Guideline on Estimating Financial Assurances | Financial assurances

Have your say: Draft Guideline on Estimating Financial Liabilities

1. Do you have any comments on the appropriateness of the qualifications required for technical specialists who can help a responsible person or company prepare cost estimates included in the draft guideline (appendix 3)?

If you have any comments, please also indicate any other qualifications that you think should be recognised as appropriate for technical specialists.

2. Should an appropriately qualified technical expert be required to prepare the cost estimate for the responsible person or company in all cases (sections 3.1 and 5.2 and appendix 3)?

Yes

Please provide any comments you may have about who should be permitted to prepare the cost estimate for the responsible person or company.

3. If a technical specialist does not prepare the cost estimate, please indicate how a financial auditor and the EPA could be satisfied that the clean-up or remediation actions are adequately scoped and costed.

4. Do you have any comments on the appropriateness of the qualifications required for persons who can undertake independent assessments (sections 2.2 and 4)?

Please also include any other qualifications you think should be recognised as appropriate.

5. Do you have any comments on the calculation methods used to quantify cost estimates?

If you have any comments on the calculation methods used to quantify cost estimates in the draft guideline (section 3), please provide them here.

6. Do you have any comments on whether the amount of contingency - 10-20% - included in the calculation method for the draft guideline is appropriate in NSW (section 3.2.5)?

Please also comment on whether there are there industry recognised approaches or methodologies for applying contingencies that should be referenced.

7. Do you have any comments on the criteria used to determine whether revisions to cost estimates are major or minor (section 5.2)?

8. Should the responsible person or company or the NSW EPA be responsible for appointing the auditor who prepares the independent assessments (sections 4.4 and 5.3)?

9. Do you have any comments on the appropriateness of requiring an audit as an independent cost estimate of carrying out the actions (sections 2.2, 4.2 and 4.4)?

10. Do you have any comments on the appropriateness of requiring a verification engagement if an audit cannot be performed (section 4.3)?

11. In what circumstances should the EPA monitor the activity of responsible persons, companies, technical specialists and auditors to ensure they are maintaining compliance with the requirements of the guideline (section 2.3)?

12. Do you have any comments on any other aspects of the draft guideline?

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Draft Guideline on Estimating Financial Assurances

Have your say: Draft Guideline on Estimating Financial Liabilities

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