Download or read book A Short Guide to Customs Risk written by Catherine Truel and published by Gower Publishing, Ltd.. This book was released on 2010 with total page 148 pages. Available in PDF, EPUB and Kindle. Book excerpt: Customs have moved from frontier checks to audit based controls and transferred a high level of responsibility and risk to the trader. It is now the duty of the trader to identify and report any error or irregularity and to keep an impeccable audit trail from initial quotation to receipt of payment. For the business, failing to provide satisfactory compliance records will result in delayed shipments and serious disruption in the supply chain. This will in turn impact on financial performance indicators. Errors uncovered during these audits will yield heavy financial penalties and a Customs debt. --