Preparing for a Customs Audit

This training program will discuss the history of US Customs, including the US Customs Modernization Act (Mod Act). It will also detail the roles and responsibilities of customs versus the importer.

Why Should You Attend:

If you are a US 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.

Learning Objectives:

• Understand the historical 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 and don’ts
• Performing your own proactive review of policies, procedures, transactions, and 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

Areas Covered in the Webinar:

• History of US Customs, including the US Customs Modernization Act (Mod Act)
• Roles and 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
• Serving many masters: 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 and regulations
• Roles and responsibilities, including upper management support
• Cross-functional tangents
• Classification
• Valuation
• Origin
• Special programs
• Broker management
• Record Keeping

Who Will Benefit:

• Import Compliance
• Logistics
• Supply Chain
• Legal
• Finance
• Purchasing
• Internal Audit
• Operations
• Strategic Sourcing
• Risk Management