Morocco

Accounting Framework

The Conseil National de la Comptabilité (CNC), established by decree in 1989 and mandated under Law No. 15-89 enacted by Dahir No. 1-92-139 of 14 Rejab 1413 (1993), is responsible for establishing accounting standards in Morocco. Moroccan Generally Accepted Accounting Principles (Moroccan GAAP) constitute the primary financial reporting framework for most entities in the jurisdiction. Morocco has not adopted International Financial Reporting Standards (IFRS) for general application across all entities. However, the CNC, with support from the World Bank, has been undertaking a convergence project aimed at aligning Moroccan GAAP more closely with IFRS and the IFRS for Small and Medium-sized Entities (IFRS for SMEs).

Bank Al-Maghrib, the central bank of Morocco, is responsible for establishing financial reporting requirements for banks and credit institutions. Circular No. 56/G/2007 requires entities under its supervision to prepare financial statements in accordance with IFRS for reporting periods beginning in January 2008.

The Autorité Marocaine du Marché des Capitaux (AMMC) regulates financial reporting requirements for listed entities and other public companies. Under Law No. 52-01 relating to the Casablanca Stock Exchange and Circular No. 06/05, listed entities other than banks and similar financial institutions may apply either IFRS or Moroccan GAAP. In practice, a significant number of listed entities apply IFRS.

The Autorité de Contrôle des Assurances et de la Prévoyance Sociale (ACAPS) establishes financial reporting requirements for insurance and reinsurance companies. Since December 2022, insurance and reinsurance entities are required to prepare, submit to ACAPS, and publish financial statements in accordance with prevailing IFRS Accounting Standards as issued by the International Accounting Standards Board. These financial statements must be certified by statutory auditors who are members of the Ordre des Experts-Comptables du Royaume du Maroc (OEC-Morocco).

Auditing Framework

Mandatory audit requirements in Morocco are established under Law No. 17-95 on joint stock companies and related legislation. Statutory audits are required for public companies, banks, insurance companies, and other entities exceeding prescribed turnover thresholds. Public interest entities, including listed companies, banks, and insurance companies, are generally required to appoint two statutory auditors.

Article 160 of Law No. 17-95 requires statutory audits to be performed by certified members of the Ordre des Experts-Comptables du Royaume du Maroc (OEC-Morocco).

OEC-Morocco is legally responsible for establishing auditing standards applicable to mandatory audits in the jurisdiction under Law No. 15-89. The jurisdiction has adopted Moroccan Standards on Auditing that are converged with the 2016-2017 International Standards on Auditing Handbook issued by the International Auditing and Assurance Standards Board. Under the current 2026 adoption definitions, the use of a pre-2018 version of ISA is assessed as Not Adopted.

The accountancy profession in Morocco is regulated under Law No. 15-89 enacted by Dahir No. 1-92-139 of 14 Rejab 1413 (1993), which establishes the legal framework for the profession of Chartered Accountants and created the Ordre des Experts-Comptables du Royaume du Maroc (OEC-Morocco) as the professional regulatory body. The profession operates under a self-regulatory model established by law.

Under Law No. 15-89, OEC-Morocco is responsible for maintaining the registry of Chartered Accountants and audit firms; establishing continuing professional development requirements; adopting auditing and ethical standards; conducting quality assurance reviews; and administering investigation and disciplinary procedures for its members. OEC-Morocco also plays a role in supporting the implementation of international standards and professional best practices within the jurisdiction.

The Chartered Accountant designation is the protected professional title for individuals authorized to perform statutory audits and provide regulated accountancy services in Morocco. Entry requirements for the profession are established under Law No. 15-89 and related implementing regulations.

Professional education and training for aspiring Chartered Accountants are primarily delivered through the Institut Supérieur de Commerce et d’Administration des Entreprises (ISCAE), a public higher education institution operating under the supervision of the Ministry of Industry and Trade. Candidates are generally required to complete a prescribed program of academic study, professional examinations, and practical experience requirements. The qualification process includes a multi-year professional training program, supervised practical experience, and the preparation and defense of a final dissertation.

Individuals who successfully complete the qualification requirements are eligible to register with OEC-Morocco and use the Chartered Accountant title. Membership in OEC-Morocco is mandatory for practicing Chartered Accountants and statutory auditors. Members are required to comply with continuing professional development obligations, adhere to the applicable code of ethics and professional standards, and remain in good standing with the institute in order to maintain practicing rights.

Morocco does not currently have an independent public audit oversight authority. Oversight and regulation of statutory auditors are primarily carried out by the Ordre des Experts-Comptables du Royaume du Maroc (OEC-Morocco) under Law No. 15-89 enacted by Dahir No. 1-92-139 of 14 Rejab 1413 (1993).

Under Article 160 of Law No. 17-95 on joint stock companies, only members of OEC-Morocco are authorized to conduct statutory audits in the jurisdiction. OEC-Morocco is responsible for the registration and regulation of statutory auditors, adoption of auditing and ethical standards, implementation of quality assurance reviews, and investigation and disciplinary procedures applicable to its members.

OEC-Morocco has indicated that discussions have taken place with relevant national authorities regarding the possible establishment of an independent audit oversight arrangement aligned with evolving international practices. As of the date of this assessment, no separate independent audit oversight authority has been established, and Morocco is not represented within the International Forum of Independent Audit Regulators.

Ordre des Experts-Comptables du Royaume de Maroc (OEC-Morocco)

OEC-Morocco was established under Law No. 15-89 enacted by Dahir No. 1-92-139 of 14 Rejab 1413 (1993). OEC-Morocco is the legally recognized professional accountancy organization for Chartered Accountants in Morocco. Membership is mandatory for individuals and firms authorized to practice as Chartered Accountants and statutory auditors.

OEC-Morocco’s responsibilities include maintaining the registry of members, establishing continuing professional development requirements, setting auditing and ethical requirements, conducting quality assurance reviews, and administering investigation and disciplinary procedures for members. The institute operates through a national council and regional councils in accordance with the legal and regulatory framework governing the profession.

In addition to its national role, OEC-Morocco is a member of the International Federation of Accountants, the Pan African Federation of Accountants, the Federation of Mediterranean Certified Accountants, and the International Federation of Francophone Accountants.

The Ordre des Experts-Comptables du Royaume du Maroc (OEC-Morocco) has direct responsibility under Law No. 15-89 for establishing and operating the quality assurance (QA) review system for its members. OEC-Morocco’s professional activity control framework applies to all firms registered with the institute and is designed to support improvement in the quality of professional work.

OEC-Morocco reports that its QA system incorporates the main requirements of SMO 1. OEC-Morocco also reports that International Standard on Quality Management (ISQM) 1 and ISQM 2 are adopted in the jurisdiction.

Current Status: Adopted

Initial professional development requirements are set by Moroccan Law 15-89 1993 enacted by Dahir 1-92-139 of 14 Rejab 1413 and the Ordre des Experts-Comptables du Royaume de Maroc (OEC-Morocco) is responsible for implementing the initial professional development (IPD) requirements in addition to setting and monitoring members’ compliance with continuing professional development (CPD) requirements.

The Advanced Institute of Commerce and Business Administration (Institut Supérieur de Commerce et d’Administration des Entreprises), a public institution attached to the Ministry of Commerce and Industry, prepares candidates for entry into the profession. The program is open to individuals who have completed specific bachelor’s degrees outlined in Decree No. 2.89.519. The program consists of (i) a three-year curriculum, with an examination after each year, (ii) a three-year professional internship throughout the program; and (iii) the preparation and defense of a dissertation after successfully completing the program.

Those who successfully pass the program are eligible to register with OEC-Morocco and practice accounting or auditing with the Chartered Accountant title.

All Chartered Accountants must remain members in good standing of OEC-Morocco in order practice, which includes fulfilling continuing professional development requirements. The institute states that its CPD requirements are in line with the revised IES 7 requirements where OEC Morocco requires the completion of 120 hours of CPD over a three-year period. Out of the 120 hours, 60 hours must be verifiable, with a minimum of 20 hours to be reported to the Regional Council annually to remain in the registry. OEC Morocco members that do not fulfill the CPD requirements are referred to the Disciplinary Board to be sanctioned in line with internal regulations.

OEC-Morocco reports in its Action Plan that the IES requirements were taken into consideration in the revision of local training standards and reports overall alignment with the 2019 IES.

Current Status: Adopted

The Ordre des Experts-Comptables du Royaume du Maroc (OEC-Morocco) is responsible for establishing auditing standards for mandatory audits in Morocco under Law No. 15-89 enacted by Dahir No. 1-92-139 of 14 Rejab 1413 (1993). OEC-Morocco has adopted Moroccan Standards on Auditing that are converged with the 2016-2017 International Standards on Auditing Handbook.

Under the 2026 adoption definitions, adoption of a pre-2018 version of ISA is assessed as Not Adopted.

However, OEC-Morocco reports that the International Standard on Auditing for Audits of Financial Statements of Less Complex Entities has been adopted.

Current Status: Not Adopted

The Ordre des Experts-Comptables du Royaume du Maroc (OEC-Morocco) is responsible for establishing ethical requirements for professional accountants under Law No. 15-89 enacted by Dahir No. 1-92-139 of 14 Rejab 1413 (1993).

OEC-Morocco has adopted a national Code of Ethics based on the 2009 Code of Ethics for Professional Accountants issued by the International Ethics Standards Board for Accountants.

Under the 2026 adoption definitions, adoption of a pre-2018 version of the Code is assessed as Not Adopted.

Current Status: Not Adopted

The Conseil National de la Comptabilité (CNC) is responsible for public sector accounting standard-setting in Morocco. Beginning in 2007, the CNC, with support from external technical advisors, initiated reforms to modernize public sector accounting and align the State accounting framework more closely with accrual-based International Public Sector Accounting Standards.

In 2008, the General Treasury of the Kingdom adopted a revised State Chart of Accounts and accounting framework based on accrual principles and incorporating references to IPSAS. The reforms primarily apply to central government accounting and reporting.

As of the date of this assessment, Morocco has not adopted IPSAS in their entirety as issued by the International Public Sector Accounting Standards Board, and no evidence was identified that IPSAS have been fully implemented across all levels of government or all public sector entities.

Current Status: Partially Adopted

The Ordre des Experts-Comptables du Royaume du Maroc (OEC-Morocco) has direct responsibility for the investigation and discipline (I&D) of practicing Chartered Accountants under Law No. 15-89 enacted by Dahir No. 1-92-139 of 14 Rejab 1413 (1993). OEC-Morocco’s internal regulations set out disciplinary procedures, including notification of disciplinary decisions and reporting of decisions to the administration.

OEC-Morocco reports that its I&D system is operational and that 27 complaints were processed over the past five years. In its 2024 SMO Action Plan, OEC-Morocco also reports that a self-assessment against SMO 6 identified partial alignment, with remaining gaps related to the disciplinary process, appeals process, and public interest considerations.

Current Status: Partially Adopted

At the jurisdiction level, Morocco has not adopted International Financial Reporting Standards (IFRS) Accounting Standards for all domestic publicly accountable entities. 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.

Banks and financial institutions are required to prepare consolidated financial statements in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board. Other public interest entities, including listed entities, insurance entities, and state-controlled entities, may apply IFRS Accounting Standards in consolidated financial statements, but IFRS are not required for all such entities. Separate financial statements are prepared in accordance with local accounting standards.

Morocco is undertaking reform of its financial consolidation law, which would broaden the scope of entities required to apply IFRS Accounting Standards in consolidated financial statements. As of the date of this assessment, the current framework is partially aligned with the relevant requirements of SMO 7. Accordingly, IFRS are assessed as Partially Adopted.

The IFRS for SMEs Accounting Standard has not been adopted in Morocco.

Current Status: Partially Adopted

Relevant Organizations

Autorité de Contrôle des Assurances et de la Prévoyance Sociale (ACAPS)

Autorité Marocaine du Marché des Capitaux (AMMC)

Bank Al-Maghrib

Conseil National de la Comptabilité (CNC)

IFRS Foundation Jurisdiction Profile – Morocco

Institut Supérieur de Commerce et d’Administration des Entreprises (ISCAE)

Ordre des Experts-Comptables du Royaume du Maroc (OEC-Morocco)

Relevant Legislation

Circular No. 56/G/2007 – Bank Al-Maghrib

Law No. 15-89 regulating the profession of Chartered Accountants

Law No. 17-95 on joint stock companies

Law No. 52-01 relating to the Casablanca Stock Exchange

Relevant Publications

OEC Morocco Code des Devoirs Professionnels

OEC Morocco Internal Regulations

OEC Morocco Manual of Audit Standards – Cadre Conceptuel

OEC Morocco Manual of Audit Standards – Principes généraux et responsabilités