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ADNOC has launched the In-Country Value (ICV) program. The ICV certificate program aims to grow and diversifying the UAE’s economy and creating opportunities for UAE nationals in the private sector. An ICV certificate is mandatory for each legal entity.
ICV Certification process
- Data Population
The population of the ‘Supplier Submission Form’ given by ADNOC is dependent on the last audited financial statements. It requires several details that are present in the previously audited financial statements. The step is the first and most vital in the whole process of ICV certification.
- Agreed-upon procedures
The population of the ‘Supplier Submission Form’ given by ADNOC is dependent on the last evaluated financial statements. The step can substantially increase the chances of a satisfactory ICV certification.
- Report delivery
- The delivery of a Factual Finding Report based on the work carried out during the process. The report helps in identifying shortcomings within the enterprise and plays a vital role in awarding of ICV certification.
- Form validation
ICV Certification will be signed and stamped by ADNOC approved bodies that will have a validity of one year from the issue date. The tedious process of ICV certification ends with form validation.
ICV Certification execution
- Initiation and Mobilisation
Initiation of the engagement with meeting with the stakeholders and the timeline will be set for performing certification. The meeting discusses every detail of ICV Certification that helps in making a satisfactory decision.
- Understanding the information
Analysing current practices and making a detailed report. The company must conduct a holistic analysis of current practices adopted by the management in each field of the organization. The report compiled needs to contain all the broad points to gain a better understanding.
The company must review the information populated in the Supplier submission form. The step uses sample selection & testing to perform a complete and satisfactory review of the information previously generated in the process.
It helps in finding potential errors and risks, grading the draft, and discussing findings with management. The process ends with a closing meeting to discuss the certification process.