IFAC members and associates have provided self-assessment information about the regulatory and standard-setting framework in their countries (Part 1) and their organizations' activities in addressing IFAC's membership requirements (Part 2) as described in the Statements of Membership Obligations. Based on an analysis of this information, they are developing SMO Action Plans for continuous development and improvement.

Some organizations have qualified to submit SMO Action Plans on a biennial basis by meeting eligibility criteria. These organizations are indicated with an asterisk (*).

In the interest of transparency and providing information to the profession, regulators, and other stakeholders, all responses and SMO Action Plans are accessible below.

Ordre des Experts Comptables du Royaume du Maroc (Morocco) (Certified Public Accountants Association)

Introduction

The information below has been submitted as part of the IFAC Member Body Compliance program. The Program has two components:

Part 1:	Assessment of the Regulatory and Standard-Setting Framework (provides information about regulatory requirements and standard-setting processes in member body countries); and
Part 2:	Assessment of Compliance (provides information on compliance by member bodies with the Statements of Membership Obligations). Part 2 of the Compliance Program will begin later this year, and the results will also be posted to the website.

The responses to Part 1 are provided below. IFAC staff has reviewed the responses and, where necessary, validated them with external knowledgeable parties. A list of key terms is available to assist readers in understanding the responses.

The purpose of this Part 1 Assessment is to collect information on the roles of IFAC member bodies and other organizations (including government, regulatory or other appointed authorities) with respect to:

Setting auditing, accounting, ethics, public sector and education standards; and
Regulating the accountancy profession.

Sections 1 and 2 of Part 1 contain an introduction and instructions for member body respondents. For this reason, they are not included here, and the responses begin with Section 3.

Questions or comments may be sent to complianceassessment@ifac.org.

Section 3 -- Member Body General Information

1. Country:

MOROCCO

2. Name of member body:

Ordre des Experts Comptables du Royaume du Maroc (Morocco) (Certified Public Accountants Association)

Or please specify name:

3. Individual responsible for preparation:

Tijani Zahiri

4. Date member body became a member of IFAC:

Note: Please enter a numeric date (e.g., 12/2001, Month/Year)

11 / 2004

Questions 5 - 22 are for internal use only

Section 3G -- Affiliations

23. Please list those regional organizations to which your organization belongs (e.g., FEE, CAPA, ECSAFA, IAA, etc.):

1. Our organization is a member of FIDEF (Federation Internationale des Experts Comptables Francophones). Mr. Abdeldrim HAMDI- General Secretary of the National Council of OEC was elected as President of this organization on 9.30.04

2. Arab Union of Public Accountants
3. Maghreb Union of Public Accountants

Section 4 -- Statutory Framework

Responses to this section will provide a description of the legal framework governing the commercial aspects of auditing and financial reporting in your country.

Section 4A -- The Companies Act or Commercial Code

The following questions concern the Companies Act (the Act) or Commercial Code (the Code) or similar Legal authority in your country. If no Legal authority exists, or the Legal authority does not address particular questions, please indicate "N/A" for Not Applicable.

24. What is the full name of:

a). the Act or the Code:		Law n° 17-95 on the "Sociétés Anonymes" (S.A.)
b). the Enacting body:		Prime Minister
c). date the Act or Code came into force:		/

25. How can IFAC obtain a copy of the Act or Code?

On Ministry of Finance Website : www.finances.gov.ma On O.E.C. website : www.oec-maroc.com

26. Is the Act or Code available in English?

Yes

27. What are the types of entities covered by the Act or the Code?

Please check all that apply.

	Listed entities					Other (please specify):
	Private companies					Other (please specify):
	Governmental					Other (please specify):
	Not-for-profit					Other (please specify):

28. Is there a requirement for the following entities to prepare annual statutory financial statements? If YES, please describe the financial reporting requirements including the accounting standards to be followed.

Please check all that apply.

	No	Yes	(If YES, please describe)
Listed entities			Financial statements and explanatory using Moroccan GAAP
Private companies			As above
Governmental			As above
Not-for-profit			As above
Other (please describe)
Other (please describe)

29. Is there a statutory requirement for the following entities to be audited? If YES, describe the requirement including the auditing standards to be followed:

Please check all that apply.

	No	Yes	(If YES, please describe)
Listed entities			International Standards of Auditing (ISA) for public limited companies (société anonyme)
Private companies			ISA for limited liability companies (SARL) of which the turnover is over MAD 50 millions.
Governmental
Not-for-profit
Other (please describe)
Other (please describe)

30. Are the auditors ("statutory auditors") that are appointed for audits required by the Act or Code ("statutory audits") appointed for a specific period?

Yes

If YES, please indicate the term of appointment:

3 Year(s)

31. Who appoints the statutory auditors?

Please check all that apply.

	Shareholders					Management
	Board of directors					Other (please specify):
	Audit committee					Other (please specify):
	Government agency					Other (please specify):

32. Does the Act or Code require joint auditors for the statutory audit?

Yes

If yes, please describe the requirement:
Only for listed companies (At least 2). 1 for other companies

33. Does the Act or Code require the rotation of the auditors or audit firms performing statutory audits?

Yes

If yes, please describe the requirement:

Section 4B -- Securities Market Regulations

Responses to this section will provide a description of the financial reporting and auditing requirements for listed entities in your country.

34. What are (a) the major items of Legal authority for such requirements, (b) the Enacting body(ies) and (c) the latest amendment date? Please identify the specific articles or sections that pertain to auditing and financial reporting:

the major items of Legal authority for such requirements

* Publication of financial statements : annual and bi-annual.

* Appointment of at least 2 auditors.
the Enacting body(ies)

- C.D.V.M. : Conseil Déontologique des Valeurs Mobilières.

- B.V.C. : Bourse des valeurs de Casablanca. (Stock Exchange).
the latest amendment date?

Law 52-01 : 05/2004. (Relating to Bourse des Valeurs)

35. How can IFAC obtain a copy of the Legal authority?

See our Website (or Ministry of finance website)

36. Is the Legal authority available in English?

Yes

37. Are there any additional or alternative financial statement reporting requirements for listed entities that are not described in your answer to Question 28?

Yes

If YES, please describe the requirement:

Specific Information to provide in case of companies going public. (Specially consolidated accounts for group companies).

38. Are there any additional auditing requirements that apply to listed entities other than those described in your answer to Question 29 (e.g., additional GAAS requirements, additional independence requirements, requirements to report to those charged with governance, etc.)?

Yes

If YES, please describe the requirement:

Audit Review of mid-term financial statements.

39. Who appoints the statutory auditors of listed entities?

Please check all that apply.

	Shareholders			Management
	Board of directors			Other (please specify):
	Audit committee			Other (please specify):
	Government agency			Other (please specify):

40. Are auditors who perform audits of listed entities appointed for a specified period?

Yes

If YES, please indicate the term of appointment:

3 Year(s)

41. Are joint auditors required for audits of listed entities?

Yes

If YES, please describe the requirement:

at least 2 auditors

42. Is rotation of the auditor or audit firm for audits of listed entities required?

Yes

If YES, please describe the requirement:

Section 5 -- Auditing Standards

Responses to this section will provide a description of the legal and professional framework governing audit and other assurance standards in your country. The section focuses on the establishment of such standards. Please indicate the role your organization plays within this framework.

Section 5A -- Statutory Framework

43. Please provide the name of the Legal authority and/or self-regulatory rules that establish audit and other assurance standards in your country, the date of the last amendment of such authority or rules and the name of body responsible for setting audit and other assurance standards. If the standards are different for different entities (e.g., listed entities, private companies, governmental bodies, not-for-profit organizations, etc.), please specify the details that apply to each:

Type of entity	Name of applicable legal authority	Date of last amendment (e.g. MM/YYYY 06/2001)	Name of body responsible for setting audit and other assurance standards
Listed entity	Law on Chartered Accountants	1/1993	Ordre des Experts Comptables
Other (please describe)
Other (please describe)
Other (please describe)

government website

Yes

Section 5B -- Standard-Setting (Ordre des Experts Comptables)

44. For Ordre des Experts Comptables, please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.

An organization established by the law

"Normes d'audit légal ou contractuel"

(Statutory and non statutory audit Standards).

45. How many voting members does the standard-setting body have?

11+2: 11 professionals, 1 rep. of Prime Minsiter and a regp of the constitutional council

46. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?

	Voluntary
	Employed
	Both - Please describe:

47. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?

Best person for the job, academic, relevant experience

48. Who appoints these members (e.g., member body, government, user, regulator, etc.)?

Member body with respect to the 11 members

49. What is the term of appointment for members?

3 Year(s)

50. For how many years has the standard-setting body been in existence?

10 Year(s)

51. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:

Note: Please enter a whole number using commas (e.g., 4,000,000)

Please enter the exchange rate used to calculate this number.

Note: Please enter a decimal amount (e.g., 4.0027)

52. To what entity is the standard-setting body accountable?

To the national council of Ordre des Experts Comptables

53. Describe the due process followed by the standard-setting body. Please include explanations of the following:

public exposure of standards

The audit standards are transmitted to all O.E.C. members, to the Accounting National
Council (Conseil National de la Comptabilité), and to any person or entity who may wish.
It is also published on our website.
accessibility of meetings (i.e., public or private)

Private meetings
approval process for final standards (i.e., majority required to approve final standards)

50 % (+) 1 vote.
other relevant due process activities

N/A

54. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?

10 Day(s)

Section 6 -- Ethics

Responses to questions in this section will provide a description of the legal and professional framework governing ethics standards for accountants in your country. This section focuses on the establishment of such standards. Please indicate the role your organization plays within this framework.

Section 6A -- Statutory Framework

55. For each of the following types of professionals, please indicate the name of the Legal authority and/or self-regulatory rules establishing ethics standards for accountants and auditors in your country, the date of the last amendment of such authority or rules and the name of body responsible for setting the ethics standards.

Type of professional covered	Name of applicable legal authority	Date of last amendment (e.g. MM/YYYY 06/2001)	Name of body responsible for setting ethics standards
Professional Accountants in Public Practice	Loi sur la réglementation professionnelle et lois sur la société anonyme et sur les autres sociétés commerciales.		Parliament
Professional Accountants in Business	Code de Commerce	08/1996	Parliament
Professional Accountants in the Public Sector
Other (please describe)

OEC Website

Yes

Section 6B -- Standard-Setting (Parliament)

56. For Parliament, please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.

57. How many voting members does the standard-setting body have?

58. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?

	Voluntary
	Employed
	Both - Please describe:

59. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?

60. Who appoints these members (e.g., member body, government, user, regulator, etc.)?

61. What is the term of appointment for members?

Year(s)

62. For how many years has the standard-setting body been in existence?

Year(s)

63. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:

Note: Please enter a whole number using commas (e.g., 4,000,000)

Please enter the exchange rate used to calculate this number.

Note: Please enter a decimal amount (e.g., 4.0027)

64. To what entity is the standard-setting body accountable?

65. Describe the due process followed by the standard-setting body. Please include explanations of the following:

public exposure of standards
accessibility of meetings (i.e., public or private)
approval process for final standards (i.e., majority required to approve final standards)
other relevant due process activities

66. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?

Day(s)

Section 7 -- Education

Responses to questions in this section will provide a description of how education requirements for the profession are established. Please indicate the role your organization plays within this process.

Section 7A -- Education Requirements

67. Please describe in general terms the education system in your country including the different stages of education from early childhood education through to tertiary level study. Please indicate which aspects / levels are compulsory as part of the national education system:

The Moroccan education system is composed of 3 major stages :

1 (+) Primary : 6 years (from the age of 5) to obtain a certificate giving access to secondary
level. This stage is compulsory.

2 (+) Secondary : 6 years (3 years to get a certificate called "Brevet", then 3 other years to get the "Baccalaureat" which gives access to University studies

3 (+) Tertiary : (University or High study) level leading to a University degree or a higher education degree (4 to 10 years : average periods).

68. Is there a legal authority or regulation that specifies the requirements for an individual to operate as an accountant or auditor in your country?

Yes

Decree n° 2.8.519 concerning the "Expert Comptable degree". July 1990.

69. Please select from below all the relevant key levels of requirements to obtain certification from your member body (i.e. to qualify as a certified or chartered accountant) and provide a general description of the requirement.

	Academic requirements A university Degree in economics, management, � (At least 4 years studies subsequent to Baccalaureat), or equivalent. The equivalence should be officially granted by a Ministry decision. A selective examination to enter the expert comptable cycle which consists of 3 years studies with Exams end of every year. The exams at the end of the third year are considered as the final exams. (Before thesis). Then, every student has to chose a subject and submit it to a "Thesis Committee" for approval. After writing his thesis, the candidate should defend it before a jury composed of professors and a professional body member.
	Professional examinations
	Practical experience 3 years training practice in an "Expert Comptable" firm under Supervision of a member of l'Ordre des Experts Comptables, simultaneously with the 3 years education program. Thesis preparation and writing take an average 2 years period.
	Final qualifying examination The Thesis could be considered as the final qualifying examination.
	Other (please describe)

70. Which of the following arrangements best describes who establishes the education requirements for the accounting profession in your country? Please select one option.

	A government ministry, department or agency establishes education requirements for the accounting profession with no additional requirements set by the member body(ies).
	A government ministry, department or agency establishes minimum education requirements for the accounting profession, and member body(ies) supplement these requirements.
	Member body(ies) establishes the education requirements for the accounting profession.
	Other (please describe)

71. Please provide the name(s) of the relevant body in the government ministry, department, agency and / or member body who establishes the education requirements.

A general description of the role of the relevant body(ies) including how it operates and its due process in establishing the education requirements.
All these ministers operate through "the Pedagogy Council" established by the legal authority. (They set-up education programs, examination and thesis rules, professional training rules, and any degree equivalence when required).
How many voting members does the relevant body(ies) have
10 (Ten) :

- 7 members from public sector (Ministries and University)
- 1 member from O.E.C.
- 2 members from business major associations.
Are the members of the relevant body(ies) involved on a voluntary basis or employed by the standard-setting body?

Voluntary

Employed

Both - Please describe:
For how many years has the body been in existence?

13 Year(s)

72. How would you describe the authority that the education requirements have?

	Requirements are legally-based
	Requirements are set in the constitution, by-laws or other rules of the relevant body(ies).
	Requirements are set in member body(ies) policy document(s).
	Other (please describe)

72 a. How can IFAC obtain copies of these documents?

72 b. Are these documents available in English?

Yes

73. Are the education requirements for accountants and auditors the same throughout your country, or do they differ among regions, provinces or states?

Same

Different

If different, please briefly describe the main differences:

74. Please indicate the scenario that best describes who delivers the education and examination process for members of the profession. Please only select one option.

	The education program and final examination are delivered by the member body.
	The education program and final examination are delivered by the member body and other education institutions (e.g., universities, colleges, and others).
	The education program and final examination are delivered by education institutions (e.g., universities, colleges, and others).
	Other (please explain)

75. Once qualified as a member of your professional body, can members offer their services directly to the public?

Yes

Section 7B -- Licensing

76. Are there licensing requirements for auditors in your country?

Yes (continue with Question 77)

No (proceed to Section 8)

77. Who sets the requirements to obtain a license?

The law sets the legal requirements, and the Member Body O.E.C. sets the application and admission procedure.

78. What are the requirements to obtain a license (please select all relevant requirements.)?

	Academic study specific for obtaining a license
	Practical experience
	Licensing examination
	Final qualifying examination
	Other (please describe) To comply with the admission procedure of the O.E.C.

79. Are there ongoing requirements to retain a license?

Yes

	Continuing professional development
	Re-examination
	Other (please specify): All members should comply with O.E.C. ethics and professional rules (including continuing professional development and education). In case of serious non-compliance, and in accordance with the code of ethics, a license could be drawn.

80. What entity grants the license?

O.E.C. (The member Body).

81. Describe any additional licensing requirements for auditors of listed entities (e.g., additional education requirements, registration, etc.).

No additional requirements.

Section 8 -- Public Sector Accounting Standards

Responses to this section will provide a description of the legal and professional framework governing public sector accounting standards in your country. The section focuses on the establishment of such standards. Please indicate, where appropriate, the role of your organization within this framework.

Section 8A -- Statutory Framework

82. Please provide the name of the Legal authority and/or self-regulatory rules establishing public sector accounting standards in your country, the date of last amendment and the name of the body responsible for setting public sector accounting standards. If the standards are different for different entities (e.g., whole of government, ministry/department, statutory authority/agency, profit entity owned by government, state governments, local governments, other [please specify]), please specify the details that apply to each.

Type of entity	Name of legal authority	Date of last amendment (e.g. MM/YYYY 06/2001)	Name of body responsible for setting public sector accounting standards
Whole of government	Decree n° 2-89.61-	11/1989	C.N.C. (Conseil National de la Comptabilité = National Accounting Council)
Ministry/department
Statutory authority/agency
Profit entity owned by government
State governments
Local governments
Other (please describe)
Other (please describe)

Yes

Section 8B -- Standard-Setting (C.N.C. (Conseil National de la Comptabilit� = National Accounting Council))

83. For C.N.C. (Conseil National de la Comptabilit� = National Accounting Council), please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.

See Section 9B

84. How many voting members does the standard-setting body have?

85. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?

	Voluntary
	Employed
	Both - Please describe:

86. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?

87. Who appoints these members (e.g., member body, government, user, regulator, etc.)?

88. What is the term of appointment for members?

Year(s)

89. For how many years has the standard-setting body been in existence?

Year(s)

90. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:

Note: Please enter a whole number using commas (e.g., 4,000,000)

Please enter the exchange rate used to calculate this number.

Note: Please enter a decimal amount (e.g., 4.0027)

91. To what entity is the standard-setting body accountable?

92. Describe the due process followed by the standard-setting body. Please include explanations of the following:

public exposure of standards
accessibility of meetings (i.e., public or private)
approval process for final standards (i.e., majority required to approve final standards)
other relevant due process activities

93. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?

Day(s)

Section 9 -- Private Sector Accounting Standards

Responses to the questions in this section will provide a description of the legal, statutory and professional framework governing private-sector accounting standards in your country. The section focuses on the establishment of such standards. Please indicate what role your organization plays within this framework.

Section 9A -- Statutory Framework

94. Please provide the name of the Legal authority and/or self-regulatory rules that establish private-sector accounting standards in your country, the date of last amendment, and the name of the body responsible for setting private sector accounting standards. If the standards are different for different entities (for example, listed entities, private companies, governmental organization, not for profit organizations, etc.), please specify the requirements that apply to each.

Type of entity	Name of legal authority or applicable rules	Date of last amendment (e.g. MM/YYYY 06/2001)	Name of body responsible for setting private sector accounting standards
Listed entity	Loi comptable(*)	01/1994	Conseil National de la Comptabilité (CNC)
Other (please describe)
Other (please describe)
Other (please describe)
Other (please describe)

- Website of Ministry of Finance : www.finances.gov.ma
- Website of OEC : www.oec-maroc.com
- Directly from the CNCN which secretariat is held at the Ministry of Finance (Direction des Entreprises Publiques et de la Privatisation � DEPP)

Yes

Section 9B -- Standard-Setting (Conseil National de la Comptabilit� (CNC))

95. For Conseil National de la Comptabilit� (CNC), please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.

Part of Prime Minister Department.

All accounting Standards (Private & public)

96. How many voting members does the standard-setting body have?

97. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?

	Voluntary
	Employed
	Both - Please describe:		The CNC is composed of 50 persons, each one representing a specific organism, or specific profession. These persons do not receive any revenue directly from the CNC ; few ones receive some compensation from their respective departments for their specific work at the CNC. CNC employs some 4 persons one a permanent basis. (not included in the 50 mentioned in § 96 above).

98. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?

The article 4 of the said law defines explicitly and clearly the title and originating organism of each person or representative.

99. Who appoints these members (e.g., member body, government, user, regulator, etc.)?

Their respective departments.

100. What is the term of appointment for members?

4 Year(s)

101. For how many years has the standard-setting body been in existence?

14 Year(s)

102. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:

Note: Please enter a whole number using commas (e.g., 4,000,000)

166.000

Please enter the exchange rate used to calculate this number.

Note: Please enter a decimal amount (e.g., 4.0027)

1$ = 9MDH

103. To what entity is the standard-setting body accountable?

The Prime Minister or any department he could appoint for follow-up purposes. (Presently : Ministry of Finance).

104. Describe the due process followed by the standard-setting body. Please include explanations of the following:

public exposure of standards

Large public exposure of accounting standards through various communications and announcements on official newspapers and publications.
accessibility of meetings (i.e., public or private)

Official meetings are limited to the CNC members. (50)
approval process for final standards (i.e., majority required to approve final standards)

50 % (+) 1 vote.
other relevant due process activities

105. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?

Day(s)

Section 10 -- Monitoring (Quality Assurance) and Enforcement

Responses to the questions in this section will provide a description of the legal and professional framework governing regulation of the profession in your country. Please indicate what role your organization plays within this framework.

Section 10A -- Securities Market Regulatory Authority

106. Name the authority that regulates the securities market:

C.D.V.M. (Conseil Déontologique de Valeurs Mobilières)

107. What responsibilities does this organization have for monitoring and enforcing compliance with accounting, reporting or auditing requirements? Please identify the Legal authority that establishes that responsibility:

- Law (Dahir) n° 1-93-212 of September 21, 1993.

- C.D.V.M. has extended powers and responsibilities for this task :
* Title 2 of the law include reporting provisions,
* Title 3 "control provision" and
* Title 3 : "breaches of the law and respective sanctions, fines and penalties".

108. Briefly describe the role of the regulatory authority as it relates to the following:

regulation of the audit profession

No role
accounting and auditing standard-setting

No role
review of financial statements prepared by listed entities, and monitoring of their compliance with the accounting and disclosure requirements

- Requires appointment of at least two auditors for such companies.
- Review of any significant information (specified by the law) relating to listed entities, and especially of any "prospectus" published by a listed or a "going public" company.

Section 10B -- Stock Exchange

109. Name the four largest stock exchangers (by market capitalization) and whether it is organized as a profit or not-for-profit organization:

Profit	Not for profit	Stock Exchange
		Bourse des Valeurs de Casablanca

Section 10B -- Stock Exchange
Bourse des Valeurs de Casablanca Details

110. For Bourse des Valeurs de Casablanca, is there a mechanism at the stock exchange(s) for monitoring and enforcing financial reporting, accounting and auditing of listed entities?

Yes

If YES, please describe the following:

How the monitoring and enforcement of financial reporting, accounting and auditing is conducted.

CDVM has ad'hoc teams who conduct compliance controls over financial reporting of listed companies and over any significant financial or corporate information which might have an effect on stocks quotation.
The consequences of non-compliance with the financial reporting, accounting or auditing requirements.

Punitive sanctions. (Penalty)
How enforcement actions are administered.

Through CDVM decisions. Other penalties may be decided upon by the commercial court.

Section 10C -- Regulatory Oversight of the Accounting Profession

111. Has an audit profession oversight body been established (e.g., to oversee the external quality assurance review process, etc.)?

Yes

If NO, proceed to the next section.

If YES, please describe :

What are the name and duties of the oversight body?
The number of members on the oversight body
Its powers
How the oversight body conducts or oversees a program of inspections to assess the degree of compliance of each audit firm/auditor with applicable auditing standards and regulations
The sanctions the oversight body may impose in the event of non-compliance
How the oversight body is accountable to any public institution or body

Section 10D -- Banks Regulatory Authority

112. Name the authority that regulates the banks and similar financial institutions. Discuss how this authority differentiates between accounting requirements for regulatory reporting and general purpose external financial reporting:

BANK AL-MAGHRIB (Central Bank of Morocco) (Law n° 1-93-147 of July 6th, 1993)

113. Discuss briefly the legal requirements with respect to monitoring and enforcement by the regulatory authority of accounting and auditing standards that apply to the banks and similar financial institutions:

According to this law, Banks should meet the obligation of filing social and consolidated year accounts before the Central Bank (called BANK AL-MAGHRIB). The accounts and financial statements are prepared in conformity with banking sector specific chart of accounts established by the C.N.C. (Conseil National de la Comptabilité). Each Banking institution should appoint 2 statutory auditors (Commissaires aux comptes), and it must appoint also an audit firm to certify the year accounts. This was the case when the said-law was published, but now as there is no difference between the work done by the statutory auditors and the external auditors, the appointment of 2 auditors for both controls : statutory and non statutory becomes the general rule.

114. Briefly describe the role of the regulatory authority as it relates to the following:

regulation of the audit profession

No effect. However, the Central Banks holds a short list of OEC professionals who receive its approval to conduct Banks audit.
accounting and auditing standard-setting

The Central Bank is an eminent member of the CNC. Furthermore, they could propose amendments or any new accounting standards to be approved by CNC.
review of financial statements prepared by listed entities

It has all the powers to review such statements
enforcement of accounting, reporting and auditing requirements

It is the major author of this enforcement.

Section 10E -- Non-Banking Financial Institutions Regulatory Authority

115. Name the regulatory authority(ies) responsible for monitoring compliance with and enforcing accounting, reporting and auditing requirements imposed on non-banking institutions.

BANK AL-MAGHRIB (Central Bank) CDVM (Conseil Déontologique de Valeurs Mobilières)

116. What is the source of Legal authority of the regulatory authority(ies)?

B.A.M. = Law of 07/1993 C.D.V.M. = Law of 10/1993 �³ Asset Management Companies ¡V Public Funds.

117. Briefly describe the role of the regulatory authority(ies) as it relates to the following:

regulation of the audit profession

No effect
accounting and auditing standard-setting

Both are Members and major decision makers at CNC, in respect of such institutions.
review of financial statements prepared by listed entities

In their responsibility scope.
enforcement of accounting, reporting and auditing requirements

Shared responsibility.

Section 10F -- Insurance Companies Regulatory Authority

118. Name the regulatory authority responsible for monitoring compliance with and enforcing accounting, reporting and auditing requirements imposed on insurance companies.

Direction des Assurances. (Department of Insurance). Minister of Finance

119. What is the source of Legal authority of the regulatory authority(ies)?

Arrêté of November 25, 1998 in force since December 17, 1998. (Ministry of Finance Decision).

120. Briefly describe the role of the regulatory authority(ies) as it relates to the following

regulation of the audit profession

No effect.
accounting and auditing standard-setting

Member of the C.N.C. (National Accounting Council) for any decision relating to the insurance sector accounting standards.
review of financial statements prepared by listed listed entities
enforcement of accounting, reporting and auditing requirements

Full decision. (Shared with CNC concerning accounting and reporting)

Section 10G -- Other Regulatory Authority

121. Name any other regulatory authority(ies) responsible for monitoring compliance with and enforcing accounting, reporting and auditing requirements.

NONE

122. What is the source of Legal authority of each regulatory authority?

123. Briefly describe the role of the regulatory authority(ies) as it relates to the following

regulation of the audit profession
accounting and auditing standard-setting
review of financial statements prepared by listed listed entities
enforcement of accounting, reporting and auditing requirements

Section 10H -- Quality Assurance

124. Does any organization of professional accountants/auditors organize a program of quality assurance review to monitor compliance with accounting, reporting and auditing requirements?

Yes

If NO, proceed to next Section.

If YES, briefly describe the monitoring and enforcement mechanism.

The Project has just been approved by the National Council. It should be approved by the OEC General assembly and be in force on January 2005.

125. Under what authority does the organization conduct the program of quality assurance review?

Prime Minister (or its delegated Ministry).

126. Who performs the review (e.g., one firm reviewing another firm, staff from the national professional organization, contractors, or a combination of these)?

A combination of national/regional councils and professional contractors.

Section 10 I -- Investigation and Discipline

127. Is there a process for investigating and disciplining the accounting profession in your country?

Yes

If NO, proceed to the Certification of Chief Executive

128. Which of the following best describes the responsibility for the investigatory and disciplinary function in your country?

	Government or other agencies are solely responsible for this function.
	Government or other agencies have this responsibility, but the member body or bodies participate in the process.
	Government formally delegates this function to the member body or bodies, to exercise on its behalf.
	Member body or bodies have separate and independent processes that operate alongside processes of legal authorities.
	Other (please explain)

129. Please indicate the name of the body or bodies responsible for investigation and discipline.

- "Commission de discipline" at National Council of O.E.C.
- Ministry of Justice.

Responses to the remaining questions in this Section are required if your organization has responsibility for investigation and disciplinary actions.

130. How many voting members does the body have?

131. Are the members of the body involved on a voluntary basis or employed by the standard-setting body?

	Voluntary
	Employed
	Both - Please describe:

132. What are the criteria considered in selecting members of the body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?

Best professionals for the job.

133. Who appoints these members (e.g., member body, government, user, regulator, etc.)?

Member body.

134. What is the term of appointment for members?

3 Year(s)

135. For how many years has the body been in existence?

10 Year(s)

136. Please indicate the budget in US$ of the body for the last fiscal year.

Note: Please enter a whole number using commas (e.g., 4,000,000)

Please enter the exchange rate used to calculate this number.

Note: Please enter a decimal amount (e.g., 4.0027)

(specify currency)

137. To what entity is the body accountable?

National Council of O.E.C.

138. Approximately how many days per year does the body meet in full session (including teleconferences)?

20 Day(s)

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