| |
|
| |
 |
 |
|
| |
|
| |
 |
|
Section 404 of the Sarbanes-Oxley Act requires senior management
to establish, document, monitor and attest
to the effectiveness of their internal
controls over financial reporting. This
financial reporting requirement has prompted many
businesses to intensify the scrutiny
of their actual and potential customs
and international trade exposures.
Global Customs Compliance can help clients comply
with the Sarbanes - Oxley Act. We can give management a clear picture,
help them identify and fully understand the related customs and
international trade risks, and plan strategies to mitigate those
risks.
Our services
Global Customs Compliance can assist on a global,
regional, or domestic basis. We can focus on specific entities
and types of import taxes, as well as countries, or broadened
to provide a full and comprehensive customs and international
trade review.
Global Customs Compliance can help clients to identify
inter alia:
- potential customs and international trade
exposures and quantify their impact;
- customs and international trade process
inefficiencies; and
- strategies to correct such inefficiencies
and assist with implementation.
Global Customs Compliance can assist CEOs, CFOs, and Audit Committees to comply
with Section 404 of the Sarbanes-Oxley Act, and to uncover risk
in the company’s overseas markets, or to affirm accuracy
of provisions and liabilities. Tax directors should not perceive
such an assessment as a critique of their performance, but rather,
as an opportunity to:
- justify changes in provisions for potential
customs exposures;
- identify possible strategies to mitigate
and/or eliminate duties and penalties
associated with potential customs exposures;
- support an increase in staffing or avoid
future workforce reductions;
- develop and implement better customs reporting
controls and practices, along with
improved customs compliance procedures;
- uncover potential duty refund opportunities;
- gain a comprehensive understanding of
the businesses customs and international
trade position; and
- obtain a comprehensive understanding of
local customs record-retention
requirements and uncover any existing deficiencies in corporate
record-retention
policies.
In engaging Global Customs Compliance, companies can receive a comprehensive
analysis of their customs and international
trade operations, from the initial recording of each transaction
to the completion
of local import entry filings and customs
returns.
An alternative to your auditors
The Sarbanes-Oxley Act has impacted
significantly on non-audit services, such as tax, which auditors
can provide to their audit clients. The impact of the Act is highly
significant in the large corporate market but businesses in the
Middle Market should also be aware of its implications.
It is very likely that you have already
held a debate about what your policy will be on the purchase of
non audit services. Clearly there is a strong case to be
made for tax services to be sourced from a non-audit service provider.
Global Customs Compliance offers you an alternative to the customs advisory
services of your auditors. Key benefits are inter alia:
- No need for a referral to the Audit
Committee;
- No restrictions on value billing;
- No risk of contravening sections 302
and 404 of Sarbanes-Oxley Act.
|
|
|
