Objectives of the Presentation
Why Should you Attend
- Understand the historical background, legal framework, and overall phases of U.S. Customs Audits
- Learn customs expectations and timelines
- Identify best strategies for forming and preparing an Audit Team, including 'do's & don'ts'
- Performing your own Proactive Review of Policies, Procedures, Transactions, & Record Keeping
- Identifying the role of the Prior Disclosure and value of Attorney Client Privilege
- Learn about managing the audit process and keeping management informed, including financial reserves
All countries regulate the movement of goods across their borders. In most countries, this activity, for both import and exports is governed by a Customs Agency or Customs Service. In the United States, since 2001's 9/11, U.S. imports are governed by the Bureau of Customs and Border Protection ('CBP'). Pre-dating 9/11, entering into force in 1994, the U. S. Customs Modernization Act (a Congressional ACT), known as 'the Mod Act', migrated the responsibility of adhering to all US import laws and regulations to a shared responsibility between CBP and the U.S. Importer.
As the party primarily responsible for adherence to these laws and regulations with respect to imported goods, the importer should have a robust internal control program surrounding all its import activities. However, the government does not rely solely on the importer to be wholly compliant, and, as part of its obligations to protect the federal revenue, has a robust audit program of its own. As of the time of this writing, U.S. Customs, or CBP, has a program known as 'Focused Assessment' or 'FA.'
If you are a U.S. importer of any size, it is more likely than not that, at some point, CBP will conduct an audit of your import operations and transactional compliance. This is a serious matter and should be handled with no less care and dedication than a Tax/IRS audit, with appropriate resources and guidance. An unprepared importer can and most likely will suffer far greater penalties, up to and including loss of import privileges, if not properly prepared. This webinar will highlight the areas of concern to help you prepare for such an audit.
History of US Customs, including the U.S. Customs Modernization Act ('Mod Act')
Who will Benefit
- Roles & responsibilities of Customs, versus the Importer
- Rationale for the theories of the Focused Assessment
- Best practices for all areas of Import/Customs Management
- The role of people, processes, and technology
- Breaking the financial code: rebuttable presumption
- Defending the company to the government and
- Keeping upper management satisfied
- What to say and what not to say (or do)
- Being directed by (Outside?) Counsel to invoke privilege and mitigate risks
- Understanding the essential aspects of your Import Management Program
- Import Laws & Regulations
- Roles & responsibilities, including upper management support
- Cross-Functional Tangents
- Special Programs
- Broker Management
- Record Keeping
- And More
- Import Compliance
- Supply Chain
- Internal Audit
- Strategic Sourcing
- Risk Management
Governments around the world have audit functions to assure that the promulgated laws and regulations are being adhered to by those the regulations are directed toward. Being audited by the government can be a risky and frightening event. Minimize your risk by understanding the process and becoming properly prepared.