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.
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.
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.
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.
The following phases are involved in the In-Country Value (ICV) audit: -
ICV Certification can be renewed through additional audits after its one-year expiration.
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.
It is mandatory for UAE companies to follow the rules as per the requirements of the ICV program in order to keep their ICV Certification. Monitoring and Follow-up audits are carried out by ICV auditors for the compliance Audit is essential for the Businesses having activities in the UAE particularly those who are incorporated with ADNOC and its subsidiaries for Certification process that indicates the willingness of the company for investment 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 the top audit firm in Dubai is committed to offering thorough ICV 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.