What Is Export Compliance?
Can you confidently answer this question: Is your company compliant? If you have any doubt, it may be time for an internal audit.
A requirement sanctioned by the U.S. Department of Commerce, export compliance is designed to uphold the Export Administration Regulations, or EAR.
If your company seems noncompliant with EAR, regulators will request an export compliance audit.
What is An Export Compliance Audit?
Much like an IRS audit of your company’s taxes, an export compliance audit is an efficient method to see whether or not a company’s internal export controls are correct and sufficient.
The audit identifies vulnerabilities and limitations within your current system, which allows you to correct them before an audit is required.
Export compliance auditing typically occurs in one of two ways:
- Self-Initiated: You initiate the audit on your own to improve compliance.
- Directed Audit: A government agency directs your company to conduct an audit and provide them with audit reports.
Regardless of which types of audit you require, you need compliance auditors trained to find fix problems before receiving a violation.
Why Are Export Compliance Audits Important?
No company ever wants to hear the word “audit” in any context. While they may seem inconvenient, compliance audits serve many purposes.
|Benefit Of Export Compliance Audit||How It Helps Your Company|
|Helps Improve Your Company’s Compliance Policies||With gaps uncovered, you can make improvements by taking corrective actions and preventive measures.|
|Identify Internal Compliance Gaps Within Business Processes||This means your management systems can identify risk areas and correct compliance policies before reporting to regulatory agencies.|
|Provide Risk Management||Audits will ensure you meet current regulatory policies and prepare for any new laws or policies that are put into effect.|
|Saves Your Company Time, Money, And Prevents Legal Trouble||Noncompliance will easily cause costly trouble for your company, especially in the area of mandatory laws.|
While it is possible to conduct an internal audit on your own, it’s best to hire a professional auditing company with experts who are well versed in the most up-to-date methodology of compliance requirements.
Trust Export Solutions To Help You With Your Compliance Audits
To pass your audit, you need an audit plan that will help identify and correct violations.
If your company is under a directed audit from a government agency, Export Solutions can help ensure your company needs every benchmark to meet compliance requirements.
- Approved To Conduct Directed Audits By DDTC For Clients With Past ITAR Violations.
- Well-Versed In Both ITAR And EAR Regulations.
- Offer A Comprehensive, Objective Approach To Each Audit.
- Document findings In A Thorough Report Shared With You, Your Management System, And The Relevant Government Agency.
- Review Corrective Actions And Ensure Their Implementation.
Let us help you improve with an audit or export compliance assessment today.
Contact Us for an evaluation of your needs and recommendations on how we can help.