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Preparing for a Customs Audit (TRD372G)

Presented by: Randi S. Waltuck Barnett
(*) Single User Price. For multiple users please call 1-844-384-4744
Pre Recorded Webinar
60 minutes
Event Description
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Learn How to Prepare for and Comply with a US Customs Import Audit

All countries regulate the movement of goods across their borders, and the Customs Agency or Customs Service is usually responsible for both imports and exports. In the US, since 2001’s 9/11, the Bureau of Customs and Border Protection (CBP) governs US imports. Before 9/11, the US Customs Modernization Act, 1993 (a Congressional Act), known as the “Mod Act”, bestowed shared responsibility between CBP and the U.S. Importer for adhering to all US import laws and regulations.

Countries generally operate within the global trading platform framework, however, each jurisdiction interprets and codifies the regulatory body around that framework to meet its own needs and objectives. Customs Law and Regulation is highly complex, non-intuitive, and Customs Agencies do not have the capacity to oversee individual transactions. Therefore, the importer is legally required to “exercise reasonable care” in all import matters, and Customs has the right to oversee and audit all transactions to assure legal conformance.

As the onus of adherence to laws and regulations for imported goods falls on the importer, they must have a robust internal control program for their import activities. However, the government, instead of relying solely on the importer’s compliance, also has a robust audit program in place to protect federal revenue. The US Customs or CBP has a program called “Focused Assessment” or “FA”.

If you are a US Importer of any size, you are likely to be audited on your import operations and transactional compliance by CBP. This audit is as important as a Tax/ IRS audit, and must be handled with care and dedication, as well as appropriate resources and guidance. Unprepared importers are likely to suffer far greater penalties, up to and including loss of import privileges. This session, with expert speaker Randi S. Waltuck Barnett will highlight areas of concern to help you prepare for such an audit.

Despite a central trade compliance function, ensuring import audit compliance, as well as accuracy and completeness of customs declarations is impacted by every functional tangent in the organization. It’s often only under threat of government audit that management and the pertinent functional areas take note of the seriousness and complexity of customs matters. This session will help you learn how to elevate these concerns and mitigate any associated risks.

Session Highlights

  • Understand the background, legal framework, and overall phases of US Customs Audits
  • Learn Customs Expectations and Timelines
  • Identify Best Strategies for Forming and Preparing an Audit Team, including “Do’s & Don’ts”
  • Perform your own Proactive Review of Policies, Procedures, Transactions, & Record Keeping
  • Identify the Role of the Prior Disclosure to mitigate risks and the use of Attorney Client Privilege
  • Learn how to keep Management Informed, including establishing Financial Reserves

Who should attend?

  • Import Compliance
  • Logistics
  • Supply Chain
  • Legal
  • Finance
  • Purchasing
  • Internal Audit
  • Operations
  • Strategic Sourcing
  • Risk Management
About Our Speaker(s)

Randi S. Waltuck Barnett | trade compliance programs SpeakerRandi S. Waltuck Barnett
Ms. Waltuck Barnett is a highly regarded global trade professional, having created and implemented global and domestic trade compliance programs across many industries for companies large and small. Her experience includes oversight of a $5B, 65-location division of Honeywell, a $3B, 17-location division of Motorola, G... More info

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    Event Title: Preparing for a Customs Audit
    Presenter(s): Randi S. Waltuck Barnett

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