73Audit schedules

#### 73 Audit schedules (1) If the Regulator declares an offsets project to be an eligible offsets project, the Regulator must give an audit schedule for the project to the project proponent when the Regulator gives the copy of the declaration to the project proponent. (2) The audit schedule must set out: (a) the number of scheduled audits (if any) for the project; and (b) the method for determining the offsets report that the report of a scheduled audit must accompany; and (c) the period of time to be covered by each scheduled audit that is not an initial audit; and (d) if an alternative assurance project is required to undertake one or more scheduled audits—whether the first of those audits is an initial audit. Meaning of scheduled audit (3) A scheduled audit must be: (a) an initial audit; or (b) a subsequent audit. Transitioning projects (4) As soon as practicable after the commencement day, the Regulator must: (a) prepare an audit schedule for each transitioning project; and (b) give the audit schedule to the project proponent. Variation of audit schedule (5) The Regulator may vary an audit schedule for a project to do the following: (a) if the Regulator amends the audit thresholds instrument—remove one or more subsequent audits that would not be required by the amended instrument; (aa) if the project becomes an alternative assurance project—remove one or more scheduled audits that would not be required for the project; (ab) if the project changes so that it is no longer an alternative assurance project or does not meet conditions to be an alternative assurance project—require one or more scheduled audits that would have been required if the project was not an alternative assurance project; (b) make any other change to which the project proponent agrees. > Note: The Regulator may also vary an audit schedule for a project under subsection 77(4). (6) As soon as practicable after an audit schedule for a project is varied under subsection (5) or 77(4), the Regulator must give the variation to the project proponent. (7) A project is an alternative assurance project if: (a) the applicable methodology determination for the project is prescribed by the audit thresholds instrument; and (b) the project meets any criteria prescribed by the audit thresholds instrument for projects covered by the methodology determination; and (c) the project proponent meets any conditions related to the operation, monitoring or reporting for the project specified by the audit thresholds instrument; and (d) the project proponent requests, whether in an application or otherwise, for the project to be an alternative assurance project. > Note: An alternative assurance project is generally a low risk project which will have less or no audits because of its risk profile and other mechanisms the Regulator has available to address risks with the project. (8) A decision to vary an audit schedule under paragraph (5)(ab) is a reviewable decision under section 240 of the Act.