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. We can help clients comply with these provisions. 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.
We 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. We 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.
We can assist CEO’s, CFO’s, 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 the 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.