ICV Audit Services By Approved ICV Auditors
MOE (Ministry Of Economy) Approved Auditors
ICV Audit Services in the UAE
Certified In-Country Value Auditors Helping Businesses Accross UAE
Farahat & Co. is a Ministry-approved audit firm providing ICV audit and certification support across 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, resulting in a verified score required to work with ADNOC and other ICV programme participants.
- Ministry-approved auditors, with over 40 years of experience across UAE audit and financial reporting
- Full-scope ICV support, from financial statement preparation through to submission template review and score calculation
- Current on regulatory updates, including the January 2025 requirement for stand-alone audited financial statements
An ICV audit does more than satisfy a programme requirement. It gives your business a clear, verified picture of its current economic contribution and identifies practical opportunities to improve your score before your next tender submission.
What Is an ICV Audit?
The In-Country Value (ICV) programme was originally introduced by the Abu Dhabi National Oil Company (ADNOC) in 2018 to increase local companies’ and nationals’ contribution to the UAE economy. In 2021, the Ministry of Industry and Advanced Technology (MoIAT) nationalised the programme, transforming it from ADNOC’s own initiative into the National ICV Programme, extending its scope to federal and local government entities and their supply chains.
An ICV audit is the independent review conducted by a MoIAT-authorised certifying body to verify a company’s ICV score, based on local procurement spend, Emirati employment, in-country investment, and supplier classification. A successful audit results in an ICV Certificate, a formal, government-recognised measure of your company’s economic contribution to the UAE.
Who Needs an ICV Certificate?
ICV certification applies to a wide range of businesses, not only large ADNOC contractors.
- ADNOC suppliers and contractors: all suppliers and contractors working with ADNOC and its subsidiaries, including drilling contractors, engineering firms, and logistics providers, are required to hold ICV certification.
- Tier 1 suppliers: companies directly supplying goods and services to National ICV Programme partners must disclose their ICV score as part of tender evaluations.
- Tier 2 and lower-tier suppliers: may also need to produce an ICV certificate to remain competitive against Tier 1 suppliers in bid evaluations.
- Government contract participants: businesses across construction, transportation, healthcare, manufacturing, and trading seeking contracts with UAE government and semi-government entities.
- Subcontractors: in many cases, subcontractors are encouraged or required to hold ICV certification, since their contribution can affect the main contractor’s overall ICV score.
How the ICV Score Is Calculated
Your ICV score represents your company’s value-add within the UAE economy, expressed as a percentage. It is calculated based on:
- Local procurement spend: the proportion of your total spend retained within the UAE through local suppliers and service providers
- Emiratisation: the employment and training of UAE nationals within your workforce
- In-country investment: capital invested in UAE-based manufacturing, plant, and physical assets
- Revenue classification: the split between revenue earned from UAE-based customers versus customers outside the UAE
- Supplier classification: the tier and local content status of the suppliers your business works with
- Technology and knowledge transfer: investment in developing local technical and operational capability
Explore Our Audit & Assurance Services
From statutory requirements to specialist investigations, Farahat & Co. offers a full range of audit services tailored to your industry and compliance needs. Browse our audit services below to find the right fit for your business.
Financial Statement Requirements for ICV Certification
ICV certification is based on audited financial statements, and getting this part right is essential to avoid delays or rejection.
- Standard requirement: audited financial statements prepared in accordance with IFRS, not older than two years from the certification year, and signed by a licensed auditor registered with the UAE Ministry of Economy.
- New companies: businesses less than 10 months old without audited financial statements can use management accounts covering up to 9 months instead, provided they are properly documented.
- Stand-alone entity requirement (effective 1 January 2025): for ICV certificates covering financial years ending after 31 December 2024, MoIAT now requires stand-alone audited financial statements specific to the exact legal entity being certified. Bifurcated management accounts derived from a consolidated group statement are no longer accepted.
- Multiple licences: where a company holds both manufacturing and commercial licences, accounting records must be split by activity, and a separate ICV certificate is issued for each licence.
- NAFIS registration: private companies must complete NAFIS registration as Partners, regardless of their current Emirati headcount, and this should be checked early, since incomplete registration can delay certification.
Our ICV Audit Process
- Data and template preparation: we help populate the official ICV submission template with your company’s financial, procurement, payroll, and investment data.
- Document review: we review your audited financial statements, supplier records, payroll details, and revenue bifurcation for accuracy and completeness.
- Certifying body coordination: we coordinate with a MoIAT-authorised certifying body to submit your application and supporting documentation.
- Verification and scoring: the certifying body verifies your data and calculates your ICV score based on the standardised formula.
- Certificate issuance: once approved, your ICV Certificate is issued, valid for 14 months from the date of your most recent audited financial statements.
Benefits of ICV Certification
- Tender eligibility: ICV certification is required to bid for ADNOC and many government and semi-government contracts, and disqualifies unregistered suppliers outright.
- Competitive positioning: ICV scores are weighted directly into tender evaluations, giving higher-scoring companies a genuine ranking advantage.
- Business credibility: certification demonstrates a measurable, verified commitment to the UAE’s local economic development objectives.
- Access for smaller businesses: ICV certification isn’t limited to large corporations, and small and medium businesses can use it to access government contracts that would otherwise be difficult to reach.
- Score improvement guidance: an ICV audit doesn’t just confirm your current score, it identifies practical opportunities to increase local spend, Emiratisation, or investment ahead of your next renewal.
Why Choose Farahat & Co. for ICV Audit Services
Farahat & Co. is a Ministry-approved audit firm with over 40 years of experience providing ICV audit services across the UAE.
- Regulatory currency: we stay current on MoIAT programme updates, including the 2025 stand-alone financial statement requirement
- Integrated service: our ICV work connects directly with our audit, VAT, and corporate tax teams, since your ICV certification depends on accurate underlying financial statements
- Practical improvement guidance: we don’t just calculate your score, we identify realistic ways to improve it before your next tender cycle
- Full-sector experience: support across oil and gas, construction, manufacturing, trading, and services businesses
- Established track record: over four decades supporting UAE businesses across audit, accounting, and regulatory compliance
