18 Questions
What is the purpose of PCAG-TIRAO's audit examination, inspection, and investigation of records?
To determine the liability of the importer for duties and taxes
What does PCAG-TIRAO review to establish compliance markers and set benchmarks for developing an audit program?
Available trade data
When is PCAG mandated to conduct an audit examination of records after customs clearance?
Within three years from the date of final payment
What documentation does the PCAG examine during its audit?
Goods declaration, statements, documents, and data
Where does the PCAG focus its audit efforts after reviewing available trade data?
On setting benchmarks for compliance assessment
What is one of the functions of PCAG-TIRAO in ensuring compliance with customs regulations?
Developing an audit program for the Commissioner's approval
What does CAO No.O[-2019 aim to implement?
Post clearance audit functions and Prior Disclosure Program
Who is required to keep records according to the content?
Importers, Customs Brokers, and Locators
What is the purpose of the post clearance audit system?
To strengthen customs controls and ensure compliance
What are the adverse consequences of non-compliance with customs rules and regulations?
Sanctions and penalties
What is the period covered by the conduct of audit as per the content?
12 months from import date
What is the objective of the Prior Disclosure Program (PDP)?
To promote compliance and revenue collection
What is the term used to refer to a plea for re-evaluation of audit findings based on existing records without additional evidence?
Reconsideration of Audit Findings
In the context of the text, what is 'Undervaluation' defined as?
Incorrect valuation method use
What is the term used for a plea in the customs clearance process to reevaluate audit findings with newly discovered evidence?
Reinvestigation of Audit Findings
Which section mandates the audit of importers, locators, and all parties engaged in customs clearance and processing?
Section 3.14
What situation does 'Undervaluation' refer to in the context of customs processes?
Incorrect valuation method use
What is the term used for a situation when the declared value doesn't reveal the actual price paid, leading to a discrepancy in duty and tax to be paid?
'Undervaluation'
This quiz covers the audit procedures mandated by the Philippines Customs Law for importers, locators, and parties involved in customs clearance. It includes topics such as Reconsideration of Audit Findings and Reinvestigation of Audit Findings.
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