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ICV Audit

The In-Country Value (ICV) program was initiated by the UAE to boost economic activity, strengthen the capacities of local companies by promoting the progressive growth in collaboration with the Abu Dhabi National Oil Company (ADNOC) and its subsidiaries in 2018. The Audit in the project In-Country Value (ICV) is the central component that serves as a tool for evaluating a company's contribution to the local economy, hence increasing the procurement for domestic businesses and the economic growth in the state.

The audit cannot be conducted by a company related to the parent company or has any vested interests in it. It is where the scope of external audit gets generated. An external Audit is an independently conducted audit by an authorized audit firm in Dubai like Farahat and Co.

Who are the UAE (In-Country Value) ICV Approved Auditors?

ICV Approved Auditors are the experts certified by the Abu Dhabi National Oil Company (ADNOC) to carry out ICV audits for businesses operating in the United Arab Emirates. These approved ICV auditors are impartial and independent. These auditors are practically doing well to determine if a business is properly complying with the guidelines of the ICV program. ICV Auditors use a rigorous and methodical approach to evaluate a company's spending and financial impact on the community. In order to determine and enhance the company's ICV score—which shows the proportion of a company's overall spending that has been kept in the UAE—they gather, go through, and evaluate data and documents.

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ICV Audit

How To Calculate an In-Country Value (ICV) Score?

A quantitative indicator of how much a company retains value in the United Arab Emirates is its ICV 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 ICV 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 first stage in the In-Country Value (ICV) audit procedure is to figure out the scope. This include defining the main areas of assessment, putting limits on the audit's scope, and creating explicit objectives. This crucial step guarantees that the audit is targeted and in line with the goals of the ICV Program. To ensure an efficient, and comprehensive review, the auditor works in aligning with the company to comprehend its operations and the scope of the audit 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 in order to assess the company's compliance with the ICV 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.

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ICV Audit services in Dubai

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 ICV certificate. 
  • With Internal Controls, the Auditors assist in correct ICV 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.

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