HELP ...................................................................................................... 14
APPENDIX A:
APPENDIX B:
APPENDIX C:
APPENDIX D:
GLOSSARY OF TERMS ................................................................................................................................... 15
DESCRIPTION OF DOCUMENT TITLES AND OTHER INFORMATION NEEDED BY THE AUDITOR ....................... 19
USING REGISTRIES IN GREEN-E CLIMATE ANNUAL VERIFICATION ................................................................. 21
AUDITOR’S ATTESTATION FOR AGREED-UPON PROCEDURES REPORT .......................................................... 24
The Green-e Climate Annual Verification Audit Overview and Provisions RY2014
Copyright © 2015 Center for Resource Solutions. All Rights Reserved.
I.
OVERVIEW
This document, the Green-e Climate Annual Verification Audit Overview and Provisions
(“Audit Overview and Provisions”), addresses the verification reporting requirements for the
Green-e Climate Program and provides general background and instructions for completing the
Green-e Climate Verification Audit Agreed-upon Procedures (“Audit Procedures”), which are
included as a separate document. The term Seller1, as used in this document, refers to a seller
of greenhouse gas (GHG) emissions reductions (“emissions reductions”) that has a contract to
sell Green-e Climate Certified emissions reductions (“Certified Offsets”). This document
describes how to conduct the independent verification audit that Green-e Climate requires as
part of its annual verification of sales of Certified Offsets. The verification audit covers all sales
of Certified Offsets in a particular calendar year, referred to as the Reporting Year (RY). The
verification audit should be documented in an Agreed-Upon Procedures Report. This report
and the entire Green-e Climate Annual Verification Submission (“Annual Verification
Submission”) must be received at the Center for Resource Solutions (CRS) no later than June 1,
2015, and must be mailed to the address on the cover page of this document.
The verification audit is as follows.

Sellers must complete the Green-e Climate Verification Worksheets2 (“Worksheets”),
described in the Green-e Climate Annual Verification Audit Instructions
(“Instructions”), and provide these and supporting documentation described in the
Green-e Climate Verification Checklist (“Checklist”) and Appendix B to an independent
certified public accountant or certified internal auditor (“Auditor”).

The Auditor then follows the Audit Procedures to verify the accuracy of the information
provided by the Seller.

The Auditor’s Agreed-Upon Procedures Report, the Seller’s completed Worksheets, and
other supporting documents identified in the Checklist are returned to CRS for final
review and acceptance. All of these documents are collectively called the Annual
Verification Submission.
There are two different certification types within Green-e Climate that correspond to two
different ways of selling Certified Offsets:
1. Sales by Project (also called “Project-specific Sales”); and
2. Sales of Fixed and Customized Mix Products (at times abbreviated to “Mix Products”).
As such, there are three different sets of Verification Worksheets for reporting supply and sales
and three different corresponding sets of Audit Procedures:
1. Set 1 - Project-specific Sales (Sales by Project) Only;
1
Terms defined in Appendix A are indicated in bold type the first time they appear.
Documents necessary for the Auditor defined in Appendix B are indicated in bold italic type the first time they
appear.
2
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2. Set 2 - Sales of Fixed and/or Customized Mixes Only; and
3. Set 3 - Sales of Fixed and/or Customized Mixes AND Project-specific Sales.
Worksheets and Audit Procedures are clearly labeled as listed above. Sellers will use only one of
these three sets and the Auditor will complete only one set of Audit Procedures that
correspond to the Worksheets completed by the Seller. Sellers have been sent the set of
Worksheets and Audit Procedures that apply to them, and each Seller’s certification type(s) is
also clearly listed on the Checklist. If you are unsure which set of Worksheets and Audit
Procedures to use, contact Green-e Climate Staff.
A.
Summary Requirements
Under Green-e Climate, the Seller is required to reconcile emissions reduction sales with
emissions reduction retirements and/or transfers of emissions reduction ownership in order to
verify that they have retired/transferred enough emissions reductions in quantity and type to
meet its customer demand for all sales of Certified Offsets.
Green-e Climate requires that the Certified Offsets sold by Sellers meet a variety of criteria.
These criteria address supply and sales, eligibility of emissions reductions, product marketing,
and customer disclosure. Full Program eligibility criteria can be found in the Green-e Climate
Code of Conduct. All sales made by the Seller must be audited. The specific information to be
provided by the Seller and the tests to be performed by the Auditor are described in detail in
the Audit Procedures.
II.
GENERAL VERIFICATION AUDIT PROVISIONS
A.
Scope of Verification Audit
The verification audit addressed is for the annual verification reporting requirements of the
Green-e Climate Program. This guidance is to be used by Sellers participating in Green-e Climate
and their Auditors. CRS acknowledges that the procedures put forward in the Audit Procedures
are sufficient when performed in their entirety.
B.
Form of Engagement and Report
Seller must engage an independent certified public accountant to perform the verification audit
engagement and report on agreed-upon procedures. Alternatively, the Sellers may elect to
have their internal audit department (or the internal audit department of an affiliated
company) perform these procedures, provided that the individual accountant signing the report
for the internal audit department is a Certified Internal Auditor in good standing with the
Institute of Internal Auditors (IIA). The term “Auditor” in this document refers to an
independent public accountant or certified internal auditor. The verification audit engagement
and report on agreed-upon procedures must be performed in accordance with the Green-e
Climate Verification Audit Overview and Provisions (this document), and the American Institute
of Certified Public Accountants (AICPA) Statements on Standards for Attestation Engagements,
Section 600, “Agreed Upon Procedures Engagements,” or under Statements on Auditing
The Green-e Climate Annual Verification Audit Overview and Provisions RY2014
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Standards, Section 622, “Engagements to Apply Agreed-Upon Procedures to Specified
Elements, Accounts, or Items of a Financial Statement.”
The form of the report should follow the instructions in Section III of this Audit Overview and
Provisions and as such specify the procedures performed and findings in a manner similar to
reporting under Section AT600 or AU622 of the AICPA’s attestation or auditing standards,
respectively. The Auditor should make reasonable efforts to ensure that the report is prepared
in accordance with these minimum standards. In accordance with paragraph .41 of AICPA
Section AU622 (in which “accountant” is equivalent to “Auditor”):
“The accountant need not perform procedures beyond the agreed-upon procedures.
However, if, in connection with the application of agreed-upon procedures, matters
come to the accountant’s attention by other means that significantly contradict the basis
of accounting for the specified elements, accounts, or items of a financial statement
referred to in the accountant’s report, the accountant should include this matter in his
or her report. For example, if, in connection with the application of agreed-upon
procedures, the accountant becomes aware of a potentially material adjustment to that
account by means other than performance of the agreed-upon procedures, the
accountant should include this matter in his or her report.”
The Seller may elect a higher level of assurance with regard to its reporting requirements
conducted by an Auditor. CRS welcomes attestation or similar audit-level assurance with
regard to the information, forms and assertions described in this Audit Overview and Provisions
document and the Audit Procedures. Such alternative reporting should also be discussed with
Green-e Climate staff prior to submission of the report.
The Agreed-Upon Procedures Report must contain an original signature of the Auditor
performing the audit on his or her company letterhead. Photocopies or facsimile copies are not
accepted.
In addition, each Auditor must complete a copy of the Auditor Attestation to accompany each
Agreed-Upon Procedures Report written. The Auditor Attestation must also contain and
original signature, and is included as Appendix D.
C.
Scope of Testing
The management of the Seller will need to make certain decisions regarding the scope of
testing. This is due to the guidance involving agreed-upon procedures conducted in accordance
with the AICPA, at Section AT600 or Section AU622, which results in an Auditor’s report that is
in the form of procedures and findings and not in the form of an opinion or negative assurance.
Additionally, the specified users of the Agreed-Upon Procedures Report are responsible for the
sufficiency (nature, timing and extent) of the agreed-upon procedures, and assume the risk that
such procedures might be insufficient for their purpose or that they might misunderstand or
inappropriately use findings properly reported by the Auditors.
The Green-e Climate Annual Verification Audit Overview and Provisions RY2014
Copyright © 2015 Center for Resource Solutions. All Rights Reserved.
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CRS has attempted to provide Audit Procedures that require limited decisions necessary from
the management of the Seller or from the Auditor. However, in those situations where it is
necessary, the Audit Procedures clearly indicates when scope decisions are necessary and who
should make those decisions. If questions regarding the scope arise, please contact Green-e
Climate staff for guidance, and for approval of any changes that may be necessary to address
scope issues.
D.
Period and Sales Covered by Reporting Requirements
The Agreed-Upon Procedures Report must be prepared for Green-e Climate on a calendar year
basis. For those companies that began participating in Green-e Climate in the middle of a RY,
the reports should be prepared for the period starting on the date the Seller signed their Greene Climate contract and ending on December 31 of the RY, or alternatively for the full RY if given
permission of Green-e Climate staff.
RY2014 verification should cover sales made between January 1, 2014 and December 31,
2014—that is, sales that originated in 2014 or deliveries to be made in 2014 under Multi-year
Purchase Agreements or contracts entered into in previous years. The time of delivery for sales
that originated in 2014 may not line up exactly with the time of sale, and deliveries for 2014
sales may occur up until verification of RY2014 (which occurs in 2015). As long as the delivery is
made in accordance with a 2014 sale or 2014 scheduled delivery under a multi-year purchase
agreement, then the sale falls under the verification audit for RY2014. The year of sale or
scheduled delivery should be evident based on Internal Reporting Documents and Billing
Statements, but if it is not, then Seller can simply confirm the time of sale with the Auditor.
The time of sale and time of delivery are different from the vintage, which is when the
reduction occurred. For Mix Sales, Sellers must report the vintage to customers on the Carbon
Offset Content Label. For Project-specific Sales, Sellers must report the vintage to customers on
the Project Information Disclosure. The reduction must have occurred, been verified and
credited by an Endorsed Program, and been delivered (fully retired/transferred) by the Seller by
the time of the verification audit.
E.
Date the Annual Verification Submission Is Due to the Center for Resource Solutions
The Agreed-Upon Procedures Report must be submitted to CRS and received no later than the
date provided in the Reporting Year 2014 Annual Verification Submission Timeline and
Deadlines (“Verification Timeline”). For RY2014, this due date is June 1, 2014. Materials should
be submitted electronically by emailing them to climate@green-e.org (Subject: RY2014 Green-e
Climate Verification Submission). Completed Verification Worksheets must be submitted in
Microsoft Excel™ compatible electronic format. The Annual Verification Submission must be
received no later than the date provided in the Verification Timeline for RY2014. Hard copies of
materials may also be mailed to the following address.
Center for Resource Solutions
1012 Torney Avenue, 2nd Floor
San Francisco, CA 94129
The Green-e Climate Annual Verification Audit Overview and Provisions RY2014
Copyright © 2015 Center for Resource Solutions. All Rights Reserved.
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ATTN: Green-e Climate Verification
F.
Other Materials to be Submitted to the Center for Resource Solutions with the Annual
Verification Submission
The following reports and information should accompany the Auditor’s Agreed-Upon
Procedures Report:

Copies of the Carbon Offset Content Label(s) for each Fixed and Customized Mix Product
sold during RY2014;

Copy of the Project List used for Fixed and Customized Mix Products during RY2014;

Copy of Project Information for each project used to supply Project-specific Sales during
RY2014;

Copies of offset card(s) active in RY2014 for each unique combination of organization
type and Mix Product, where applicable;

Copies of Green-e Climate Verification Worksheets in Microsoft Excel™ electronic
format;

Registry Reports detailing the retirement and/or transfer of emissions reductions on
behalf of Green-e Climate sales;

Written explanation from the Seller for any exceptions in the Worksheets in the form of
a Completed Green-e Climate Explanation of Exceptions Form;

A completed Green-e Climate Attestation from Program Seller for the Seller for whom
this verification audit is being conducted; and

An original copy of the Auditor Attestation completed by the Auditor that has signed the
Agreed-Upon Procedures Report.
G.
Use of Sampling Techniques
In certain procedures in the Audit Procedures, the Auditor may use sampling techniques to test
the attributes of the Participant’s data. Sampling criteria have been established by CRS to be
followed in the performance of the agreed-upon procedures. Additionally, the Participant and
the Auditor will need to make certain decisions and judgments in the process of establishing
the appropriate sample size, following the guidance set forth in the AICPA AU Section 350,
Audit Sampling. CRS will allow alternative methods to determine sample size than what is given
below, provided that the resultant sample size is greater than or equal to that which results
from the method below. If the Auditor chooses not to use approved sampling techniques or an
alternative method that results in greater or equal sampling size, then 100% of the population
must be tested.
CRS has determined that an attributes sampling methodology is most appropriate given the
characteristics of the populations for which sampling is utilized in the agreed upon procedures.
Attributes sampling is used to reach a conclusion about a population in terms of the rate of
occurrence of a certain attribute. For the purposes of sampling, an attribute is defined as a
The Green-e Climate Annual Verification Audit Overview and Provisions RY2014
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characteristic that is either present or absent in a sampling unit. Each sampling event required
in the agreed upon procedures will identify the applicable sampling unit, but in general the
sampling unit is each individual sale transaction, donation, or other transaction that conveys or
retires GHG emissions reductions to the benefit of another party. Each occurrence (the
presence or absence of an attribute) is given equal weight in the sample evaluation, regardless
of the size of the transaction.
If the Auditor elects to utilize sampling techniques rather than test 100% of the population,
they must first ascertain the population size. The population size is defined in terms of the
number of sampling units. If the population is greater than or equal to 2,000 transactions, the
Auditor will utilize Table A-1 in Appendix A of the AICPA Audit Guide on Audit Sampling. The
Auditor will determine the sample size based on 5% risk of overreliance, tolerable deviation
rate of 10% and expected deviation rate of 3%. If the population is less than 2,000 transactions,
then the Auditor will utilize the table below to determine the appropriate sample size.
Population
1-19
20-25
26-30
31-40
41-50
51-60
61-70
71-80
81-90
91-100
101-120
121-140
141-160
161-180
181-200
201-300
301-400
401-500
501-600
601-700
701-1000
1001-1999
Sample Size
Same as
population size
19
21
25
28
31
34
36
37
39
42
44
45
47
48
52
54
56
57
58
59
60
The table above was created by using statistical attribute sampling software using the above
guidance.
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Once the appropriate sample size has been determined, the sample selection should be made
on a random basis with a random number generator or similar process as the preferred
approach. Other sample selection methods (e.g., systematic), are acceptable, provided the
resultant selection is ultimately random in nature (e.g., each member of the population has an
equal chance of being selected). In any event, no more than 50% of the selected transactions
may relate to any one month unless more than 50% of the population relates to the same
month (in which case this should be included in the notes section of the applicable area of the
agreed upon procedures report).
Once testing is complete, the Auditor must evaluate the results of the testing to ensure the
objectives of the test were met. If a greater number of deviations are found than were planned
for, then the test objective has not been met and there is a high risk that the deviation rate in
the population exceeds the tolerable deviation rate. If the number of deviations noted in the
initial sample selection exceeds 3%, then an additional sample must be selected. The additional
sample should equal the lesser of the initial sample size or the remaining items in the
population. Once the additional sample is tested, if the total number of deviations is less than
3% of the total expanded sample (sum of initial sample and additional sample), no further test
procedures are necessary. If after expanding the sample, the total number of deviations
exceeds 3% of the total expanded sample, please contact CRS for additional guidance.
A note for verification of both project-specific sales and sales of fixed and customized mix
products (Set 3 of Worksheets and Audit Procedures):
The total number of samples taken for verification of sales of less than 25,000 metric tons CO2e
(i.e. the sum of samples taken per Steps III.B.4 and III.C.4 in the Set 3 Audit Procedures) should
be the sample size corresponding to the sum of project-specific sales of less than 25,000 metric
tons CO2e and sales of fixed and customized mix products of less than 25,000 metric tons
CO2e, according to the table above for population sizes less than 2,000. The sample size for
each of the two sampling events should be based on the proportion of the population of either
project-specific sales <25,000 metric tons or sales of fixed and customized mix products
<25,000 metric tons to this sum. For example, where:
 Number of project-specific transactions of <25,000 metric tons = 345
 Number of transactions of fixed or customized mix products of <25,000 metric tons =
641
Then:
 Sum of project-specific sales and sales of fixed and customized mix products < 25,000
metric tons = 345+641 = 986
 The total number of samples taken for verification of sales < 25,000 metric tons (sum of
samples taken for Steps III.B.4 and III.C.4) = 59
 Sample size for verification of project-specific sales <25,000 metric tons (Step III.B.4) =
345/986*59 = 21
 Sample for verification of sales of fixed and customized mix products <25,000 metric
tons (Step III.C.4) = 641/986*59 = 38
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Consider this in the context of the full example provided below, where:
 Total population of transactions (including both project-specific sales and sales of fixed
and customized mix products) = 1,000
 Number of project-specific transactions = 350
 Number of transactions of fixed and customized mix products = 650
Then:
Sample Size
necessary for
verification
Sample Size
of both
Corresponding projectSample size Sample size if
to Table in
specific sales if only
only sales of
Section II.G
and sales of
projectfixed and
for
fixed and
specific sales customized
Populations < customized
were
mix products
Description
Population
2,000
mix products verified
were verified
Number of
345
54
21
54
NA
projectspecific
transactions
of <25,000
metric tons
Number of
641
58
38
NA
58
transactions
of fixed or
customized
mix products
of <25,000
metric tons
Project25
19
19
19
NA
specific
multi-year
purchase
agreement
deliveries
Multi-year
75
36
36
NA
36
purchase
agreement
deliveries of
mix products
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Description
Projectspecific
automatic
recurring
purchases
Automatic
recurring
purchases of
mix products
Customized
mix product
transactions
Total samples
taken
Population
15
Sample Size
necessary for
verification
Sample Size
of both
Corresponding projectto Table in
specific sales
Section II.G
and sales of
for
fixed and
Populations < customized
2,000
mix products
15
15
Sample size
if only
projectspecific sales
were
verified
15
Sample size if
only sales of
fixed and
customized
mix products
were verified
NA
45
28
28
NA
28
100
39
39
NA
39
249
196
88
161
H.
Tests of Attributes
When performing the procedures described in the Audit Procedures, it is important that the
Auditor understand the objectives and nature of the tests to be performed. Each of the
procedures is designed to test specific attributes, and the objectives of the procedures are
noted at the beginning of each testing section. Each transaction or sampling unit may need to
be tested for multiple attributes and any exception will need to be evaluated in accordance
with the guidance noted above in Use of Sampling Techniques. Auditors who do not understand
the objectives and nature of the tests to be performed should contact Green-e Climate staff for
clarification.
I.
Principal Testing to Be Performed
The principal testing to be performed by the Auditor will be reading, vouching, comparing and
recalculating information provided to the Auditor by the Participant. See Audit Procedures for
specific tests to be performed.
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J.
Applying General Procedures to Specific Cases
This document provides guidance and specific examples of the procedures to be performed in
order to provide CRS with assurances as to the accuracy and completeness of the Worksheets
that are to be completed by the Seller. The nature and complexity of supply and sale
transactions differ among Sellers participating in Green-e Climate. Additionally, accounting
systems and transaction data structures of each Seller will vary along with the types of
information and reports internally available. Accordingly, the following requirements
enumerated in the following sections are not intended to be all-inclusive, but rather represent
the minimum standards to be applied in performing tests of the documentation associated with
the information submitted to CRS by the Seller. Judgment will need to be applied in order to
execute the agreed-upon procedures engagement under each specific circumstance.
III.
GENERAL NOTES ON AUDIT REQUIREMENTS
The Audit Procedures direct the Auditor to perform a number of procedures for the purposes
stated preceding each section (corresponding to a Worksheet) in the Audit Procedures.
The Auditor, including a Certified Internal Auditor, shall not complete the Worksheets. The
Worksheets must be completed by an employee of the Seller that is not performing the audit or
part of the Seller’s internal audit department.
Preparing the Agreed-Upon Procedures Report
The Agreed-Upon Procedures Report must be produced by specifically responding to each
review step in the Audit Procedures document. Each review step for the Auditor is followed by
a box as shown in the example below:
Step EXAMPLE was performed:  Yes.  No.  N/A.
Exceptions, Notes, Reason for “No” or “N/A”:
Each review step is numbered in accordance with the structure of this document. The first step
for Worksheet 1 review is “III.A.1.” In the box that corresponds to each review step, the
Auditor must check one of the three checkboxes indicating whether the step was completed as
written or whether the step did not apply. Also, the Auditor must provide explanation of any
exceptions, any notes resulting from completion of the procedure, any notes on how the
Auditor’s review differed from the specified instructions, and any reasons that “N/A” was
checked because the step did not apply. The Auditor should explicitly state if an exception has
been found.
Once the Auditor has responded to each review step, the Auditor must print the Audit
Procedures document, with Section IV.B on company letterhead, and sign Section IV.B. This
signed printout, along with the Auditor Attestation in Appendix D, constitutes the Agreed-Upon
Procedures Report due to CRS.
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Certain Worksheets will not be applicable to all Sellers. Ensure that at a minimum, all
Worksheets have been filled in with RY, Date Completed, Seller Company Name and Name of
Person Completing the Form. In the case that the given Worksheet is not applicable, ensure
that “Not Applicable” has been entered in the first row of the first table in the Worksheet.
Note any exceptions. If the Worksheet is not applicable, note this in the first available space in
that Worksheet’s section of the Agreed-Upon Procedures Report.
If review of documents provided by Participant, review of this Overview and Provisions
document, and review of the Audit Procedures lead the Auditor to believe that a certain
Worksheet(s) is applicable to the Participant’s sales of Green-e Climate Certified Offsets despite
being filled in as “Not Applicable,” note this in the first available space in that Worksheet’s
section of the Agreed-Upon Procedures Report. A description of each Worksheet appears in
Appendix B.
The introductory language before Section III.A of the Audit Procedures is to be included in the
Agreed-Upon Procedures Report. The Auditor must fill in the blank spaces in this introductory
language.
If Green-e Climate Staff find that the Agreed-Upon Procedures Report is incomplete or
prepared incorrectly, the Annual Verification Submission will not be considered complete until
the Agreed-Upon Procedures Report is satisfactorily revised to reflect that the full audit was
conducted correctly in accordance with this document and the Audit Procedures.
Auditors that do not provide a satisfactory Agreed-Upon Procedures Report will not be eligible
to be listed on the list of auditors on the Green-e website (http://www.greene.org/auditors.html), may be removed from that list if the Auditor has appeared on it in the
past, may be placed on probation, and may be barred from performing future Green-e Climate
audits, at the sole discretion of Green-e Climate staff. For Auditors placed on probation, should
the quality of the subsequent year’s Agreed-Upon Procedures Reporting not improve, the
Auditor may be deemed unacceptable to perform the Green-e Climate Annual Verification Audit
thereafter.
The remainder of Section III and Section IV of this document is constituted by the Audit
Procedures document.
V.
AUDITOR’S QUALIFICATIONS
The Auditor shall be a member in good standing with the American Institute of Certified Public
Accountants or a member in good standing and certified as an internal auditor with the
Institute of Internal Auditors (IIA). For more information see Section II.B above.
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VI.
HOW TO GET HELP
Should assistance be required, Center for Resource Solutions staff are available to answer
questions. Questions relating to the verification may be directed to: Todd Jones or Sarah Busch
at 415-561-2100 or climate@green-e.org. Electronic copies of this document, along with
attestations and Worksheets, are available on the Green-e Climate Web page at
http://www.green-e.org/climateverification.
The Green-e Climate Annual Verification Audit Overview and Provisions RY2014
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APPENDIX A:
GLOSSARY OF TERMS
Agreed-Upon Procedures Report (Audit Procedures): The report supplied to CRS prepared by the
Auditor detailing the results of the annual verification audit by performing the procedures
stipulated within in accordance with the Green-e Climate Annual Verification Audit Overview and
Provisions.
American Carbon Registry (ACR): The American Carbon Registry, a nonprofit enterprise of Winrock
International, was established in 1996 as the first voluntary GHG registry in the world. ACR develops
offset methodologies for the voluntary market and provides oversight of offset project verification,
registration, offset issuance and retirement reporting. ACR is an Endorsed Program under Green-e
Climate.
Approved Registry: A greenhouse gas emissions reduction registry deemed eligible by Green-e
Climate as an acceptable software database to document ownership and the retirement of
emissions reductions for purposes of Green-e Climate verification. A list of approved registries is
included in the Checklist for each Seller.
Auditor: An independent public accountant or certified internal auditor that performs the Green-e
Climate Verification Audit and reports on agreed-upon procedures. See Section II.B and V of the
Instructions for Auditor qualifications.
Auditor Attestation: A short attestation to be completed by the Auditor signing the Agreed-Upon
Procedures Report, which states that the Auditor has followed certain practices when reviewing
Participant’s verification materials and preparing the Agreed-Upon Procedures Report. It is
available as Appendix D of the Audit Overview and Provisions.
Automatic Recurring Sales: Sales of Certified Offsets continuously over time through automatic
renewals of a purchasing agreement or sustained enrollment in a purchasing plan.
Carbon Dioxide Equivalent (CO2e): The universal unit of measurement used to indicate the global
warming potential of GHGs and to trade ownership of GHG emissions reductions. Used to evaluate
and compare the impacts of releasing (or avoiding the release of) different GHGs.
Certified Carbon Offset (Certified Offset): A carbon offset sold as Green-e Climate Certified. Greene Climate will certify carbon offsets sold by project (“Project-specific Sales”) or in mixes
(“Customized Mix” and “Fixed Mix”) of project type, location, and Endorsed Program. A Certified
Offset is a GHG emission reduction that has been certified and issues by an eligible Endorsed
Program under an eligible protocol or methodology, and the sale and marketing of which meets the
requirements of the Green-e Climate Code of Conduct, and the exclusive and correct delivery of
which has been verified in accordance with the Code of Conduct and the Green-e Climate
Verification Audit.
Climate Action Reserve (CAR): The Climate Action Reserve is a national offsets program working to
ensure integrity, transparency and financial value in the U.S. carbon market. It does this by
establishing regulatory-quality standards for the development, quantification and verification of
greenhouse gas emissions reduction projects in North America; issuing carbon offset credits known
as Climate Reserve Tonnes (CRT) generated from such projects; and tracking the transaction of
credits over time in a transparent, publicly-accessible system. CAR is an Endorsed Program under
Green-e Climate.
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Commercial Customer: A business purchaser of Certified Offsets.
Customer: For the purposes of this Audit Procedures, the customer is identified as the party who
has purchased a Certified Offset from the Seller. Customer types include commercial, individual,
and wholesale.
Customized Mix: A Certified Offset in which a customer can choose a unique combination of
different emissions reductions from project type(s), location(s) and Endorsed Program(s).
EcoLogo: Founded in 1988, EcoLogo a multi-attribute criteria certification program for North
America based in Canada and managed by TerraChoice, an environmental consultancy.
Eligible Emissions Reductions: Emissions reductions that are certified by an Endorsed Program, and
therefore an eligible source of supply in a Certified Offset. This includes emissions reductions
derived from offset projects according to certain protocols of the American Carbon Registry, the
Climate Action Reserve, the Gold Standard, and the Verified Carbon Standard.
Endorsed Program: A greenhouse gas project certification program identified by Green-e Climate
Stakeholders and the Green-e Governance Board as meeting the requirements set forth by the
Green-e Climate Standard. Certain project protocols of Endorsed Programs are eligible sources of
supply for Certified Products. The Endorsed Programs include the American Carbon Registry, the
Climate Action Reserve, the Gold Standard, and the Verified Carbon Standard.
Fixed Mix Product: A Certified Offset with the same combination and proportion of emissions
reductions from project type(s), location(s) and Endorsed Program(s) sold to all customers.
Gold Standard (GS): The Gold Standard Foundation is a project certification program for Clean
Development Mechanism and voluntary offset projects. The Gold Standard is a non-profit
foundation under Swiss law and funded by public and private donors. The Gold Standard is an
Endorsed Program under Green-e Climate.
Greenhouse Gas (GHG): Gases that trap heat in the atmosphere and are emitted through natural
processes and human activities. Green-e Climate addresses GHG emissions reductions that originate
from any gas that has been determined by the Intergovernmental Panel on Climate Change (IPCC)
to have a radiative forcing effect on the atmosphere, including but not necessarily limited to six
principle GHGs included in the Kyoto Protocol: carbon dioxide, nitrous oxide, methane,
hydrofluorocarbons, perfluorocarbons and sulfur hexafluoride (CO2, N2O, CH4, HFCs, PFCs and SF6).
Greenhouse Gas Emissions Reductions (emissions reductions): Reductions, removals or the
permanent storage of greenhouse gases produced by projects or project activities that have been
validated, verified and certified according to the program requirements of an Endorsed Program.
GHG emissions reductions must originate from projects or parts of projects that meet the principles
and criteria contained in the Green-e Climate Standard. They must meet the requirement of being
real, verifiable, permanent and enforceable. They may not be claimed or registered by more than
one end-user (quantified in metric tons of carbon dioxide equivalent).
Green-e Climate Annual Verification Audit Instructions (Instructions): Provides instructions for
Sellers in Green-e Climate on how to fill in the Worksheets and what materials to assemble for the
Auditor to complete the Agreed-Upon Procedures Report. There are three different sets of
Verification Worksheets for reporting supply and sales and three different corresponding sets
of Audit Procedures: Set 1 - Project-specific Sales (Sales by Project) Only; Set 2 - Sales of Fixed
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and/or Customized Mixes Only; and Set 3 - Sales of Fixed and/or Customized Mixes AND Projectspecific Sales.
Green-e Climate Annual Verification Audit Overview and Provisions (Audit Overview and
Provisions): Addresses the verification reporting requirements for the Green-e Climate Program
and provides general background and instructions for completing the Green-e Climate Verification
Audit Agreed-upon Procedures (“Audit Procedures”), which are included as a separate document.
Green-e Climate Annual Verification Submission (Annual Verification Submission): The collected,
completed and audited documents required to be submitted annually to the Center for Resource
Solutions as part of the requirements of Green-e Climate certification. These documents include:
The Agreed-Upon Procedures Report, all completed Worksheets and all documents required by the
Checklist.
Green-e Climate Code of Conduct: The Green-e Climate Code of Conduct contains the Ethical
Guidelines, Certification Categories, and Disclosure & Verification Requirements that apply to
sellers of Green-e Climate Certified Offsets.
Green-e Climate Standard: The governing document for Green-e Climate, the Green-e Climate
Standard details the principles for Green-e Climate, as well as the criteria the Endorsed Programs
must meet. It is available on the Green-e Climate Web site at http://www.greene.org/getcert_ghg_standard.shtml.
Individual Customer: A residential purchaser of Certified Carbon Offsets.
LEED Certification (Leadership in Energy and Environmental Design Certification): A green building
standard administered by the U.S. Green Building Council.
Low Impact Hydropower Institute (LIHI): The Low Impact Hydropower Institute is a national nonprofit organization dedicated to reducing the impacts of hydropower generation through the
certification of hydropower projects that have avoided or reduced their environmental impacts
pursuant to the Low Impact Hydropower Institute’s criteria.
Multi-year Purchase Agreement: A purchase agreement or contract for the purchase of Green-e
Climate Certified Offsets for more than a single year.
Offline Sales: One-time sales of Green-e Climate Certified offsets not transacted via a web-based
sales channel.
Online Sales: Sales of Green-e Climate Certified Offsets transacted via a web-based sales channel.
Offset Card: A pre-printed, single-denomination (uniform quantity and type of product) card (need
not be in actual card form) used for in-person, over-the-counter offset transactions.
Project Type: The type of resource used to create emissions reductions (including but not limited to
renewable energy, energy efficiency, landfill gas methane destruction, forestry, etc). A list of
eligible project types is available on the Green-e Climate Web site at http://www.greene.org/getcert_ghg_endorsed.shtml. The project type for each Certified Offset is found on the
Carbon Offset Content Label for fixed mix or customized mix offsets, or on the Project Information
for offset sales by project.
Registry: An electronic system for issuance, tracking, trading, and retirement of GHG emissions
reductions and emissions reduction credits.
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Reporting Year (RY): The reporting year is the period beginning January 1 in the sales year being
reported or the date the Seller began selling Certified Offsets and ending on December 31 of that
year.
Reporting Year 2014 Annual Verification Submission Timeline and Deadlines (Verification
Timeline): A document provided to Sellers that details the timeline, due dates and late fees
associated with preparing and submitting all verification materials in Reporting Year 2014.
Retirement: The process for setting aside, designating or allocating specific emissions reductions in
a registry to ensure that said emissions reductions can no longer be traded. Specific processes and
terminology regarding retirement will vary by registry, and more specific instructions for what
constitutes appropriate retirement in a given Approved Registry can be found in Appendix C.
Sales by Fixed and Customized Mix Products (Mix Sales or Sales of Mix Products): Carbon offsets
sold in a combination of project type, location, and Endorsed Program. See Fixed Mix and
Customized Mix.
Sales by Project (Project-Specific Sales): Greenhouse gas emissions reductions from specific eligible
projects that are sold to customers based on their preference.
Seller: An entity offering Green-e Climate Certified carbon offsets to customers.
Third-party Distributor: A company that sells Certified Offsets without any direct relation to
procurement of supply of GHG emissions reductions, but rather through an arrangement with a
Seller of a Certified Offset.
Transaction Type (Sales Channel): Certified Offsets can be sold online, offline, through multi-year
purchase agreements, and through automatically recurring purchases.
Transfer: The process by which an account holder in a registry delivers specific emissions
reductions from its registry account to the separate registry account of another party. The
specific processes for transfers, the terminology and the documentation required for Green-e
Climate verification with respect to such transfers may vary by registry, and more registryspecific instructions on this topic can be found in Appendix C.
Using Registries in Green-e Climate Annual Verification: This document details the
requirements for using registries to substantiate ownership of emissions reductions. It is
available on the Green-e Web site at http://www.green-e.org/climateverification and is
included with the verification materials sent to Sellers each year. It is also included as
Appendix C of this document.
Verified Carbon Standard (VCS): The VCS is a standard for voluntary GHG emissions reduction and
removal projects and their validation and verification. The VCS program is managed by the VCS
Association which is an independent, non-profit organization. The VCS is an Endorsed Program
under Green-e Climate.
Vintage: The date or time period that the emissions reduction was generated or created.
Wholesale Customer: A company that buys emissions reductions from a Seller with the intension of
reselling them to another wholesale or retail customer.
Wholesale Supplier: A company that sells emissions reductions to a Seller of emissions reductions
that intends to resell them.
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APPENDIX B:
DESCRIPTION OF DOCUMENT TITLES AND OTHER
INFORMATION NEEDED BY THE AUDITOR
The following is a list of information that Sellers need to provide to their Auditor and should be
tailored to each particular engagement as reports and information will vary.
a. Internal Reporting Documents that Indicate Sales (“internal reporting documents”), which
is any report from the Seller that contains the detail of sales per customer for Certified
Sales and that was used to complete the Worksheets. These documents will indicate sales
made in RY2014, and could include amounts of Certified Offsets delivered in RY2014 under
multi-year agreements that were entered into in previous RYs. The Auditor will need to
have the data sorted by customer type, Sales by Project and Sales by Mix, and by customer
location (state). See Section III of the Audit Instructions for direction on the Preparation of
Internal Reporting Documents.
b. Billing Statements and/or any other necessary records of individual sales (e.g. contracts,
purchase agreements, invoices, receipts of purchase, etc.), and also records of delivery for
offset donations; should contain the Certified Offset sales of emissions reductions by
customer. These should be provided to the Auditor upon request to substantiate Internal
Reporting Documents, where different.
c.
Registry Report: Reports generated from Sellers’ Approved Registry accounts to
substantiate the retirement of eligible emissions reductions. All Sellers must follow
the rules in Appendix C: Using Registries in Green-e Climate Annual Verification.
d. Green-e Climate Verification Audit Agreed-upon Procedures (“Audit Procedures”):
Provides instructions for the Auditor on the procedures to perform in order to verify a
Seller’s annual sales and supply of eligible emissions reductions.
e. Green-e Climate Annual Verification Audit Overview and Provisions (“Audit
Overview and Provisions”): Addresses the verification reporting requirements for the
Green-e Climate Program and provides general background and instructions for
completing the Audit Procedures, which are included as a separate document.
f.
Green-e Climate Attestation from Program Seller signed by the Seller company for which
the Audit Procedures is being conducted. It is included as Appendix D of the Instructions.
g. Green-e Climate Verification Checklist (“Checklist”): This document is provided by
CRS to the Seller. It contains information regarding the Certified Offsets that are
subject to this verification audit, the projects that are used to supply Certified
Project-specific Sales and Mix Sales, and any additional reporting requirements for
the Seller. Seller should provide a copy to the Auditor.
h. Green-e Climate Explanation of Exceptions Form: A written explanation of exceptions
found in the Worksheets.
i.
Green-e Climate Verification Worksheets: A series of Worksheets to be filled in by
the Seller with data from the supply for and sales of Certified Offsets that are verified
by the Auditor. The Worksheets exist in three versions: For Sellers that made only
project-specific sales of certified carbon offsets, use Worksheet Set 1: Project-specific
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Only. For Sellers that made only fixed mix and/or customized mix sales of certified
carbon offsets, use Worksheet Set 2: Sales of Fixed and/or Customized Mix Only. For
Sellers that made both project-specific sales and mix sales, use Worksheet Set 3:
Sales of Fixed and/or Customized Mix AND Project-specific Sales.
j.
Carbon Offset Content Label (“COCL”): For sales of Fixed Mix and Customized Mix offsets,
the disclosure to customers of the mix of resources used to supply a Certified Mix Product
for RY2014. COCLs submitted to the auditor should be those used in RY2014, not
necessarily the COCLs that are current at the time of the audit (if different). If the Certified
Mix Product(s) was changed during the RY, all COCLs used in the RY should be submitted.
k. Project Information Disclosure: For sales of Certified Offsets by project (“Project-specific
Sales”), Seller must disclosure to customers specific information on the individual project(s)
used to supply the specific quantity of Certified Offsets including, but not limited to, the
project name, project type, project location, and vintage year of reductions purchased.
l.
Offset Card(s): A copy of each card active in RY2014, where applicable; one copy for each
unique combination of organization type and Certified Mix Product.
m. Project List: For sales of Fixed Mix and Customized Mix offsets, the list disclosed to
customers of the emissions reductions projects used to supply a Certified Mix Product. The
Project List should include the project name, project type, project location, project start
date, vintage of GHG emissions reductions (year or range of years), Endorsed Program, and
the Registry in which the project is registered. Include all projects that supplied Certified
Mix Products in RY2014.
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APPENDIX C:
USING REGISTRIES IN GREEN-E CLIMATE ANNUAL
VERIFICATION
In combination with Appendix C of the Audit Instructions, these requirements govern the use of
Registries toward the annual verification requirements for participants in Green-e Climate. This
Appendix describes the procedures to be followed by Auditors when reviewing Registry
Reports. Appendix C of the Audit Instructions includes the procedures for Sellers using a
Registry for sales made to a customer without a Registry account (Section I) and the procedures
for Sellers using a Registry for sales made to a customer with a Registry account (Section II).
I.
Procedures to be Followed By Auditors When Reviewing Registry Reports
A.
Verification of Retirements in the American Carbon Registry
This section applies to sellers making Certified Sales of eligible emissions reductions from
projects certified by the American Carbon Registry.
i.
B.
APX
 Gain access to Seller’s account in the APX ACR registry. Request that the Seller
set-up a Login with Limited Access to View the Account.
 Compare information included in the Registry Report(s) provided by Seller with
the actual registry account, checking both records of retirements as well as interregistry transfers. Note any discrepancies found.
 Ensure that all information recorded in Worksheet 1: Supply can be accurately
substantiated in Seller’s registry account. For each row of Table 1 in which “ACR”
is listed in column 1E and APX is listed in column 1F, ensure that the emissions
reductions listed in that row have in fact been retired or transferred by Seller
and that they have been entered accurately into Worksheet 1.
 Ensure that the following information in the Registry matches the information on
the printed Registry Report: Project Name, Project Type, Vintage, Project ID, ERT
Serial Numbers and Quantity of ERTs.
 While logged in to the Seller’s registry account, access the additional
documentation associated with each ACR project in the APX registry. Ensure that
that Project Location (country), and Project Start Date (year) have been listed
accurately in Table 1.
Verification of Retirements in a Verified Carbon Standard Registry
This section applies to sellers making Certified Sales of eligible emissions reductions from
projects certified by the Verified Carbon Standard.
i.
APX
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




ii.
C.
Gain access to Seller’s account in the APX VCS registry. Request a Login with
Limited Access to View the Account.
Compare information included in the Registry Report(s) provided by Seller with
the actual registry account, checking both records of retirements as well as interregistry transfers. Note any discrepancies found.
Ensure that all information recorded in Worksheet 1: Supply can be accurately
substantiated in Seller’s registry account. For each row of Table 1 in which “VCS”
is listed in column 1F and APX is listed in column 1I, ensure that the emissions
reductions listed in that row have in fact been retired or transferred by Seller
and that they have been entered accurately into Worksheet 1.
Ensure that the following information in the Registry matches the information on
the printed Registry Report: Project Name, Project Type, Vintage, Project ID, VCU
Serial Numbers and Quantity of VCUs.
While logged in to the Seller’s registry account, access the additional
documentation associated with each VCS project in the APX registry. Ensure that
that Project Location (country), Project Start Date (year) and Project Verifier
have been listed accurately in Table 1.
Markit Environmental Registry
 Gain access to Seller’s account in the Markit VCS registry. Request a Login with
Limited Access to View the Account.
 Compare information included in the Registry Report(s) provided by Seller with
the actual registry account, checking both records of retirements as well as interregistry transfers. Note any discrepancies found.
 Ensure that all information recorded in Worksheet 1: Supply can be accurately
substantiated in Seller’s registry account. For each row of Table 1 in which “VCS”
is listed in column 1F and TZ1 or Markit is listed in column 1I, ensure that the
emissions reductions listed in that row have in fact been retired or transferred
by Seller and that they have been entered accurately into Worksheet 1.
 Ensure that the following information in the Registry matches the information on
the printed Registry Report: Project Name, Project Type, Vintage, Project ID, VCU
Serial Numbers and Quantity of VCUs.
 While logged in to the Seller’s registry account, access the additional
documentation associated with each VCS project in the Markit registry. Ensure
that that Project Location (country), Project Start Date (year) and Project Verifier
have been listed accurately in Table 1.
Verification of Retirements in a Climate Action Reserve Registry
This section applies to sellers supplying making Certified Sales of eligible emissions reductions
from projects certified by the Climate Action Reserve.
i.
APX
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




D.
Gain access to Seller’s account in the APX CAR registry. Request a Login with
Limited Access to View the Account.
Compare information included in the Registry Report(s) provided by Seller with
the actual registry account, checking both records of retirements as well as interregistry transfers. Note any discrepancies found.
Ensure that all information recorded in Worksheet 1: Supply can be accurately
substantiated in Seller’s registry account. For each row of Table 1 in which “CAR”
is listed in column 1F and APX is listed in column 1I, ensure that the emissions
reductions listed in that row have in fact been retired or transferred by Seller
and that they have been entered accurately into Worksheet 1.
Ensure that the following information in the Registry matches the information on
the printed Registry Report: Project Name, Project Type, Vintage, Project ID, CRT
Serial Numbers and Quantity of CRTs.
While logged in to the Seller’s registry account, access the additional
documentation associated with each CAR project in the APX registry. Ensure that
that Project Location (country), Project Start Date (year) and Project Verifier
have been listed accurately in Table 1.
Verification of Retirements in a Gold Standard Registry
This section applies to sellers making Certified Sales of eligible emissions reductions from
projects certified by the Gold Standard.
i.
Markit Environmental Registry
 Gain access to Seller’s account in the Markit GS registry. Request a Login with
Limited Access to View the Account.
 Compare information included in the Registry Report(s) provided by Seller with
the actual registry account, checking both records of retirements as well as interregistry transfers. Note any discrepancies found.
 Ensure that all information recorded in Worksheet 1: Supply can be accurately
substantiated in Seller’s registry account. For each row of Table 1 in which “GS”
is listed in column 1F and TZ1 or Markit is listed in column 1I, ensure that the
emissions reductions listed in that row have in fact been retired or transferred
by Seller and that they have been entered accurately into Worksheet 1.
 Ensure that the following information in the Registry matches the information on
the printed Registry Report: Project Name, Project Type, Vintage, Project ID, VER
Serial Numbers and Quantity of VERs.
 While logged in to the Seller’s registry account, access the additional
documentation associated with each GS project in the Markit registry. Ensure
that that Project Location (country), Project Start Date (year) and Project Verifier
have been listed accurately in Table 1.
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APPENDIX D:
AUDITOR’S ATTESTATION FOR AGREED-UPON PROCEDURES
REPORT
This attestation has been completed by the Auditor, in regards to the Green-e Climate Certified
sales of [Seller for which Audit was Performed] (“Participant”) made in 2014.
Auditor Company Name:
Business Address:
[Auditor Company Name]
[Address of Auditor Company]
AUDITOR DECLARATION
I declare that I am qualified to perform the Green-e Climate audit, as I am (check one):
An external auditor and CPA; or
Working for the Green-e Climate Seller company whose sales are being verified and I
am a Certified Internal Auditor (CIA).
I did not fill in the Green-e Climate Verification Worksheets.
The RY2014 version of the Green-e Climate Verification Agreed-upon Audit Procedures
(“Audit Procedures”) was read and its procedures were followed with due diligence.
The Green-e Climate Agreed-Upon Procedures Report was completed according to the
instructions in the Green-e Climate Verification Audit Overview and Provisions (“Audit
Overview and Provisions”) and the Audit Procedures, to assist the Participant (or specified
parties) in complying with the annual reporting requirements of the Center for Resource
Solutions’ Green-e Climate certification program for the Reporting Year ended December
31, 2014.
The Agreed-Upon Procedures Report was performed in accordance with the standards
established by the American Institute of Certified Public Accountants and all requirements
in Section II of the Audit Overview and Procedures document.
All information within the Agreed-Upon Procedures Report and in this attestation fairly
represents the results of my assessment.
AGREED UPON PROCEDURES REPORT SUMMARY
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Based on the Audit Overview and Provisions and the results of the Agreed-Upon Procedures,
[Auditor Company Name] (“Auditor”) asserts that Seller has:
NO EXCEPTIONS with regard to its compliance of the Green-e Climate verification
reporting requirements put forth in the Green-e Climate Annual Verification Audit
Instructions (“Instructions”) and Audit Procedures;
-- Or -EXCEPTIONS with regard to its compliance of the Green-e Climate verification reporting
requirements put forth in the Instructions and Audit Procedures, and these exceptions are
listed in the Agreed-Upon Procedures Report.
Signature
[Date Attesation Signed]
Date Signed
[Name of Lead Auditor]
Printed Name
[Title of Lead Auditor]
Title
*If more than one Auditor conducted the Agreed-Upon Procedures Report (AUPR), the manager of the audit
procedures should sign this Auditor Attestation. The names of those others who were involved in the AUPR may be
listed below:
[Names of Additional Auditors]
The Green-e Climate Annual Verification Audit Overview and Provisions RY2014
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