Compliance
Audits and Assessments:
Why Audit?
Auditing is an independent, objective assurance activity designed to add
value and improve the company’s compliance with its own stated
policies/procedures, as well as the stated requirements contained in the
various US Government’s export and import regulations. An audit identifies
compliance problems and helps a company accomplish its objectives by
bringing a systematic, disciplined approach to
evaluate and improve the
effectiveness of risk management, control, and governance in its compliance
processes.
ITC Strategies regularly provides on-site audits and
assessments to determine the viability of a company’s export and import
compliance program.
Although every audit/assessment project is unique, the audit process is
similar for most engagements and normally consists of four stages:
- Planning
- Site visit
- Audit Report
- Follow-up review
Client involvement is critical at each stage of the audit process as one of
the key objectives is to minimize disruption to the ongoing business
activities of the company. There are two types of audits that our consulting
firm engages in, “Directed” and “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.
ITC Strategies 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 of
a compliance program. It is necessary in any business enterprise in order to
determine adherence to company policies and determine liability associated
with the actions of employees. It is usually initiated by company to cover a
certain particular period, either a calendar or fiscal year and can focus on
many or only a few subject areas.
ITC Strategies provides regular compliance assessments for our
clients and can focus on a requested subject areas or provide an overall
risk assessment of existing compliance programs. In addition, we can supply
an audit procedure and help you tailor it to meet the needs of your
organization. Our assistance generally includes preparing an audit schedule,
adapting audit forms for your use, developing checklists for your business
and engaging in the associated document review and interview activities. We
can also train your personnel on how to engage in the audit process, and
your process-users on how to gain the most from audits of their areas. After
the audit, ITC Strategies will generally provide a written report complete with
recommendations, gap analysis and potential risk areas.
