In countries that have made substantial progress in making the information required by the EITI Standard routinely available through government and corporate reporting systems, the 2016 EITI Standard provides MSGs with an option to seek EITI Board approval to use an ‘agreed upon procedure for mainstreamed disclosures’ (available below).
All EITI implementing countries are required to make an assessment of whether the company payments and government revenues are subject to credible, independent audit, applying international auditing standards (Requirement 4.9a). Where this assessment concludes that there is: (i) routine disclosure of the data required by the EITI Standard in requisite detail, and (ii) that the financial data is subject to credible, independent audit, applying international standards, the multi-stakeholder group may seek Board approval to mainstream EITI implementation in accordance with the ‘Agreed upon procedure for mainstreamed disclosures’. Without such prior approval, conventional EITI reporting is required.
The procedure does not alter the EITI’s disclosure requirements. It requires the same information, in the same amount of detail, as conventional EITI reporting. However, it offers opportunities to improve the timeliness of reporting, while reducing the cost of implementation.