Key takeaways: The chartered accountant in Morocco is a regulated professional governed by Law 15-89, which grants an exclusive monopoly over bookkeeping, accounts review, statutory audit and judicial accounting expertise. Beyond these exclusive missions, the chartered accountant provides tax, legal, management and business creation advisory services. Registration with the Order of Chartered Accountants (OEC) guarantees competence, ethics and continuing professional development.
Law 15-89: The Regulatory Framework of the Profession
Law 15-89, enacted on 8 January 1993, is the founding legislation that governs the chartered accountancy profession in Morocco. It defines the professional title, missions, conditions of access and ethical rules applicable to all professionals registered with the Order of Chartered Accountants.
This law was designed to structure a profession essential to the Kingdom’s economic life, by ensuring that the professionals who work on accounts possess the required competencies and adhere to strict ethical standards.
Law 15-89 grants the chartered accountant the status of an independent liberal professional, distinct from civil servants and employees, even when practising within a chartered accountancy firm. This independence is the cornerstone of the credibility of the chartered accountant’s work.
The Professional Monopoly: Article 1 of Law 15-89
Article 1 of Law 15-89 defines the missions that fall under the exclusive monopoly of the chartered accountant. No other person may legally carry out these activities without being registered with the OEC.
Bookkeeping, Centralisation and Supervision of Accounts
The chartered accountant is the only professional authorised to keep, centralise, open, supervise, rectify and consolidate the accounts of businesses and organisations. This mission constitutes the historical foundation of the profession. It covers the entire accounting process, from recording day-to-day transactions to preparing financial statements in compliance with the CGNC and Moroccan accounting principles.
Review and Assessment of Accounts
The accounting review consists of examining a company’s accounts to ensure their regularity, sincerity and compliance with applicable standards. The chartered accountant issues a professional opinion on the quality of the accounts, which is essential for third parties (banks, investors, tax authorities). This mission is similar to a contractual audit when carried out at the request of the business owner.
Certification of the Regularity and Sincerity of Accounts
The chartered accountant is authorised to certify that an entity’s annual or interim accounts are regular and sincere. This certification engages the professional’s liability and constitutes a guarantee of reliability for all stakeholders.
Statutory Audit
The statutory audit is a legal engagement entrusted exclusively to chartered accountants registered with the OEC. The statutory auditor certifies the annual financial statements of public limited companies (SA), limited partnerships with shares and, in certain cases, limited liability companies (SARL) exceeding a certain turnover threshold. The engagement also includes verifying the consistency of information provided in the management report with the annual accounts.
Special Audit Engagements
Beyond the standard statutory audit, the chartered accountant may be appointed for special engagements provided for by company law: contribution audit (valuation of non-cash contributions during incorporation or capital increase), merger audit, and transformation audit. These one-off engagements require specialised technical expertise.
Judicial Accounting Expertise
The chartered accountant may be appointed by courts as a judicial expert to advise the judge on accounting and financial matters. This engagement arises in the context of commercial, tax or employment disputes requiring technical analysis of the accounts.
Advisory Missions of the Chartered Accountant
Beyond the monopoly defined by Article 1, the chartered accountant carries out a wide range of advisory missions, making the professional a privileged partner for business owners.
Tax Advisory
The chartered accountant assists clients in optimising their tax position within the bounds of the law. This includes corporate tax, VAT, income tax and registration duties. The chartered accountant also assists clients during tax audits and can file claims with the tax authorities.
Legal Advisory
Without encroaching on the monopoly of regulated legal professions, the chartered accountant advises clients on legal aspects related to business life: choice of legal form, drafting of general meeting minutes, amendment of articles of association, and capital transactions. For business creation, the chartered accountant is the best-placed professional to support the entrepreneur from start to finish, from the business plan to registration.
Management and Steering Advisory
The chartered accountant helps business owners steer their companies through dashboards, profitability analysis, budgetary forecasts and cash flow plans. The chartered accountant also assists in implementing cost accounting and internal management control systems.
Accounting Information Systems
The chartered accountant advises clients on the selection and configuration of accounting software and financial information systems. The professional ensures that the chosen system enables bookkeeping that complies with legal obligations and meets the company’s management needs.
Conditions for OEC Registration: Article 3
Article 3 of Law 15-89 sets out the cumulative conditions for registration with the Order of Chartered Accountants.
The National Chartered Accountancy Diploma (DNEC)
The candidate must hold the National Chartered Accountancy Diploma (DNEC), awarded upon passing national examinations organised by the supervising ministry. This diploma certifies a demanding curriculum combining high-level theoretical instruction and practical training.
The 3-Year Professional Internship
Before sitting the final DNEC examinations, the candidate must complete a professional internship lasting a minimum of 3 years within an approved chartered accountancy firm. This internship, supervised by a chartered accountant serving as training supervisor, provides the essential practical experience. The trainee maintains an internship report and is subject to periodic assessments.
Taking the Professional Oath
Before practising, the newly registered chartered accountant takes an oath before the court. Through this oath, the professional commits to practising with conscience, dignity and probity, and to respecting applicable laws and regulations. The oath ceremony solemnises entry into the profession and underscores the responsibilities incumbent upon the chartered accountant.
Other Conditions
The candidate must also be of Moroccan nationality (subject to international agreements), enjoy full civil rights, have no convictions incompatible with the practice of the profession and present sufficient guarantees of moral character.
Incompatibilities: Article 15
Article 15 of Law 15-89 establishes a list of incompatibilities designed to preserve the chartered accountant’s independence. The following are notably incompatible with practising the profession:
- Any salaried employment (except within a chartered accountancy firm or as a part-time lecturer)
- Any commercial activity, whether carried out directly or through an intermediary
- Any management or board position in a commercial company (except chartered accountancy firms)
These incompatibilities ensure that the chartered accountant’s professional judgement is never influenced by personal commercial interests.
Chartered Accountant vs Licensed Accountant: The Differences
Confusion between chartered accountants and licensed accountants is common. Yet the two professions differ on several essential points.
The licensed accountant (comptable agréé) is governed by Law 127-12. Licensed accountants may keep the books of companies whose turnover does not exceed a certain threshold. They cannot certify accounts, carry out statutory audits, or perform judicial accounting expertise. Their scope of practice is limited to bookkeeping and routine tax filings.
The chartered accountant has a much broader scope of competence, encompassing all the missions under Article 1 of Law 15-89 as well as advisory missions. The chartered accountant serves companies of all sizes and sectors, with no turnover limitation. For growing businesses, transitioning from a licensed accountant to a chartered accountant is a natural and strategic step.
The Order of Chartered Accountants (OEC): Role and Responsibilities
The OEC is the professional body that governs the profession. Its responsibilities are wide-ranging.
In terms of discipline, the OEC ensures compliance with professional ethics and can impose sanctions on members who fail to meet their obligations (warning, reprimand, temporary suspension, removal from the register).
In terms of continuing professional development, the OEC requires each chartered accountant to complete at least 40 hours per year of continuing education. This requirement ensures that skills remain up to date in the face of legislative, tax and technological developments.
The OEC also plays a role in defending the profession’s interests, consultation with public authorities and standardising professional practices.
Frequently Asked Questions
Can a chartered accountant refuse a statutory audit engagement?
Yes. A chartered accountant may refuse a statutory audit engagement if they consider that they cannot carry it out under satisfactory conditions of independence, or if they have provided advisory services to the same company during the two preceding financial years. The incompatibility rules between advisory and statutory audit engagements are strictly regulated.
What is the difference between a chartered accountant and an external auditor?
In Morocco, external auditing is an engagement carried out exclusively by chartered accountants. There is no separate title of external auditor as in some Anglo-Saxon countries. The chartered accountant who carries out a contractual audit or a statutory audit acts in the capacity of external auditor. The chartered accountancy profession therefore encompasses auditing.
How can I verify that a professional is registered with the OEC?
The register of the Order of Chartered Accountants is public. You can verify a professional’s registration by consulting the official OEC website or by contacting the Council of the Order directly. This verification is recommended before entrusting any accounting or audit engagement to a professional presenting themselves as a chartered accountant.
Entrust Your Accounts to a True Professional
The chartered accountant is much more than a bookkeeper: it is a strategic partner for your company’s success. Contact Upsilon Consulting to benefit from the expertise of an OEC-registered firm, at your service for all your accounting, tax and advisory needs.
