Professional ICV Audit Services in the UAE:
ICV Audit
ICV Audit Service in Dubai - UAE
Understanding the ICV Program
The ICV Program mandates that companies achieve a minimum threshold of in-country value (ICV) for their goods and services. This value represents the total expenditure retained within the UAE, thereby benefiting the local economy. Key components of ICV include local spending on goods and services, employment of UAE nationals, and the transfer of knowledge and technology to the UAE. An ICV Audit is crucial for companies to demonstrate their adherence to these requirements.
What is an ICV Audit in the UAE?
An ICV Audit is a rigorous process required for companies operating in the UAE to validate their compliance with the ICV Program. Certified ICV auditors meticulously review a company’s financial statements, procurement records, employee records, and other pertinent documents to determine the company’s ICV score. This score reflects the percentage of a company’s total expenditure that has been retained within the UAE.
Mandatory ICV Audit Services in the UAE
For companies working with ADNOC and its subsidiaries, as well as other UAE government entities adopting the ICV Program, an ICV Audit is mandatory. Maintaining a high ICV score is vital, as it can significantly impact a company’s ability to secure and renew contracts with these entities. An ICV Audit helps companies identify system gaps, rectify errors, and optimize their ICV score.
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Benefits of ICV Audit
An ICV Audit offers several benefits:
- Compliance Verification: Ensures that your company meets the ICV Program requirements.
- Competitive Advantage: A high ICV score enhances your ability to win and renew contracts with ADNOC and other government entities.
- Economic Contribution: Demonstrates your company’s commitment to contributing to the UAE’s economy by retaining more value within the country.
- System Improvement: Identifies and addresses gaps within your company’s operations to improve overall performance and compliance.
Objectives of the ICV Audit in the UAE
The primary objectives of the ICV Audit, as outlined by the UAE government, include:
- Emiratization: Creating more employment opportunities for Emiratis in the private sector.
- GDP Diversification: Increasing the sourcing of goods and services within the country to support economic diversification.
- Strategic Localization: Localizing critical parts of the value chain for specific business categories to strengthen strategic sectors.
Expert ICV Audit Services by Beaufort Associates
Beaufort Accounting and VAT Consultancy firm offer professional ICV Audit services in the UAE. Our auditors possess extensive knowledge and expertise in conducting thorough ICV Audits, ensuring that your company complies with the ICV Program and enhances its economic contribution to the UAE.
For more information or to schedule an ICV Audit, contact Beaufort today. Our team is dedicated to providing exceptional service and support to help your business thrive in the UAE’s dynamic economic landscape.