CONDUCTING INTERNAL REVIEWS
Another important tip is to ensure that you conduct regular internal reviews of all aspects of your business. Such internal reviews can simulate a compliance audit and help you in being prepared for all eventualities. Similarly, you need to keep an eye on all your customs declarations. Checking these declarations on a consistent basis would help your business in avoiding penalties and fines. In case of non-compliance with the regulations, duty reclaims could be filed for the past three years. In order to avoid this situation, the best strategy is to conduct regular internal reviews.
MAINTAIN ALL DOCUMENTS
You should also have instant access to all your documents, such as certificates of shipment, letters of credit, and the export licenses. Such accessibility could prove to be a key factor at the time of an audit. It is advisable that you store your documents in a digital format so that you are able to retrieve them quickly when required. Additionally, you also need to ensure that your staff has access to Customs Public Notices. This aspect of export compliance is often ignored by traders, and it could prove to be costly, especially if you are transacting with special regimes. You also need to have ready access to all authorisation letters and trade applications.
YOUR COMPANY’S NEXT STEPS
Thus, it is evident that every trader needs to be fully prepared for a compliance audit. If you follow the above tips and tricks, then your business will be better prepared to deal with such audits. In case you need external assistance with your documentation and export compliance processes, we can help. Our solutions ensure that your business is ready to face compliance auditors at all times. For more information about our offerings, please contact us.
