ICV Audit
ICV Audit
ICV Audit in UAE is a crucial process for companies looking to collaborate with ADNOC, its subsidiaries, and other UAE government entities under the ICV Program. Launched in 2018, this initiative aims to boost the UAE economy by increasing local spending, promoting Emiratization, and encouraging the transfer of knowledge and technology. Compliance with the ICV program is not only a demonstration of corporate responsibility but also a key requirement for securing government contracts.
At AH Management Consultancy, we offer Expert ICV Consultancy Services Abu Dhabi to help businesses navigate the ICV audit and certification process smoothly. Our certified auditors ensure your company meets ADNOC’s high standards and provide all necessary documentation for ICV certification.
Partnering with our team ensures that your business not only achieves compliance but also maximizes its contribution to the UAE’s economic growth. With AH Management Consultancy, you gain a trusted advisor for efficient, accurate, and professional ICV audit services, enhancing your credibility with government entities and stakeholders.
What is an ICV Audit?
An ICV Audit is a formal review of a company’s financial records, procurement processes, and other key documents to calculate the company’s ICV score. This score reflects the percentage of your total spending that benefits the UAE’s economy through local spending on goods and services, the employment of UAE nationals, and technology transfer. The ICV score is a crucial factor in the ADNOC supplier selection process and is evaluated annually.
Our ICV audit services ensure that your company complies with the ICV Program, helping you improve your ICV score and giving you a competitive edge when bidding for government contracts.
Why is ICV Audit Important?
ICV Audit services are crucial for companies working with ADNOC or other UAE government entities. Here’s why:
- Mandatory for ADNOC Suppliers: All ADNOC suppliers are required to obtain an ICV certification. A high ICV score can increase your chances of winning contracts or renewing existing ones with ADNOC.
- Improved Bid Evaluation: ICV scores are an integral part of ADNOC’s tender evaluation process. Companies with a higher ICV score are more likely to be awarded contracts, as the program prioritizes those contributing significantly to the local economy.
- Economic Contribution: The ICV Program promotes the sourcing of local goods and services, employment of UAE nationals, and the transfer of knowledge and technology, aligning with the UAE’s broader economic diversification goals.
- Legal Compliance: The ICV Program is a government-mandated initiative, and non-compliance can result in missed business opportunities, penalties, or exclusion from tenders.
Our ICV Audit Services
At AH Management Consultancy, we provide comprehensive ICV audit services tailored to your business needs. Our expert auditors will:
- Review Financial Statements: We thoroughly examine your audited financial statements to assess the in-country value generated by your business.
- Evaluate Procurement Records: We analyze your procurement processes to ensure that your spending on goods and services supports the local economy.
- Assess Employee Records: We ensure that your company is complying with Emiratization efforts by employing UAE nationals and contributing to job creation in the UAE.
- Technology Transfer: We examine how your company is transferring technology and knowledge to the UAE, which is a key component of the ICV program.
- Calculate ICV Score: After gathering and reviewing all necessary data, we calculate your ICV score, which reflects your contribution to the local economy.
- Prepare Audit Report: We prepare a detailed audit report summarizing the findings and providing recommendations for improving your ICV score if necessary.
- Provide ICV Certification: If your company meets the required standards, we will issue an ICV certificate, which is valid for 12 months.
Steps in the ICV Audit Procedure
The ICV audit process involves the following steps:
- Determining the Scope: Our auditors assess your business structure, operations, and applicable financials to determine the audit scope.
- Data Collection: We gather all relevant documentation, including financial statements, procurement records, and employee information.
- Review and Analysis: Our team conducts a thorough review and analysis of the data, evaluating how much value has been retained within the UAE.
- ICV Score Calculation: We calculate your ICV score, reflecting the percentage of your spending that benefits the UAE’s economy.
- Audit Report: A comprehensive audit report is prepared, detailing the findings and your company’s ICV score.
- Certification: If your business meets the criteria, we issue the ICV certificate, which can be used for ADNOC tenders and government contracts.
Benefits of ICV Audit and Certification
- Competitive Advantage: A high ICV score can give your company an edge in ADNOC’s bid evaluation and increase your chances of winning lucrative government contracts.
- Enhanced Reputation: Being ICV-certified demonstrates your company’s commitment to contributing to the UAE’s economy and creating job opportunities for Emiratis.
- Legal Compliance: Our audit services ensure that your company remains compliant with the ADNOC ICV program, avoiding any risks or penalties.
- Increased Local Procurement: You will identify areas where you can increase your local spending on goods and services, benefiting both your business and the UAE economy.
ICV Certification for Newly Established Companies
For newly established companies (less than 10 months old), we offer tailored services to help you meet ICV requirements. If audited financial statements are unavailable, management accounts for up to 10 months can be considered for the ICV calculation.
Renewing Your ICV Certification
ICV certification is valid for 12 months, after which you will need to undergo another ICV audit to renew your certification. AH Management Consultancy ensures that your renewal process is seamless and timely, so you can continue participating in government contracts without interruption.
Why Choose AH Management Consultancy?
- Certified ICV Auditors: We work with certified ICV auditors who are familiar with ADNOC’s strict requirements and ensure that your business remains fully compliant.
- Expert Knowledge: Our team has extensive experience in conducting ICV audits across various industries, ensuring that your business receives the best possible support.
- Tailored Solutions: We provide customized audit services based on your company’s size, sector, and operations to maximize your ICV score.
- End-to-End Services: From audit preparation to certification and renewal, we handle every aspect of the ICV audit process.
Get Started with Your ICV Audit Today
Ensure your business meets the ADNOC ICV program requirements and stays competitive in the UAE’s growing market. Contact AH Management Consultancy today to schedule your ICV audit and get certified.
corporation, or a free zone business, we can help you optimize your tax strategy, stay compliant, and grow your business in the UAE’s competitive market.
Contact AH Management Consultancy today for comprehensive corporate tax services and take the first step toward ensuring your business thrives under the UAE’s new tax regime.