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.comm

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