Auditing Services

Financial Audit

A financial audit is a comprehensive examination conducted by external specialists to verify the company’s financial records, statements, and documents. This ensures the accuracy, completeness, and compliance of the company’s financial information with relevant regulations.

The primary objective of a financial audit is to enhance the reliability of a company’s financial status and operational performance. This is achieved through a meticulous financial statement audit, which involves a systematic review of the organization’s financial statements, accounting records, and supporting documents by an independent external auditor.

By conducting a financial audit, a company can uncover internal management issues and gain valuable, in-depth insights. These insights enable the business to better manage current and future risks and challenges, leading to more informed decision-making.

Financial Statement

A financial statement is a financial information summary of a company. It includes important details about the money the company has (assets), what it owes to others (liabilities), and what’s left for the owners (equity).

A financial statement ensures adherence to Generally Accepted Accounting Principles (GAAP), International Accounting Standards (IAS), and International Financial Reporting Standards (IFRS), aligning the statement with these reporting standards. To deliver an accurate and reliable financial statement audit report, our skilled financial auditors meticulously review the financial records with great care and attention.

Types of Financial Statements

Vitra Tax Consultants conducts thorough evidence collection while providing financial audit services in the UAE to ensure strict adherence to accepted audit methodologies and standards. We offer various types of financial statement audit services, including:

Financial statements for VAT
Audit Statements for Free Zones
Audit report for Corporate Tax
Financial Statements for Excise Tax
Audit reports for Custom Duties and Inventory

�

What is ICV Audit?

An ICV Audit is a process that companies in the UAE must undergo to show their adherence to the ICV Program. A certified ICV auditor conducts this audit to verify the company’s compliance with the program’s requirements.

During the audit, the auditor examines the company’s financial statements, procurement records, employee records, and other relevant documents to calculate the company’s ICV score. This score represents the percentage of the company’s total spending retained within the UAE.

ICV Audit Services in UAE

The ICV Audit is mandatory for companies that are working with ADNOC and its subsidiaries, as well as other government entities in the UAE that have adopted the ICV Program. It is important for companies to maintain a high ICV score as it may impact their ability to win contracts or renew existing contracts with these entities.

An ICV audit helps companies identify system gaps and correct errors. All ADNOC suppliers are required to undergo an ICV audit. ADNOC has launched the In-Country Value (ICV) program to promote localization, create more jobs, boost the economy, and localize key functions in the oil and gas sector.

According to the government, the primary objectives of the ICV Audit in the UAE are:

Emiratization: Creating more employment opportunities for Emiratis in the private sector.

GDP Diversification: Increasing the sourcing of goods and services within the country to support economic diversification.

Strategic Considerations: Localizing critical parts of the value chain for certain business categories.

ICV Audit Procedure in UAE

In the UAE, the ICV Audit process is a formal review carried out by a certified ICV auditor to assess a company’s compliance with the ICV Program requirements. This process involves determining the audit scope, collecting relevant data, reviewing the data, calculating the ICV score, preparing an audit report, and issuing ICV Certification.

Companies that successfully pass the ICV Audit and achieve a high ICV score are eligible to receive ICV Certification, which is valid for one year and can be renewed upon the successful completion of another ICV Audit

The ICV Program mandates that companies maintain compliance with its requirements. As a result, the ICV auditor may perform follow-up audits and monitoring to ensure continued adherence.

ICV Audit and Certification are crucial for companies working with ADNOC and its subsidiaries, as well as other government entities in the UAE that have adopted the ICV Program. Achieving certification demonstrates a company’s commitment to contributing to the local economy and may enhance their prospects of securing new contracts or renewing existing ones with these entities.

Free Consultation Today

Vitra Support Team

100% Cusotmer Satisfaction

info@vitra.tax

Vitra Tax Consultants

We are a team of experts and professionals in the field of Chartered Accountancy who are sharing a common vision of helping businesses to succeed and we are dedicated to “DOING MORE”.

Auditing | Accounting | Bookkeeping | Taxation