What does CBP mean by internal controls?
Customs reviews five components of your companys internal controls: • The Control Environment. • Risk Assessment. • Internal Control Activities. • Information and Communication. • Monitoring. Weakness in any of these components can be an indication the company will not be fully compliant. Lets take a look at each of these components of internal control from CBPs perspective. • The Control Environment refers to the organizational culture and the tone set by management. CBP sees this as the foundation for effective internal controls. A good control environment places a priority on business controls and ethics. It values competence and makes a commitment to hire, train and retain qualified staff. • Risk Assessment looks to a companys strategies for reviewing and responding to challenges within its import program and greater business environment. How does the company respond to change within its import program? Does the company address growth, new services or complex import programs proact
