ICV Audit Services in UAE
SAB is an ICV audit provider in UAE offering the best ICV audit services in UAE. All ADNOC suppliers are required to get their ICV audit. ADNOC has initiated an In-country Value program (ICV) with the objective of Localization and creating more employment and job opportunities for Emiratis to boost the UAE’s economy and the localization of important functionalities in the field of oil and gas.
As per ADNOC’s ICV program, all ADNOC suppliers are mandatory to pronounce their ICV achievement (ICV Certificate). ADNOC needs an annual third-party confirmation of the numbers of the ICV Certificate to be accompanied.
- Increasing Randomization and increasing the services of the national workforce.
- Increasing in-country expenses on local goods and services.
- Evaluates Risks and Protects Assets
The ICV assessment now forms an integral part of ADNOC’s tender evaluation and award process. ADNOC requires third-party verification of the numbers in the ICV Certificate to be conducted by one of its Certifying Bodies on an annual basis.
The primary objectives of ICV are:
- Emiratization: Generating more employment opportunities for Emiratis in the private sector
- GDP Diversification: More goods and services are sourced within the country, in a move to support diversification
- Strategic considerations: Critical parts of the value chain are localized for certain categories of businesses
- ICV score is an integral part of the bid evaluation of the participating entities and it will give added weightage to the suppliers and vendors in the award process.
- Entities who are indirectly connected with the tenders also benefit from the ICV certification program; as ICV-certified supplier “spend” that remains within the UAE or contributes to the UAE economy, is considered for ICV calculation purposes.
Key considerations in ICV Certification
- ICV certification is based on the last audited IFRS financial statements of the entities and shall not be older than 2 years from the certification year.
- For newly established companies (less than 10 months old), that do not have audited financial statements, the management accounts for a period of up to 10 months can be considered for ICV calculations.
- The ICV certificate shall be valid for a period of 14 months from the date of issuance of audited financial statements.
- ICV Scores are calculated using a pre-defined methodology by assessing the economic value added within the country for the goods or services provided by the entity.
ICV Auditors in UAE
In the UAE, the ICV certificate can only be obtained from an ICV-approved auditor/ audit firm. The ICV auditor/ audit firm will only issue the ICV certificate on the basis of the audit report of an entity issued by an approved external auditor or audit firm from the government of the UAE. SAB will take care of the ICV audit services and take the load off of you.
SAB audit services include internal audits, external audits, company liquidation audits, risk management audits, fraud audits, and tax audits.