SECTION 1.
Amendment of Executive Order (EO) No. 160 (s. 2003). The DOF-FIU is hereby mandated to perform the following functions of the Post Entry Audit Group (PEAG) created under EO No. 160, and other tasks inherent or incidental thereto:
a. Trade Information and Risk Analysis Office
1. Set the framework and benchmarks for compliance measurements of industry groups;
2. In coordination with Management Information System and Technology Group, direct the development of a computer aided risk management system using the data warehousing technology and other statistical tools;
3. Implement the computer-aided risk management system to develop and establish audit selection parameters based on objective and quantifiable data;
4. Establish and recommend audit targets to the Commissioner of Customs;
5. Set policies, guidelines, manuals and standard operating procedures relating to the audit and continuously assess how audit performance can be improved by better and more fine-tuned policies and guidelines; and
6. Performs other related functions.
b. Compliance Assessment Office
1. Formulate an audit work plan for approved audit targets;
2. Conduct audit examination, inspection, verification or investigation in accordance with the set policies, guidelines, manuals, and standard operating procedures;
3. Prepare and submit audit reports;
4. Develop and implement a customs compliance program; and
5. Perform other related functions.