Third-Party Verification of a Company-wide Inventory System under the New ISAE 3000 Assurance Standard

Abstract

Abstract Having completed its first post-merger greenhouse gas (GHG) emissions inventory in 2002, ChevronTexaco engaged KPMG LLP (UK) and URS Corporation to perform an independent review of the GHG data quality for both 2002 and 2003. A key objective was to enable ChevronTexaco to set GHG emissions goals with the assurance that the goals are based on sound and robust baseline data. The verification exercise also demonstrated the company's clear commitment to action on the climate change issue by implementing and verifying an enterprise-wide GHG emissions inventory. KPMG and URS conducted a phased approach to the verification process. Phase 1 consisted primarily of system, process and protocol reviews at the corporate level, and Phase 2 focused on system and process reviews at the business unit level. The third party verification process helped ChevronTexaco to more fully understand the challenges of reporting reliable GHG data. This paper presents the results of and key learnings from the third-party verification effort.