ADNOC ICV Audit Services

ICV Audit is a process that is required for companies operating in the UAE to demonstrate their compliance with the ICV Program. An ICV Audit is conducted by a certified ICV auditor to verify the compliance of a company with the ICV Program requirements. The auditor will review the company’s financial statements, procurement records, employee records, and other relevant documents to determine the company’s ICV score. The ICV score reflects the percentage of a company’s total spending that has been retained in the UAE.

ICV Audit Procedure in UAE

The ICV Audit process in UAE is a formal review conducted by a certified ICV auditor to determine a company’s compliance with the ICV Program requirements. The process involves determining the scope of the audit, collecting relevant data, reviewing the data, calculating the ICV score, preparing an audit report, and issuing ICV Certification. Companies that successfully pass the ICV Audit and achieve a high ICV score are eligible to receive ICV Certification, which is valid for one year and can be renewed upon successful completion of another ICV Audit.

What Business should get an ICV Certification?

All suppliers and contractors of the Abu Dhabi National Oil Company (ADNOC) and its subsidiaries are required to obtain ICV Certification. This includes companies that provide goods and services to ADNOC, such as drilling contractors, engineering firms, and logistics providers.

The ICV Certification program is also applicable to companies in other sectors that wish to do business with the UAE government. For example, companies that bid on government contracts in industries such as construction, transportation, and healthcare may be required to obtain ICV Certification.

Eligibility to Obtain an ICV Certificate

Companies must meet specific eligibility requirements in order to receive ICV certification in the UAE. Here are some things you should consider to see if you are eligible to obtain ICV Certificate. Businesses that want to apply for ICV certification typically need to be registered with the appropriate government agency and have a current trade license. In addition, they must be physically present in the UAE and working on a product or offering a service.

Organizations must also fulfill specific ICV requirements that correspond to their industry sector in addition to these general qualifications. Each industry sector’s specific ICV program guidelines specify the standards that businesses must meet in order to be certified. For instance, the ICV program takes into account, among other things, the degree of local content in the products and services offered, the investment in regional infrastructure and amenities, and the degree of workforce Emiratisation’s in the oil and gas industry.

Companies must go through an audit conducted independently by an authorized ICV certification body in order to receive ICV certification. In accordance with the pertinent ICV requirements, the certification body will evaluate the performance of the company and award an accreditation based on the ICV score. As a whole, the obligations for ICV certification are made to make sure that certified businesses are committed to the expansion and improvement of the UAE and to the local economy.

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