Office 938, Business Tower, burjuman, Dubai, UAE

Audit & Assurance Service

In Country Value Certificate

During 2017, Abu Dhabi National Oil Company (“ADNOC”) launched an In-Country Value (ICV) program to provide boost to the country’s economy by supporting local businesses. The program aims to promote economic diversification and employment opportunities for UAE nationals. Subsequently, during 2019 and 2020, various Government and semi Government companies being the participating entities (individually the “PE” and together the “PEs”) namely, Abu Dhabi National Oil Company (“ADNOC”), Department of Economic Development, Abu Dhabi (“DED”), Aldar Properties PJSC (“Aldar”) and Abu Dhabi Ports Company PJSC (“ADPC”)  joined hands to broaden the ICV certification process for suppliers across various sectors in Abu Dhabi and the UAE and therefore the ICV program has been renamed as Unified In-Country Value (“ICV”) program, where the ICV score will be used by all PEs based on their own tender processing guidelines.

The objectives of this program are:

Emiratization: creating additional employment opportunities for Emiratis in the private sector;

GDP Diversification: supporting UAE GDP diversification through sourcing more Goods and Services within the UAE; and

Strategic Considerations: localizing strategically critical parts of the value chain for selected categories.

PEs strongly encourage the suppliers to undertake an ICV evaluation process to obtain an ICV certification. It is not compulsory to hold an ICV certificate to participate in PEs’ tenders. However, suppliers with an ICV certificate will have an advantage during the tendering process (suppliers without the certification will be considered to have 0% ICV score).

All PEs have provided their suppliers with a unified supplier submission template. This template should be updated by the suppliers with the data relating to the suppliers’ audited financial statements. Forthright will perform prescribed procedures as mandated by ICV Committee on the data in the submission template and issue a report of factual findings. This ICV certificate will have a validity of 14 months from the date of audited financial statements or two months from the date of signing of the audit report for the next financial year, whichever is earlier.

Forthright team, will handhold you through the ICV certification process. At the end of the assignment, Forthright will inform you of the significant matters noted, to bring clarity to the process and help you streamline your accounting records and ensure efficient and accurate ICV certification.

The ICV program is a progressive initiative and supports the move toward growth, development and diversification in the UAE. Forthright is delighted and committed to working together with the ICV Committee set up by PEs to implement the ICV program and serve the suppliers for their ICV Certification requests in collaboration with our esteem associates.

Audit services in UAE are provided by Forthright. Forthright firms offer a variety of services, including financial audits, compliance audits, and operational audits. Audit services in UAE help organizations ensure that their financial statements are accurate and in compliance with applicable laws and regulations.

There are a number of benefits of audit services. Audit services help organizations improve their financial reporting, identify and correct errors, and prevent fraud. In addition, audit services help organizations to build credibility with investors and creditors.

UAE-based audit firms provide a wide range of services that are designed to ensure compliance with local laws and regulations. These firms also offer specialized services such as forensic accounting, risk management, financial advisory and audit services in UAE.

The audit services in UAE are highly competitive, and firms that are able to provide value-added services and maintain a good reputation are able to win and retain clients.

If you are considering using audit services in UAE, it is important to choose a reputable firm. There are a number of factors to consider when choosing an audit firm, including the size of the firm, the scope of services offered, and the fees charged. It is also important to choose a firm with experience in auditing businesses in UAE.

At Forthright, we provide a full suite of corporate tax in UAE. We can help you with everything from accounting and compliance to excise and VAT consultancy. We also offer withholding tax services to ensure you are in compliance with the latest regulations.

Our team of experienced professionals can help you navigate the complex world of corporate taxation. We will work with you to ensure you are in compliance with all the latest regulations and requirements. Contact us today to learn more about our services.

LOCATION

Office 938, Business Tower, burjuman, Dubai, UAE

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(+971) 4326 6348

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