An ICV (In-Country Value) Audit is a formal process conducted by certified ICV auditors in the UAE to assess a company’s compliance with the requirements of ADNOC’s ICV Certification program. The ICV program, introduced by the Abu Dhabi National Oil Company (ADNOC), aims to enhance the contribution of local companies and nationals to the UAE’s economy. It requires companies to meet a minimum threshold of in-country value for their goods and services, which encompasses local spending on goods and services, local employment of UAE nationals, and the transfer of knowledge and technology to the UAE.
ICV Audit Services in the UAE:
ICV audits are mandatory for companies working with ADNOC, its subsidiaries, and other government entities in the UAE that have adopted the ICV program. These audits are essential for maintain
ICV (In-Country Value) Audit is a formal verification process conducted by certified ICV auditors in the UAE to assess a company’s compliance with ADNOC’s ICV Certification Program.
The ICV program, introduced by Abu Dhabi National Oil Company, aims to strengthen the UAE economy by increasing local spending, supporting Emirati employment, and promoting knowledge transfer within the country.
Al Marzaan Consultancy provides professional ICV Audit Services in the UAE, helping businesses achieve and maintain ICV certification with confidence.
What Is the ADNOC ICV Program?
The ICV program requires companies working with ADNOC and participating government entities to meet a minimum In-Country Value threshold.
ICV measures:
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Local procurement of goods and services
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Employment of UAE nationals
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Investment within the UAE
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Knowledge and technology transfer
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Manufacturing and local value addition
Therefore, companies with higher ICV scores gain a competitive advantage in tender evaluations.
Why ICV Audit Is Important in UAE
ICV audits are mandatory for companies working with ADNOC, its subsidiaries, and other government entities that have adopted the ICV program.
Furthermore:
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All ADNOC suppliers must undergo ICV audits
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ICV score plays a critical role in tender evaluation
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Annual third-party verification is required
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Certification is necessary for contract renewal
A strong ICV score significantly improves your chances of winning government and ADNOC contracts.
ICV Certification in the UAE
ICV certification is officially granted after successful completion of an ICV audit.
It demonstrates your company’s commitment to contributing to the UAE economy. Consequently, ICV-certified suppliers are evaluated more favorably during tender processes.
Key Points About ICV Certification
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Certification is based on the latest audited IFRS financial statements (not older than two years).
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Newly established companies (less than 10 months old) may use management accounts for ICV calculation.
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ICV certification is valid for 14 months from the date of audited financial statements.
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The ICV score is calculated using a predefined methodology measuring economic value retained in the UAE.
Maintaining an accurate and strong ICV score is essential for long-term business growth in the UAE government sector.
ICV Audit Procedure in the UAE
The ICV audit process includes the following steps:
1️⃣ Scope Determination
The audit scope is defined, including financial periods and relevant documentation.
2️⃣ Data Collection
Auditors collect financial statements, procurement data, payroll records, and supporting documents.
3️⃣ Data Review & ICV Calculation
The collected information is reviewed to calculate the ICV score, representing the percentage of spending retained within the UAE.
4️⃣ Audit Report Preparation
A detailed ICV audit report is prepared summarizing findings and calculated ICV score.
5️⃣ ICV Certification
Upon successful verification, the company becomes eligible for ICV certification.
6️⃣ Follow-Up Audits
Regular audits ensure ongoing compliance with ICV program requirements.
Why Choose Al Marzaan Consultancy for ICV Audit Services?
Al Marzaan Consultancy assists businesses in navigating the complex ICV framework with precision and professionalism.
Our services include:
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ICV score calculation and verification
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Identification of gaps in ICV compliance
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Advisory to improve ICV score
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Preparation of required documentation
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Coordination with certification bodies
Moreover, our experienced auditors help companies optimize their local value contribution while ensuring full regulatory compliance.
Strengthen Your Competitive Position with ICV Certification
ICV audits and certification are essential for companies aiming to work with ADNOC and UAE government entities.
By partnering with Al Marzaan Consultancy, your business can enhance its ICV score, improve tender eligibility, and demonstrate commitment to the UAE’s economic development goals.
Contact us today for reliable ICV Audit Services in the UAE and secure your competitive advantage.
ing a high ICV score, which can influence a company’s ability to secure contracts and renew existing ones with these entities.
ICV audits assist companies in identifying gaps, rectifying errors, and maintaining compliance with the ICV program. All ADNOC suppliers are required to undergo ICV audits, as ICV is a critical part of ADNOC’s tender evaluation and award process. Third-party verification of ICV certification is mandated annually by ADNOC to ensure compliance.
ICV Certification in the UAE:
ICV certification is a formal recognition awarded to companies that have successfully completed an ICV audit and demonstrated compliance with the ICV program requirements. This certification is a testament to a company’s commitment to contributing to the local economy and can significantly impact the award of contracts. ICV-certified suppliers are more likely to be considered favourably in the tender evaluation process.
Key Points on ICV Certification:
- ICV certification is based on the last audited IFRS financial statements of entities, which should not be older than two years from the certification year.
- For newly established companies (less than 10 months old) without audited financial statements, management accounts for up to 10 months can be considered for ICV calculations.
- ICV certification is valid for 14 months from the date of issuance of audited financial statements.
- ICV scores are calculated using a pre-defined methodology, assessing the economic value added within the UAE for the goods or services provided by the entity.
ICV Audit Procedure in the UAE:
The ICV audit process involves several steps:
- Scope Determination: The audit scope is defined, including the relevant financial periods and data sources.
- Data Collection: The auditor collects financial statements, procurement records, employee records, and other relevant documents.
- Data Review: The auditor reviews the collected data to calculate the company’s ICV score, which represents the percentage of total spending retained in the UAE.
- Audit Report Preparation: An audit report is prepared, summarizing the findings and the calculated ICV score.
- ICV Certification: Upon successful completion of the audit, the company is eligible to receive ICV certification, valid for one year.
- Follow-Up Audits: Companies are subject to follow-up audits to ensure ongoing compliance with ICV requirements.
ICV audits and certification are vital for demonstrating commitment to the local economy and enhancing the competitiveness of companies working with ADNOC and other government entities in the UAE.
Al Marzaan Consultancy provides ICV audit services in the UAE, helping companies navigate the complex requirements of the ICV program and ensure compliance with ADNOC and government regulations. Our experienced auditors play a crucial role in verifying and improving ICV scores, allowing companies to remain competitive in the UAE’s market.
For businesses seeking ICV audit services in Dubai and the UAE, Al Marzaan Consultancy is a reliable and experienced partner to help achieve and maintain ICV certification.
