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Statutory Audit
We conduct an integrated audit, which combines the financial statement audit,independent and…
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Limited Review
We offer services relating to reviews of historical financial informationby expressing negative assurance on…
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Agreed Upon Procedures
We engage with organisationsto perform specific procedures and report findings to conform to their…
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Financial Reporting Advisory Services (FRAS)
Our team provides timely advice on the impact of accounting changes to assist businesses in the…
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Business Consulting
Grant Thornton UAE provides organisations with implementable plans that drive sustainable growth…
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Business Risk Services
Organisations need to understand risks thoroughly to be able to manage them better. Grant…
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Regulatory Advisory Services
Grant Thornton UAE's extensive understanding of the overarching supervisory framework within the…
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Financial Advisory
Grant Thornton UAE works with organisations on transactions from start to finish, assisting with…
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Restructuring Advisory
Grant Thornton UAE is committed to realising value for shareholders, in a way that recognises and supports…
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Technology Advisory & Cybersecurity
IT and technology are fundamental to drive the performance of businesses. Through leveraging the…
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Forensics
Fraud and corruption pose a growing challenge worldwide. As the commercial landscape changes, an…
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ESG Services
The Environment, Social and Governance (ESG) agenda has gained significant traction over the…
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Business Process Solutions
Our team at Grant Thornton offers comprehensive and cost effective outsourced solutions, enabling…
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Corporate Tax
Our diversified team of corporate tax subject matter experts combines a perfect blend of international…
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VAT
The VAT team at Grant Thornton is well versed with the VAT Laws applicable across the region and…
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Transfer Pricing
Grant Thornton UAE assists its clients in providing transfer pricing solutions that are implementable and…
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International Tax and Tax Due Diligence
Grant Thornton UAE supports multinational groups to optimise their tax structures. We can also…
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Economic Substance Requirements
Economic Substance rules were introduced in the UAE in 2019, requiring UAE businesses that…
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Customs and International Trade
The team at Grant Thornton is positioned centrally to assist the businesses with global cross-border…
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Excise Tax
We provide Excise Tax related advisory and compliance services to the producer, importer, and the…
The National In-Country Value (ICV) Program is a UAE government initiative aimed at generating economic benefits through redirecting government procurement expenditures and those of leading national companies to the UAE economy through the industrial and services sectors. It encompasses the total amount spent within the country on manufacturing, local products and services, and other national investments.
The Program is one of the ministry's pillars to support this ambitious national vision, attract talent and investors, build more qualitative economic partnerships, and support efforts to achieve self-sufficiency in vital and priority products.
It also empowers national talent and Emirati entrepreneurs through The Industrialist Career Exhibition, an initiative by the National ICV Program, to enhance the growth and competitiveness of the UAE's industrial sector both locally and internationally.
Recent Update
Following is the recent update from the Ministry that may impact on your Company’s ICV Certification Engagements for the upcoming periods.
- Effective January 1, 2025, all ICV certificates to be issued for financial years ending after December 31, 2024, will require the use of stand-alone audited financial statements specific to the entity being certified.
- Bifurcated management accounts that are based on consolidated/combined financial statements will no longer be accepted as part of the ICV certification process.
Implications for your business
This implies that if you intend to seek ICV for any of your Branch/Branches in UAE, you will require separate audited financial statements for that Branch for the financial year ending on or after 1 January 2025.
Previous practice of obtaining signed Management Accounts based on the audit of the Parent/Holding/ Managing Company will no longer be applicable.
How we see this?
We believe that the recent change aims to enhance the accuracy of the In - Country Value Program of MOIAT. Audit of the branch / sub entity financial statements will result in more reliable ICV scores and transparency in the competitive bidding process of government contracts.
