ICV Audit Services | Approved ICV Auditors UAE
MOE Approved Auditors
Who are the UAE (In-Country Value) ICV Approved Auditors?
The In-Country Value (ICV) program, introduced in collaboration with ADNOC, evaluates how much a business contributes to the UAE economy through local spending, employment, and investment.
ICV audit services help businesses calculate and improve their ICV score, ensuring compliance with program requirements and eligibility for government and ADNOC-related contracts.
Approved ICV auditors are certified professionals authorized to conduct ICV audits in the UAE.
They review financial records, procurement, and workforce data to assess compliance and determine the company’s ICV score.
Work with Farahat & Co., a Ministry-approved audit firm with 40+ years of experience, to maximize your ICV score and strengthen your chances of winning high-value contracts.
How To Calculate an In-Country Value Score?
A quantitative indicator of how much a company retains value in the United Arab Emirates is its in-country value score. It is determined using a number of financial indicators, such as investment, employment, and local procurement data. The more points a company receives, the more it contributes to the economy of the state.
How Do In-Country Value (ICV) Audit Services Function?
It is mandatory for companies collaborating with ADNOC and other organizations that have embraced the in-country value Program to go through an ICV Audit. In order to calculate the company’s ICV score, this audit thoroughly examines a number of documents, including financial statements, procurement, and personnel records.
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What Is the Procedure for Conducting an In-Country Value (ICV) Audit?
The following phases are involved in the In-Country Value (ICV) audit:
- Specifying the Audit Area:The initial phase of the In-Country Value review process is to determine the scope. This involves identifying the key areas of evaluation, setting boundaries for the assessment, and establishing clear objectives. This essential step ensures that the review remains focused and aligned with the goals of the ICV Program. To achieve a thorough and effective examination, the assessor collaborates closely with the company to understand its operations and define the extent of the review coverage.
- Information Acquisition: Following the broad scenario of the scope, the auditor sets out on a thorough information-gathering mission. This phase is more important as it entails information, such as financial records, personnel information, and procurement paperwork. The examiner carefully manages and evaluates the data.
- Examination: The auditor examines the data after gathering all relevant information to assess the company’s compliance with the in-country value Program. This analysis takes into account the company’s strategic initiatives and operational practices that support the economic development of the United Arab Emirates. It goes beyond a simple quantitative review of the numbers to include a qualitative assessment.
- Calculating an ICV Score: The in-country value score calculation is the central component of the ICV Audit. This score indicates the proportion kept in the UAE. The ICV score is a numerical depiction of the company’s contribution to the UAE economy. The computation is based on a predetermined formula that accounts for several variables, including the employment of UAE nationals, investment, and local procurement.
- Issuance of In-Country Value (ICV) audit report: After analysis, an audit report is put together by the auditor.
- Granting of ICV Certification: The awarding of the in-country value Certification marks the end of the in-country value Audit procedure. This certification proves that the business supports the economic objectives of the United Arab Emirates. It is given to stakeholders as a sign of the company’s commitment to fostering the industrial and economic growth of the United Arab Emirates and is based on the audit results. It has a one-year validity.
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Why Choose an In-Country Value (ICV) Assessment?
- An ICV audit supports businesses in finding out the weaknesses in their process by fixing the mistakes.
- Compliance and adherence to ICV regulations are necessary to receive an in-country value certificate.
- With Internal Controls, the Auditors assist in correct in-country value reporting by reviewing and processes.
Renewal of ICV Certification:
ICV Certification can be renewed through additional audits after its one-year expiration.
What Are the Advantages of In-Country Value (ICV) Certification?
Certifications and high ICV scores are indicative of a dedication to business while contributing to the UAE economy with the expectation of improvement in the company’s chances of landing new accords with government agencies or extending current contracts.
Observance and Compliance With In-Country Value (ICV) Regulations:
UAE companies must follow the rules as per the requirements of the ICV program to keep their certification. Monitoring and Follow-up audits are carried out by in-country value auditors for compliance. Audits are essential for Businesses having activities in the UAE, particularly those that are incorporated with ADNOC and its subsidiaries, for the Certification process that indicates the willingness of the company to invest in the economy of the UAE. The Companies can show their support for the economic vision of the UAE by obtaining a competitive advantage in the market by comprehending the ICV program with their active participation.
Farhat and Co.: Reliable ICV Auditors You Can Trust
With 40+ years of experience as a leading audit firm in Dubai, Farahat & Co is committed to offering thorough in-country value audit services in the United Arab Emirates. In addition to carrying out the required audits, we also provide advice on how businesses can raise their ICV scores and, consequently, their economic contributions to the community.
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What Are the ICV Audit Requirements for Small Businesses?
- Small businesses, in particular, can benefit from the ICV certification as it enables them to secure government contracts, which were previously difficult to access (peakconsultancy, 2025)
- Audits verify local procurement, employee Emiratization, and capital expenditure in the UAE
- Submission of financial statements, invoices, payroll records, and contracts is mandatory
- Businesses must maintain proper documentation of local suppliers and service providers
- Accurate record-keeping ensures transparent calculation of ICV scores
- Engagement of certified ICV auditors is required for report approval
- Audits often cover annual operations and spending within the UAE
- Timely submission of ICV audit reports is necessary for compliance and license renewal
- Small businesses should implement internal controls to simplify audit preparation
What Are the Benefits of a Successful ICV Audit Report?
- Authenticates adherence of a company to the regulations of the ICV program.
- Enhances government tender, project and contracts eligibility.
- Provisos support to local economic growth and Emiratization.
- Improves on credibility and reputation among clients, investors, and stakeholders.
- Emphasizes the possibility to make local procurement and streamline operations.
- Gives information to enhance ICV score in subsequent reporting periods.
- Minimizes the risks of penalties or non-qualification to tenders.
- Enhances business sustainability and long term growth opportunities.
What Are the Common Challenges in ICV Audits?
- Unfinished or false or incorrect financial records and invoices.
- Challenge in monitoring local procurement and supply chain information.
- Ignorance of the ways of calculating ICV and eligibility criteria.
- Weak internal controls or record keeping systems.
- Strict timeframes in which audit preparation and report submission must be done.
- Difficulties in capturing Emirati labor force and capital spending.
- Loss of communication with auditors or lack of understanding of ICV marking rules.
- ICV audit services will assist the small businesses to become compliant and enhance their ICV scores and market opportunities in the United Arab Emirates.
- The businesses that successfully undergo the ICV Audit and receive a high ICV score can obtain ICV Certification, which remains valid for a year and allows renewal in case of passing another ICV Audit (MAKCA, 2025)
FAQs
What is an ICV audit in the UAE?
An ICV audit evaluates a company’s contribution to the UAE economy based on local procurement, Emiratization, and investment. It is required for businesses working with ADNOC and other participating entities.
Who needs an ICV audit in the UAE?
Companies working with ADNOC, government entities, and organizations participating in the ICV program must undergo an ICV audit to obtain certification and qualify for tenders.
Who can provide ICV audit services in the UAE?
ICV audit services must be provided by an approved certifying body or qualified audit firm accepted under the ICV program requirements. Farahat & Co. provides ICV audit and certification support in the UAE. Contact us for assistance.
How can I get an ICV certificate in Dubai, UAE?
To get an ICV certificate, a company must prepare audited financial statements and submit the required financial, procurement, payroll, and supplier information for ICV score assessment. Farahat & Co. can assist with ICV certificate preparation and audit support. Contact us to get started.
What are the ICV audit requirements?
ICV audit requirements generally include audited financial statements, procurement records, supplier details, payroll records, Emiratization details, revenue information, capital investment data, and other supporting documents required to calculate the ICV score.
What documents are required for an ICV audit?
Businesses need to provide audited financial statements, procurement records, payroll data, supplier details, and contracts to support ICV score calculation.
How is the ICV score calculated?
The ICV score is calculated based on local spending, Emirati workforce contribution, capital investment, and supplier engagement within the UAE using a standardized formula.
How long is an ICV certificate valid?
An ICV certificate is valid for one year from the date of issuance and must be renewed annually through a new audit.
What are the benefits of ICV certification?
ICV certification improves eligibility for government tenders, enhances business credibility, and increases opportunities for contracts with ADNOC and related entities.
What happens if a company does not comply with ICV requirements?
Non-compliance may result in disqualification from tenders, reduced contract opportunities, and lower competitiveness in the UAE market.
Can small businesses benefit from ICV certification?
Yes. Small businesses can gain access to government projects, improve market positioning, and increase opportunities by achieving a higher ICV score.
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