Professional Import Audits & Assessments
Customs authorities use a wide range of audits to assess compliance and risk for imports of all shapes and sizes. It is a common myth that customs authorities only focus on large importers, but the truth is that they also audit smaller importers.
Smaller businesses are at a disadvantage because they often have fewer staff and resources to handle their compliance programs, controls, and manage the entire import process. This results in these business operations to fall out of compliance.
This can lead to significant fines and other penalties that can amount to millions of dollars, and your product can get tied up at the border for weeks.
Not only can violations result in hefty fines and lost productivity, but they can also lead to the loss of customer trust. All of these potentially devastating results of noncompliance can be avoided with a straightforward and objective import assessment.
What Is An Import Audit?
An import audit is a reactive measure that is conducted after a company is found to have compliance issues with the U.S Government. Companies that are found to be in violation of U.S. regulations are often required to go through an independent compliance audit as part of the penalties and corrective course of action.
These audits are usually mandated and overseen by a specific government regulatory agency. Companies that are required to complete an import audit must submit the audit to the regulatory agency with proof that the audit was completed, and they have addressed issues that caused the violations.
What Is an Import Assessment?
An import assessment is a proactive, independent review that looks over all aspects of your import compliance plan. This process is designed to improve your company’s compliance with various U.S. government import regulations.
An audit can help a business uncover compliance gaps or problems that they did not know exist. Since import assessments are designed for the unique needs and business operations of individual companies, they can gain valuable direction to strengthen their company’s operations across the board, including:
- Receive comprehensive feedback about your company’s import process.
- Improve your risk management for various business operations.
- Ensure you are compliant with government processes and regulations.
Why Should Your Company Conduct Ongoing Import Assessments?
It can be a stressful time if Customs starts questioning your import practices or sends you a notification that they are auditing your operations. Most companies are not confident that they are compliant with the wide-reaching requirements that always seem to change.
How confident are you that your company is compliant, and how much are you willing to gamble if you are not 100% sure?
The world of International Business is competitive, and you already have enough to think about. Worrying about changing regulations and thinking about if your import transactions meet Customs requirements should not be one of them.
What Do We Evaluate During An Import Audit?
Each audit is customized to the needs, operations, and scope of each business. This is essential since all companies are different and are subject to different import compliance requirements. Here’s a list of areas we evaluate during an import audit:
- Goods Assembled Abroad
- American Goods Returned
- Temporary Importation
- Generalized System of Preferences
- Free Trade Agreements
- Foreign Trade Zones
- Bonded Warehouses
- Duty Drawback
Import Audits & Import Assessments For Your Business
Export Solutions has years of experience building regular import compliance assessments for clients of all sizes. This means that we have import consulting experts in your subject area, and we can help you understand the risk of your existing compliance program.
Our team is also capable of tailoring our import assessments to the needs of your business. We are also able to handle all types of import audits if your business has penalties and fines levied by a U.S. regulatory agency. Contact our team to learn how we can help your business today!