From a EU MRV verifier's perspective - What are misstatements?
In this video, we talk about misstatements and how they may affect the outcome of the MRV verification of your emissions report. A misstatement is defined as an omission, misrepresentation or error in the reported data. It can happen, for example, if the formula you have chosen to calculate fuel consumption is used incorrectly.
Correction of misstatements
If the EU MRV verifier identifies any misstatements, it will let you know and set a reasonable deadline for you to correct them. If you fail to correct them in time, you will be asked to explain the main causes of the misstatements.
The auditor will then assess whether the uncorrected misstatements, individually or together with other misstatements, have an impact on the total reported emissions or other relevant information and whether that impact leads to material misstatements.
As mentioned in the previous video, misstatements are material if reported data deviates by more than 5 percent from the correct calculation. This means you will still pass the verification as long you stay below the 5 percent materiality threshold.