Preparing for a (US and other) Customs Audit
Ms. Waltuck Barnett is a highly regarded global trade professional, having created and implemented global and domestic trade compliance programs across many industries for companies large and small. Her experience includes oversight of a $5B, 65-location division of Honeywell, a $3B, 17-location division of Motorola, and Global Trade Optimization for Dell, Inc., among others.
Ms. Waltuck has worked in the international trade arena in various industries for nearly 20 years. Her professional accomplishments include multi-million dollar global supply chain savings under various legal theories, as well as end-to-end global trade risk mitigation processes and procedures, identifying “right-sized” technology tools, including “compliance on a shoestring” practices.
She has served on councils and boards for various organizations, including the American Association of Exporters and Importers (AAEI), the Organization of Women in International Trade (OWIT), is a charter member of the International Compliance Professionals Association (ICPA), and a frequently sought-after trade and supply chain conference speaker for various well-known conference organizers, including the American Conference Institute (ACI), Marcus-Evans, and Richardson Conference Events.
A licensed customs broker, Randi, a 6-Sigma Green Belt, holds degrees in International Business, an MBA in Finance, began her pursuit of a J.D. in International Trade Law, and is available to solve your global trade needs, now!
US Customs law dates back to 1879 and was far less burdensome, legally, on the US importer until 1993. Under current law, the US Customs Modernization Act, the US Importer is now mainly responsible for adherence to all US Customs laws and regulations. While Customs calls it a “shared responsibility”, the burden is on the importer to “exercise reasonable care”. In this session, we’ll discuss the basics of a Customs Compliance Program that would provide evidence of meeting the reasonable care standard, what the government expects and requires, what potential penalties for non-compliance can attach to the importer, and best-practice mitigation strategies for even those not properly prepared.
Compliance in the tine of uncertainty and under current law & regulation
- Background and History of (US) Customs Audits
- Areas of Customs review including but not limited to:
o Record Keeping
o Special Programs such as NAFTA, Chapter 98, or others as applicable
- Performing an Internal Review
- Mitigation Techniques
- Do’s and Don’ts
- Keeping Management Informed
Course Level- Advanced: Presupposes a basic understanding of the fundamental customs principles of classification, valuation, origin, and record keeping.
Who Should Attend
- Trade Compliance
- Supply Chain
- Internal Audit
- Risk Management
Why Should You Attend
A Customs Audit is no less burdensome and potentially financially risky than a Tax Audit and must be taken at least as seriously. Even more important is the fact that, once an importer is aware of a potential Customs Audit, he can submit a preliminary prior disclosure (the US only) to mitigate potential penalties. Being prepared for a Customs Audit – always – is the best trade compliance practice in any case. Understand your legal obligations, best practices, and mitigations.