Periodic export compliance audits are an integral aspect of a company’s export compliance program. Audits demonstrate adherence both to a company’s internal controls and to U.S. export laws and regulations, including the Export Administration Regulations and International Traffic in Arms Regulations. Export compliance audits review export invoices and other export documents to ensure compliance with product licensing, marking of technical data, controls on foreign national employees, etc.
Audits may bring to light non-compliance to U.S. export laws and regulations that should be disclosed to the appropriate U.S. government agency. A voluntary disclosure is frequently seen as a mitigating circumstance and may help reduce penalties for the noncompliance. Corrective action should be taken within 60 days to ensure complete compliance with U.S. export laws and regulations.
This Blog is made available by Wilmarth & Associates for educational purposes as well as to give you general information and a general understanding of export law and compliance, not to provide specific legal advice. This blog is not legal advice and should not be treated as such. You must not rely on this blog as an alternative to legal advice from your attorney or other professional legal services provider. The information provided on this website is presented “as is” without any representations or warranties, express or implied.
