The Enhanced Valuation Audit Program (EVAP) is a requirement implemented by the Saskatchewan Ministry of the Economy (ECON).
EVAP is similar to the Alberta (AER) Enhanced Production Audit Program (EPAP) in that it will require an annual Senior Executive signoff (an EVAP Declaration) with respect to a Royalty Tax Payer (RTP) compliance and compliance controls related to oil price determination and reporting requirements.
As with EPAP, the approach required by EVAP is essentially controls-based, and requires specialty skill sets and knowledge.
- The first EVAP Declaration is expected by SK ECON in February, 2014.
- Penalties for noncompliance vary depending on ECON criteria, and can be up to $250,000.
- EVAP applies to select producers. Contact us today to determine if your company is required to comply.
Download the EVAP Requirements: