Fireman,
Fortunately, these two regulations (102 and 103) are probably the two least-enforced regulations out there. Even if the MOE came in and found that you had done nothing, they would probably only mention it to you. The basis of the regulation is to look at your waste streams and put a recycling (waste reduction) program in place. This is where the blue box craze stemmed from several years back.
As for the amount of detail, it really depends on your waste streams. Our facility has 600 employees, and produces all sorts of solid waste from our plastic molding shop, our 3 paint lines, as well as our assembly area. We just completed a 3 day waste audit by a consultant (also called 'dumpster diving') that cost us ~$3500 CDN. This will give us a very detailed report on how much waste we are generating in a year from each individual department, broken down by the waste type (cardboard, paper, plastic, shrink wrap, pop cans, bottles, labels, tape, etc.). Every single item is documented and weighed. Once we have this report, we will probably update it ourselves over the next few years.
You can get away with doing a general audit yourself (estimating the amount of cardboard, paper, etc.) and set your plan based on this, it's up to you. We found that we had a lot of room for improvement, so the cost of the audit would easily be recovered by our reduction efforts. Your waste hauler (Canadian Waste, BFI) should also be able to help you with this, give your rep a call.