ICV Audit Services | Approved ICV Auditors UAE
MOE Approved Auditors
Certified In-Country Value Auditors Helping Businesses Accross UAE
The In-Country Value program evaluates how much a business contributes to the UAE economy through local spending, employment, and investment. An approved ICV audit is required for businesses seeking government and ADNOC-related contracts.
Farahat & Co. is a Ministry-approved audit firm with over 40 years of experience — helping businesses calculate, verify, and improve their ICV score in line with program requirements.
How Is an ICV Score Calculated?
A company’s ICV score is a quantitative measure of how much value it retains within the UAE economy. It is calculated using a set of financial indicators — including local procurement spend, workforce employment data, and in-country investment. The higher the score, the greater the company’s demonstrated contribution to the UAE economy, and the stronger its position when competing for government and ADNOC-related contracts.
How Does an ICV Audit Work?
Companies working with ADNOC or other entities that have adopted the ICV programme are required to undergo an ICV audit. During the audit, an approved auditor reviews financial statements, procurement records, and workforce data to calculate the company’s ICV score and confirm compliance with programme requirements.
The audit ensures that the score submitted is accurate, supported by verified documentation, and meets the standards set by the relevant authorities.
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 Does an ICV Audit Matter?
An ICV audit does more than satisfy a programme requirement. It gives businesses a clear, verified picture of their current economic contribution and identifies practical opportunities to improve their score — which directly strengthens their position when bidding for government and ADNOC-related contracts.
Key reasons businesses invest in ICV audits include:
- Score accuracy — ensuring that the ICV score submitted is calculated correctly and supported by verified financial, procurement, and workforce data
- Compliance — meeting the regulatory requirements necessary to obtain and maintain an ICV certificate
- Certification renewal — ICV certificates are valid for one year and require a new audit for renewal
- Improved contract eligibility — a higher ICV score improves competitiveness when tendering for government and ADNOC contracts
- Alignment with UAE economic vision — demonstrating a genuine commitment to local investment, employment, and procurement
How Farahat & Co. Can Help
Farahat & Co. is a Ministry-approved audit firm with over 40 years of experience providing ICV audit services across the UAE. We conduct thorough, accurate ICV audits in line with programme requirements and provide practical guidance on how businesses can improve their score and strengthen their economic contribution.
Our team works closely with businesses to ensure their ICV certification process is handled efficiently, accurately, and with full regulatory compliance.
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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
Benefits of a Successful ICV Audit Report
A verified ICV audit report delivers measurable advantages for businesses operating in the UAE. Key benefits include:
- Regulatory compliance — confirms that the business meets ICV programme requirements and is eligible to hold a valid ICV certificate
- Stronger tender eligibility — improves competitiveness when bidding for government projects, ADNOC contracts, and public sector tenders
- Support for Emiratisation and local growth — demonstrates active contribution to the UAE’s economic development objectives
- Enhanced credibility — builds confidence among clients, investors, and stakeholders through independently verified data
- Operational insights — highlights opportunities to improve local procurement and streamline business operations
- Score improvement guidance — provides a clear basis for enhancing the ICV score in future reporting periods
- Reduced compliance risk — minimises the risk of penalties, disqualification from tenders, or certification issues
- Long-term business growth — supports sustainability and positions the business for expanded opportunities in the UAE market
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 is an independent review that evaluates a company’s contribution to the UAE economy based on local procurement, Emiratisation, and in-country investment. The audit calculates and verifies the company’s ICV score, which is required for businesses working with ADNOC and other entities participating in the ICV programme.
Who needs an ICV audit in the UAE?
Companies working with ADNOC, government entities, and organisations participating in the ICV programme are required to undergo an ICV audit to obtain certification and qualify for relevant tenders and contracts.
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 programme requirements. Farahat & Co. is a Ministry-approved audit firm that provides ICV audit and certification support across the UAE.
How do I obtain an ICV certificate in the UAE?
To obtain an ICV certificate, a company must prepare audited financial statements and submit the required financial, procurement, payroll, and supplier information for ICV score assessment. Once the audit is completed and the score is verified, the certificate is issued. Farahat & Co. can assist with the full process from preparation through to certification.
What documents are required for an ICV audit?
Required documentation typically includes audited financial statements, procurement records, supplier details and contracts, payroll data, Emiratisation records, revenue information, and capital investment data. The exact requirements may vary depending on the programme guidelines applicable to the business.
How is the ICV score calculated?
The ICV score is calculated using a standardised formula that considers local procurement spend, Emirati workforce contribution, in-country capital investment, and supplier engagement within the UAE. The higher the local contribution across these areas, the higher the ICV score.
How long is an ICV certificate valid?
An ICV certificate is valid for one year from the date of issuance. Businesses must undergo a new audit annually to renew their certification and maintain programme compliance.
What are the benefits of ICV certification?
ICV certification improves eligibility for government tenders and ADNOC contracts, enhances business credibility with clients and stakeholders, and demonstrates a measurable commitment to the UAE’s economic development objectives. A higher ICV score also strengthens competitiveness in the local market.
What happens if a company does not comply with ICV requirements?
Non-compliance may result in disqualification from government and ADNOC tenders, reduced contract opportunities, and a weaker competitive position in the UAE market. Businesses that fail to renew their certification on time may also face eligibility issues with participating entities.
Can small businesses benefit from ICV certification?
Yes. Small businesses can use ICV certification to access government projects, improve their market positioning, and increase their opportunities for contracts with ADNOC and related entities. A well-managed ICV score can be a significant competitive advantage for smaller businesses looking to grow within the UAE market.
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