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Guide to Internal Audit in UAE

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Murali Krishna
Guide to Internal Audit in UAE

National ICV Program of the UAE

Getting an In-Country Value (ICV) accreditation has become one of the most important prerequisites for running a successful business in the UAE. The ICV initiative was initially implemented in Abu Dhabi by the Abu Dhabi National Oil Company (ADNOC) in 2018 to support emiratization, GDP diversification, and strategic considerations. The Ministry of Industry and Advanced Technology (MoIAT) 2021 later directed the program's availability to the entire nation in 2021. The provider has the opportunity to obtain bids from governmental and semi-governmental organisations through the UAE's National ICV programme.


If the vendors obtain an ICV certificate in the UAE, they will be given a certain weighting when the tenders are evaluated. The most recent audited financial reports and other factors are utilised to determine how much each supplier contributed to an ICV certificate. Suppliers can get through the process' challenges by consulting with Dubai's ICV certification services. Continue reading to find out the most frequently asked questions:


Call +971 45 570 204 or send an email to [email protected] with any questions.


Questions You Should Know About National ICV Certification in the UAE

Suppliers must be aware of the prerequisites they must meet before submitting an application for ICV certification in the UAE. Suppliers who need assistance obtaining their ICV certificate might contact service providers in Dubai. The following conditions are necessary:


1. How are different legal entities supposed to be certified?

If the suppliers are required to be certified, they should get the ICV certificate for each of their numerous legal organisations. Despite the fact that the company's owner is the same for all licences, the government treats each licence as a different legal entity.


How are different branches supposed to be certified?

If a firm has numerous branches in the same emirate that conduct comparable operations and are owned by the same entity, the MoIAT will issue an unified ICV certificate for the Company in that Emirate.


3. Is an audit of financial statements required?

According to suppliers, the numbers included in the ICV certificate should exactly match the supplier's audited financial records. Make that the financial statements have also been audited in compliance with international financial reporting standards (IFRS).


4. How trustworthy are the audited financial accounts?

As of the certification year, the financial statements that have undergone an audit cannot be older than two years. Vendors must not submit audited financial statements that are older than 2018 in order to qualify for ICV certification in 2020.


Call +971 45 570 204 or send an email to [email protected] with any questions.


5. Do freshly established businesses need to have audited financial statements?

Young businesses (those less than 10 months old) cannot have audited financial statements. These companies are allowed to submit Management Accounts for a maximum of nine months, which can be used to calculate ICV. Management accounts that are older than nine months should undergo audits.


6. For how long is a valid ICV certificate?

The ICV certificate is valid for 14 months, beginning the day the audited financial accounts are released. Suppliers may renew their ICV certificates while they are still valid by utilising the same audited financial statements. However, the 14-month validity term starting with the first issuance will continue to apply.


7. Who issues ICV certificates?

The providers should pick the empanelled certification body that will issue the ICV certificate in the UAE. However, suppliers are not allowed to change certifying bodies for any particular year unless there are good reasons to do so.


The Process for National ICV Certification in the UAE

The MoIAT has created a quicker procedure to obtain a UAE National ICV certificate. Top ICV certification service companies in Dubai may supply suppliers with process advice. Simply adhere to these simple instructions to get the ICV certificate:


Publish the company's or the supplier's audited financial accounts based on IFRS.

Fill out the certificate application form in accordance with the most recent financial statement and rules.

Use the certificate in line with the advice of each relevant authority.

What makes KGRN Chartered Accountants the best choice for National ICV Certification?

Obtaining an ICV certification in the UAE is a challenging process that necessitates expert assistance. The audited financial accounts must be submitted, and suppliers must also complete the MoIAT-required supplier submission template, among other requirements. The template shall be completed in accordance with the most recent audited financial statements. Top ICV certification service providers in Dubai, like KGRN, can help suppliers meet these crucial requirements.


Businesses in need of the national ICV certification for the UAE can get assistance with Template filing requirements from the highly qualified accountants and auditors on staff at KGRN. Additionally, KGRN has the ability to produce audited financial statements in compliance with international standards like IFRS and advise firms on the factors influencing their ICV score.


Learn More: Guide to Internal Audit in UAE

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