Why an Export Compliance Audit/Assessment?
An export compliance audit is designed to quantify a company’s level of compliance with applicable trade control regulations. The audit is an exhaustive, comprehensive review of export transactions, typically going back five years, to determine if proper classification, license determination, applicability of license exceptions, and export documentation is compliant with the regulations. If discrepancies are found, a review of the affected processes and procedures may be performed.
Outsource Trade Group provides on-site audits and assessments to determine the viability of a company’s export and import compliance program.
Types of Compliance Audits/Assessment:
Directed Audits: A directed audit is usually the result of a compliance issue that a company has experienced with the US Government, one in which the requirement for an independent compliance audit has been levied. The focus and duration is usually mandated by a particular government regulatory agency in which the issue is being adjudicated, and the resulting report is generally provided to the company for submission to that regulatory agency. Outsource Trade Group has performed countless directed audits and is recognized as a trusted and accepted independent export compliance auditor with the U.S. Government.
Compliance Assessments: A compliance assessment is generally an internal company-initiated assessment of the current status and adherence to existing trade control processes and procedures. The assessment has two main activities; the gathering and analysis of “soft data”, and the gathering and review of “hard data.” “Soft data” consists of interviews of compliance process stakeholders, while “hard data” are the processes and procedures, and other relevant documents; e.g., export licenses, commodity jurisdictions or classification request results, etc.
What we do?
We bring a comprehensive, objective approach to each audit, and we document our findings in a thorough, detailed report which is then shared with your management and the relevant governmental agencies. If needed, we can review your corrective actions and ensure they are implemented. Although every audit/assessment project is unique, the audit process is similar for most engagements and normally consists of three stages:
- Site visit
- Audit Report
- Follow-up review (if needed)