OEC Morocco

The Ordre des Experts-Comptables du Royaume du Maroc (OEC-Morocco) has direct responsibility for establishing and operating the quality assurance (QA) review system in the jurisdiction under Law No. 15-89. OEC-Morocco reports that the system has been operational since 2012 and incorporates the main requirements of SMO 1. OEC-Morocco also reports that International Standard on Quality Management 1 and International Standard on Quality Management 2 are adopted and effective in the jurisdiction.

OEC-Morocco continues to support implementation of the quality management standards through training, implementation guidance, and awareness-raising activities for member firms. The institute organized training activities to prepare firms for the transition from quality control to quality management standards and has continued to disseminate International Auditing and Assurance Standards Board and International Federation of Accountants implementation materials to members. OEC-Morocco also reports that it updated educational programming and professional support activities to assist firms in designing and implementing systems of quality management aligned with the standards.

In addition, OEC-Morocco reports that it continues to monitor developments issued by the International Auditing and Assurance Standards Board and communicates updates to members through technical publications, newsletters, and professional training activities.

OEC-Morocco continues to demonstrate ongoing fulfillment of its direct responsibilities under SMO 1 and is therefore assessed as Sustain.

Current Status: Sustain

While initial professional development requirements for Chartered Accountants are established under Law No. 15-89, the Ordre des Experts-Comptables du Royaume du Maroc (OEC-Morocco) is responsible for supporting implementation of the initial professional development framework and for establishing and monitoring continuing professional development requirements for its members.

OEC-Morocco reports that the International Education Standards were considered in revisions to local education and training requirements and that the jurisdiction’s framework remains overall aligned with the 2019 International Education Standards. The institute continues to monitor developments issued by the International Accounting Education Standards Board and reviews its education and training framework accordingly.

OEC-Morocco continues to strengthen professional development support for members through its Training Center and annual continuing professional development program. The institute publishes training calendars and technical events through its website and member communications and provides courses covering auditing, ethics, quality management, and other professional topics relevant to implementation of international standards.

OEC-Morocco also monitors compliance with continuing professional development obligations through annual reporting and verification procedures. Members that fail to meet continuing professional development requirements may be subject to disciplinary measures in accordance with the institute’s internal regulations.

OEC-Morocco continues to demonstrate ongoing fulfillment of its responsibilities under SMO 2 and is therefore assessed as Sustain.

Current Status: Sustain

The Ordre des Experts-Comptables du Royaume du Maroc (OEC-Morocco) has direct responsibility for establishing auditing standards applicable to mandatory audits in Morocco. OEC-Morocco has adopted Moroccan Standards on Auditing that are converged with the 2016-2017 International Standards on Auditing Handbook.

OEC-Morocco maintains processes to monitor developments issued by the International Auditing and Assurance Standards Board, including through its international standard-setting committee and access to French translations of IAASB pronouncements. The institute disseminates updates and exposure drafts to members, provides continuing professional development on auditing standards, and includes ISA-related content in initial professional development.

OEC-Morocco reports that the International Standard on Auditing for Audits of Financial Statements of Less Complex Entities has been adopted, which is a positive development in supporting proportionate application of auditing standards for less complex entities. This does not address the broader gap in adopting the latest ISA for all mandatory audits.

OEC-Morocco should prioritize a time-bound plan to adopt the latest ISA and other relevant IAASB pronouncements for all mandatory audits, supported by implementation guidance, member training, and stakeholder engagement to ensure the jurisdiction-level framework is aligned with SMO 3.

Current Status: Plan

The Ordre des Experts-Comptables du Royaume du Maroc (OEC-Morocco) has direct responsibility for establishing ethical requirements for its members under Law No. 15-89. OEC-Morocco has adopted a national Code of Professional Duties based on the 2009 Code of Ethics issued by the International Ethics Standards Board for Accountants.

OEC-Morocco reports that it monitors revisions to the International Code of Ethics for Professional Accountants, provides members with access to French translations of the Code, and includes ethics in continuing professional development and training activities. The institute also reports that it participates in the international standard-setting process by commenting on exposure drafts issued by the IESBA.

OEC-Morocco should establish and implement a time-bound plan to review and update its national Code against the latest effective IESBA Code, including International Independence Standards, and provide implementation support to members to further align the jurisdiction-level ethical framework with SMO 4.

Current Status: Plan

The Ordre des Experts-Comptables du Royaume du Maroc (OEC-Morocco) has no direct responsibility for the adoption of public sector accounting standards. The Conseil National de la Comptabilité (CNC) is responsible for public sector accounting standard-setting, and OEC-Morocco supports this process through its representation on the CNC and ongoing engagement with relevant public authorities. The CNC amended the State accounting framework in 2008 to take account of International Public Sector Accounting Standards (IPSAS), but IPSAS have not been fully adopted across the public sector.

OEC-Morocco reports that it continues to advocate for IPSAS adoption through its participation in CNC activities and meetings with public sector stakeholders. The institute monitors developments issued by the International Public Sector Accounting Standards Board, disseminates relevant updates and translated materials to members, and incorporates IPSAS-related content into continuing professional development and other training activities for members who provide services in or to the public sector.

OEC-Morocco continues to demonstrate ongoing best endeavors to promote adoption and support implementation of public sector accounting standards in an area where it has no direct authority. Accordingly, fulfillment of SMO 5 is assessed as Sustain.

Current Status: Sustain

The Ordre des Experts-Comptables du Royaume du Maroc (OEC-Morocco) has direct responsibility for investigation and discipline (I&D) of practicing Chartered Accountants under Law No. 15-89. OEC-Morocco’s disciplinary framework is established through Law No. 15-89 and its internal regulations, including procedures involving the Regional Councils and National Council.

OEC-Morocco reports that its I&D system is operational and that 27 complaints were processed over the past five years. In its 2021 self-assessment against SMO 6, OEC-Morocco identified partial alignment, with remaining gaps related to the disciplinary process, appeals process, and public interest considerations. The institute reports that it continues to raise awareness among Regional Councils on SMO 6 requirements to support greater alignment.

As OEC-Morocco has direct responsibility in this area, it should establish and implement a time-bound plan to address the remaining gaps identified through its self-assessment, particularly in relation to disciplinary procedures, appeals, transparency, and public interest safeguards, to further align the jurisdiction-level I&D system with SMO 6.

Current Status: Plan

The Ordre des Experts-Comptables du Royaume du Maroc (OEC-Morocco) has no direct responsibility for the adoption of corporate reporting standards. The Conseil National de la Comptabilité is the official accounting standard setter, while Bank Al-Maghrib, the Autorité de Contrôle des Assurances et de la Prévoyance Sociale, and the Autorité Marocaine du Marché des Capitaux prescribe sector-specific financial reporting requirements.

OEC-Morocco continues to support the convergence of Moroccan Generally Accepted Accounting Principles with International Financial Reporting Standards (IFRS) Accounting Standards and the IFRS for SMEs Accounting Standard through its representation on CNC committees and engagement with regulators and other stakeholders. The IFRS Foundation profile notes that Morocco permits or requires IFRS in selected sectors, including banks and financial institutions, while IFRS are not required for all domestic publicly accountable entities.

OEC-Morocco reports that it contributes to the national IFRS convergence project, promotes awareness of IFRS developments, and supports members through initial and continuing professional development activities. The institute also monitors developments issued by the International Accounting Standards Board and encourages engagement with exposure drafts, including those related to the IFRS for SMEs Accounting Standard.

OEC-Morocco continues to demonstrate ongoing best endeavors to promote adoption and support implementation of international corporate reporting standards in an area where it has no direct authority. Accordingly, fulfillment of SMO 7 is assessed as Sustain.

Current Status: Sustain