Trade Compliance Audit: 15 Essential Steps for Importers & Exporters

Staying compliant with trade regulations is critical to avoiding penalties and disruptions. A structured audit approach ensures your business is ready for customs scrutiny. Here’s a streamlined compliance checklist to keep your trade activities in check.

1. Document Trade Transactions – Maintain a record of all trade activities, including parties involved, dates, and products.
2. Identify Key Trade Partners – Ensure all suppliers, brokers, and receivers are properly documented.
3. Organize Compliance Documents – Keep essential permits, invoices, and declarations readily available.
4. Review Shipping & Trade Agreements – Verify contracts align with customs regulations and product details are accurate.
5. Audit Duties & Customs Declarations – Identify any discrepancies in payments and filings.
6. Check Export Control Screening – Ensure proper procedures are followed for restricted goods and entities.
7. Ensure Anti-Money Laundering Compliance – Monitor transactions for suspicious activities and maintain proper reporting.
8. Verify HS Code & Tariffs – Ensure correct classification and tariff application to prevent overpayments.
9. Confirm Export Destination & End-Use Compliance – Verify end-user certificates and adherence to destination rules.
10. Strengthen Record-Keeping Practices – Maintain detailed shipping records, invoices, and purchase orders.
11. Set Up Violation Reporting Procedures – Implement clear processes for reporting compliance breaches.
12. Apply Corrective Actions for Non-Compliance – Establish protocols to address and resolve violations.
13. Monitor Anti-Dumping & Countervailing Duties – Stay updated on trade restrictions affecting your goods.
14. Assess Internal Audit Processes – Evaluate the effectiveness of your compliance reviews.
15. Compile an Audit Report – Summarize findings and recommendations to improve compliance.

Want to ensure your business is audit-ready? Get the full compliance checklist here.