Compliance is a key aspect of international exports and imports. Traders around the world need to ensure that they are fully compliant with all regulations and audit requirements prescribed by the authorities. Such audits can be multi-dimensional and can include elaborate processes and procedures that are used to check all transactions conducted by a trader. There is a possibility that your business is not fully prepared for compliance audits. This blog will help your business in surviving a compliance audit by providing some key tips and tricks.
The first step is to make sure that you are fully aware of all the requirements. These requirements may include recordkeeping, ensuring that your declarations are in place, and complying with export regulations. The best way forward is to ensure that your staff members are aware of the rules and regulations. In order to do this, you could take the help of external consultants, or even look to create internal training modules for your employees. Similarly, you should also consult with the official websites of authorities in order to keep your knowledge refreshed.
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.
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.
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.