ICV Certification Services In Dubai
Welcome to Elevate Accounting & Auditing, your source for all things ICV auditing. Our aim is to help you get the most out of your ICV audit work, with a focus on professional documentation and a full range of specialist support and services. As a Dubai-based audit firm, we provide ICV Certification Services In Dubai to over 1,000 clients.
UAE ID card certification
ADNOC announced the introduction of the ICV program on 1 April 2018. This means that all suppliers of goods and services must be ICV certified by ADNOC’s ICV certification body and prove that they contribute to securing ICV by calculating and declaring a certified ICV score for the previous financial year. Suppliers without ICV certification can also participate in ADNOC Group procurements. They may do so, but their ICV score will be considered “zero” when evaluating the bids, which may put them at a disadvantage compared to suppliers with higher ICV scores.
A uniform IAP certification program
In 2019 and 2020, the Ministry of Economic Development, Abu Dhabi Ports and Aldar Properties.
In collaboration with ADNOC Group, will extend the ICV certification process to various sectors in Abu Dhabi and the UAE. More organizations may join the LCI certification platform.
LCI certification in Dubai
Areas considered in the uniform calculation of ICV.
(a) Manufactured products (industrial property suppliers only).
(b) Third-party costs (non-industrial suppliers only).
(c) Investments.
(d) Emissions.
(e) Foreign subsidies.
(f) Compensation – i) Revenue generated outside the UAE ii) Emirates personnel
Why was the ICV certification program introduced in the Emirates?
An In-Country Value (ICV) program announced for Abu Dhabi National Oil Company (ADNOC) group companies.
(a) Emiratization: to increase Emirates’ private sector employment opportunities.
(b) GDP Diversification: to support the diversification of the UAE’s GDP through the provision of additional goods and services within the UAE.
(c) Strategic considerations: placing strategically important parts of the value chain for selected categories.
Who needs a single ICV certificate?
Companies working directly as suppliers or indirectly as subcontractors with the following government and parastatal agencies must obtain a single ICV certificate.
ADNOC Group
Abu Dhabi Ministry of Economic Development
Aldar Properties Ltd.
Abu Dhabi Ports
Abu Dhabi Environmental Protection Authority
All other government agencies in Abu Dhabi
Companies bidding through Musanada (Abu Dhabi General Services Company)
Information on ICV certification
Suppliers must obtain an ICV certificate issued by an ICV-approved certification body.
Each business license treated as a separate legal entity, even if the holder is the same. However, for companies that have several branches in the same emirate but conduct similar activities under the same license.
ICV certificates issued on a consolidated basis in that emirate.
All data provides in the ICV certificate template must be consistent with the institution’s most recent audited annual report. Audited financial statements prepared in accordance with International Financial Reporting Standards (IFRS) and be no more than two years old from the year of certification.
If a company has been in existence for less than 10 months and does not have audited financial statements, 9 months’ worth of management accounts used to calculate ICV; management accounts older than 9 months must be audited.
The ICV certificate is valid for 14 months from the date of issuance of the audited financial statements. If the supplier wishes. he/she may re-certify using the same audited financial statements during the validity period of the ICV certificate, but the 14-month validity period from the date of original issuance remains the same.
If a provider has designated a certification body.
that body cannot be change for this year’s ICV certification without a proper reason.
The information submitted by the provider must include all costs and revenues incurred by the provider during the fiscal year.
ICV Improvement Plan
The Provider must submit an ICV Improvement Plan as part of its commercial proposal if required by the terms of the bid.
The ICV Improvement Plan is a contractual obligation link to payment, depending on the ICV actually achieved compared to the ICV promise in the ICV Improvement Plan.
Types of ICV Improvement Plans
Company-wide improvement plans
Contract-based improvement plan
The commercial evaluation will take into account not only the ICV certificate score.
but also the weighted average of the ICV rates planned in the ICV improvement plan to calculate the bidder’s ICV rank.
The supplier’s most recent ICV certificate submitted at the end of each contract year to track the actual ICV achieved against the ICV Improvement Plan.
The contract shall include a milestone payment of 5% of the contract amount as a milestone for ICV achievement.
which issued annually after the start of the contract according to the actual ICV achieved up to the final ICV certificate.
As a trusted ICV advisor, ELEVATE shall provide the following services
Review and sign the client’s financial statements.
Our team will help you understand the ICV and the determinants that affect the ICV valuation.
We will suggest ways to improve the ICV estimate and will include the incremental impact of each step in the impact analysis report. In particular, the report will include recommendations regarding adjustments to organizational processes to improve ICV scores.
Develop an ICV template based on data from the fiscal year to be certified so that it submitted to the ICV certification body to verify that ICV results have been achieved according to the developed template.
Develop an ICV improvement plan submitted in ADNOC’s bid.
Elevate First Accounting & Auditing has an exclusive relationship with Bestaxca Management Consulting, the ICV certification body.
Apart from this, if you want to know about PMP Certification Preparation then please visit our Business category
