Section 10
SEC. 10. A new Section to be known as Section 3516 is hereby inserted in Part 2, Title VII of the Tariff and Customs Code of the Philippines, as amended, which shall read as follows: "SEC. 3516. Scope of the Audit. — The audit of importers shall be undertaken: When firms are selected by a computer-aided risk management system, the parameters of which are to be based on objective and quantifiable data and are to be approved by the Secretary of Finance upon recommendation of the Commissioner of Customs. The criteria for selecting firms to be audited shall include, but not be limited to, the following: Relative magnitude of customs revenue from the firm; The rates of duties of the firm's imports; The compliance track record of the firm; and An assessment of the risk to revenue of the firm's import activities. When errors in the import declaration are detected; When firms voluntarily request to be audited, subject to the approval of the Commissioner of Customs. Brokers shall be audited to validate audits of their importer clients and/or fill in information gaps revealed during an audit of their importer clients."