Not according to Alberta Auditor General Merwan Saher in an April 2010 report.

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Half of those employers that persistently fail to comply with the Occupational Health and Safety Act also continue to hold a valid Certificate of Recognition, and continue to have elevated injury rates among their workers,” Saher wrote.
We run into this issue all the time when selling our online safety management system. Executives believe that because they scored well on their most recent COR Audit, that they are compliant with regulations and insulated from possible litigation. Only after an accident and subsequent investigation does it come to light that the typical safety program had deficiencies and that supervisors, executives and directors are potentially liable.
The reality is that safety audits are only snapshots, and compliance with safety regulations requires incredible diligence and constant attention. A formal electronic system like SafetySync not only makes your COR audits go smoother, but helps ensure your safety program receives the constant attention your stakeholders (of which the Government is only one) expect. Anyone telling you a Certificate of Recognition means that your safety program is adequate, is probably giving you bad advice.