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 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.