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In Kingdom Total Value Add (IKTVA) program is created to steer domestic value creation and maximize long-term economic growth and diversification to support a rapidly changing economic environment. It is a vital program for Saudi Aramco to create value in every aspect of the business, maximizing long-term economic growth and diversification.
IKTVA recognizes the prioritization of domestic value creation. IKTVA created to steer increased investment, economic diversification, job creation, and workforce development within Saudi Arabia. By 2021, Saudi Aramco aims to achieve 70% localization of all spending, creating a business environment that will provide thousands of new jobs, and enable 30% export of Saudi energy sector products.
Approved Auditing Firms
In order to ensure that suppliers are operating on a level playing field, their IKTVA responses need to be validated by independent and qualified third party auditors. The IKTVA survey needs to be certified by one of the approved audit firms. The list of auditing firms that have been approved to provide the validation services are:-
- Baker Tilly MKM & Co. Certified Public Accountants
- BDO/Dr. Mohamed Al-Amri & Co.
- Grant Thornton International / Al Dar Audit Bureau Abdullah Al Basri & Co
- RSM Allied Accountants
- Ernst & Young
- Crowe Horwath / Al Azem & Al Sudairy CPA’s & Consultant