What is Customs Audit?
Customer audit is the examination of accounts and other business records. It verifies the compliance of the business with the relevant legislation and revenue requirements. The electronic declaration facilities importers by relieving them of lodging documents to a customs station. Customs declarations submitted contain the correct information.
The market study is broken down by Type (External Audits, Internal Audits and Internal Revenue Service (IRS) Audits), by Application (Business, Individuals and Others) and major geographies with country level break-up.
Global Customs Audit is a fragmented market due to the presence of various players. The players are focusing on the new launches as well as mergers and acquisitions. This factor helps to grow the companies and enhance the market presence and maintain their competitive edge. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
KPMG (Netherlands), Ontario Hockey League (Canada), BDO (Belgium), Maersk Supply Service (Denmark), Ernst and Young (United Kingdom), Affiliated Agents en Douane Ltée (Canada), PricewaterhouseCoopers (United Kingdom), Deloitte (United Kingdom) and Tiger Logistics (India) are some of the key players that are part of study coverage.
AdvanceMarketAnalytics has segmented the market of Global Customs Audit market by Type, Application and Region.
On the basis of geography, the market of Customs Audit has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Deployment, the sub-segment i.e. Cloud-Based will boost the Customs Audit market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Method, the sub-segment i.e. By Registered Person will boost the Customs Audit market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Leaders and their expansionary development strategies
In 2020, Maersk Supply Service has acquired KGH customs services. With the acquisition, Maersk’s service offerings as the carrier look to expand beyond ocean shipping and position itself as a full-service supply chain solutions provider.
In 2019, BDO has launched Customs and International Trade Practice. It launched with the acquisition of the assets of Global Trade Strategies, Inc. The transaction helps to enhance the resources of BDP’s International Tax Services to provide cross-border global tax advisory services.
- Revenue Requirements through an Examination of the Accounts
- Increasing Application of Customs Audit to Develop Audit Program
- Growing Implementation of Customs Audit to reach out to Other Customs Unit
- Difficult to Physically Verify the Business Premises of Trader Prior to the Start of the Audit
- Regulatory Guidelines on the use of Custom Audit
Key Target AudienceCustoms Audit Regulatory Bodies, Potential Investors, Research and Development Institutes and Others
About ApproachTo evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have the better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with purpose to understand companys positioning regarding market value, volume and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders etc. and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, analyst team keeps preparing set of questionnaires and after getting appointee list; the target audience are then tapped and segregated with various mediums and channels that are feasible for making connection that includes email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey etc.
Frequently Asked Questions (FAQ):
1. What all players are profiled in the study?
The standard version of the report profiles players such as KPMG (Netherlands), Ontario Hockey League (Canada), BDO (Belgium), Maersk Supply Service (Denmark), Ernst and Young (United Kingdom), Affiliated Agents en Douane Ltée (Canada), PricewaterhouseCoopers (United Kingdom), Deloitte (United Kingdom) and Tiger Logistics (India) etc.
2. Can we have customized study for Customs Audit Market?
The Study can be customized subject to feasibility and data availability. Please connect with our sales representative for further information.
3. What would be the Market Size of Customs Audit Market by 2026?
Analysts at AMA estimates Customs Audit Market to reach USD Million by 2026.