Who are ADNOC ICV Consultants or Auditors in Dubai, UAE?
Though ADNOC introduced ICV program in Dubai, UAE, the company is not the one who audits the ICV submission template of the existing and prospective suppliers and issues ICV certificates. If ADNOC did so, it would take the firm’s valuable time from its core business activities. ICV audit is only a supporting or secondary function for ADNOC. So ADNOC attributes the responsibility of ICV audit to the firms who can perform with expertise.
Audit and accounting firms are specialized in ICV audit in Dubai, UAE as it requires specialized knowledge on accounting and audit to realize the items of audited financial statements of the suppliers and crosscheck with the items included in their ICV audit submission forms. Audit firms’ expertise and competent services will result in the proper evaluation of the In-Country Value scores and certificates.
ADNOC has empaneled some audit firms in the UAE who will act as Certifying Bodies for ADNOC’s ICV program. These auditors will take part in the ICV audit of business organizations (suppliers of ADNOC) with the final objective of providing them with ICV certificates in Dubai, UAE.
The auditors will have to perform ICV audit in Abu Dhabi, UAE annually for each supplier- whether it is a new applicant or an existing supplier of ADNOC. ICV auditors will renew the ICV certificate of any business organizations who have an invalid ICV certificate. For both the new and old applicants for ICV certificate in the UAE, ICV auditors will follow the same ICV audit procedures.
ADNOC can employ as many ICV auditors as they want. That means, there is no ceiling or floor on the number of ICV auditors that ADNOC can empanel. It depends on the scope of ICV program in Abu Dhabi, UAE and the level of demand from business entities for the inclusion of ADNOC’s ICV audit program.
What is the ICV certification process followed by ADNOC’s ICV Consultants and Auditors in Dubai, Abu Dhabi, Sharjah, UAE?
ICV audit program of ADNOC has been made as simple as possible to make sure no businesses consider it too complex to be part of the ICV program in Dubai, UAE. As an ICV auditor selected by ADNOC has to go through many ICV audits, following ICV certification process has been a matter of daily work for the Certifying Body.
Both ADNOC and its ICV auditors have mentioned the possible steps that need to be followed by a supplier to get ICV submission.
- First of all, a business organization needs to select an ICV auditor authorized by ADNOC who will audit ICV form of the firm and issue ICV certificate if everything goes right.
- Suppliers then need to collect ICV submission template from the official website of ADNOC. Both templates and guidelines regarding filling up submission form correctly can be found in websites of authorized ICV auditors too.
- The supplier will fill up the blank cells of ICV audit template as per the given guidelines.
- The facts and figures asked in the ICV audit form must be filled up following the last audited financial statements of the supplier.
- ICV audit submission template will be given to the selected ICV auditor of ADNOC.
- ICV auditor in Dubai, UAE will check whether the supplier has given the correct information in the form and calculated their ICV score correctly.
- ICV auditor in Abu Dhabi, UAE will ask for the source documents of each item recorded under ICV score calculation from the supplier.
- By justifying the ICV score of the suppliers, ICV auditors will complete their ICV audit and issue ICV certificates to the suppliers.
What are the factors ADNOC’s ICV auditors count for determining ICV score in Dubai, Abu Dhabi, Sharjah, UAE?
Not every item of audited financial statements is included in ICV score calculation. ICV auditors will consider the following items while they will determine ICV in Dubai, UAE for a particular business organization in the UAE.
- Cost of products manufactured or services delivered by the suppliers;
- Cost of service or material procurement by the suppliers;
- Expenditure made to the third party that is related to service or goods acquisition;
- Exports;
- Costs related to Emiratization and contribution on expatriates;
- Investment;
- Bonus.
All of these values must be taken from the recent audited financial statements of the suppliers. If any of the required information seems to be missing in the audited financial reports, ICV auditors will use any other legal or source documents of the business to collect information.
For enquiries, call +971 5679 52590 / E-mail: info@aviaanaccounting.com
Related Articles:
ICV templates instructions for ADLC program
Guidelines for ADLC program users
What is ICV Certificate Validity?