In brief: Each payment terms declaration comes with a detailed statement of invoices. The conformity of this statement with the invoices not paid within the terms must be approved (visa) by the statutory auditor (commissaire aux comptes, CAC) when annual turnover is equal to or above 50,000,000 DH excl. VAT, and by a chartered accountant or an approved accountant below that amount (Art. 78-4 of the Commercial Code, introduced by Law 69-21). According to circular note No. 734, the professional carries out “all necessary procedures” and also approves a nil statement. In practice, they reconcile the statement with the ledger and the supporting documents: dates, agreed terms, payments, disputes, fine calculation. A forgotten invoice costs 5,000 DH (Art. 78-6), on top of the fine itself.
The general rules (scope, terms, timetable, penalties) are presented in our guide to payment terms in Morocco. This article covers a single point: the statutory auditor’s work on the statement that accompanies the declaration, seen from the side of the CFO who prepares it.
What the texts provide on the statutory auditor’s role
Article 78-4 of the Commercial Code, as worded by Law 69-21, requires companies whose turnover exceeds 2,000,000 DH excl. VAT to file an electronic declaration before the end of the month following each quarter. It is accompanied by a detailed statement, using a template drawn up by the administration. It is this statement, and not the declaration, that the text subjects to an approval.
| Point | What the texts say | Source |
|---|---|---|
| Purpose of the approval | The conformity of the information in the statement with the invoices not paid within the terms of Article 78-2 | Art. 78-4 |
| Company whose annual turnover is equal to or above 50,000,000 DH excl. VAT (last financial year) | Approval by the statutory auditor | Art. 78-4 |
| Company whose annual turnover is below 50,000,000 DH excl. VAT | Approval by a chartered accountant or an approved accountant | Art. 78-4 |
| Procedures | The professional “must carry out all necessary procedures to ensure the conformity of the information in the said statement” | Circular note No. 734 |
| No late invoices | The declaration remains mandatory; the statement must still be approved | Art. 78-4; circular note No. 734 |
| Frequency | One statement per declaration, so every quarter | Art. 78-4 |
Two clarifications come from circular note No. 734 and not from the law: the “necessary procedures” and the approval of the nil statement.
What the texts do not say
The texts reviewed do not specify the form of the approval, its template, the professional standard that governs it or the date on which it is delivered. They provide no penalty specific to a missing approval: the penalties concern the declaration, its appendices and the payment of the fine (Art. 78-6). Settle these points in writing with the professional.
Approval of the statement and certification of the accounts: two separate engagements
Certification relates to the financial statements (états de synthèse) (certification, with qualifications or refusal: Art. 175 of Law 17-95). The Article 78-4 approval relates to a quarterly document. The thresholds also differ: an SARL must appoint a statutory auditor when its turnover exceeds 50 million dirhams excl. VAT (Art. 80 of Law 5-96), whereas the statutory auditor’s approval applies to turnover equal to or above 50,000,000 DH (Art. 78-4). The auditor’s general role is presented in our guide to statutory audit in Morocco, and the SARL threshold in the article on the statutory auditor threshold for an SARL.
Key takeaway: the turnover taken into account is that of the last financial year, in the commercial sense according to the General Tax Directorate position of 27 March 2026, whatever the accounting method.
What the statutory auditor checks, field by field
The fields of the statement are set by Article 78-4. Each one is an assertion by the company that the statutory auditor can match against a document.
| Field of the statement | Auditor’s question | Document that answers it |
|---|---|---|
| Invoice reference | Does the invoice exist and is it recorded in the accounts? | Invoice, entry in the supplier ledger |
| Issue date | Is the date used the date of the invoice? | Invoice |
| Date of delivery, performance or service | Was the invoice issued no later than the last day of the month of delivery? If not, the term runs from the end of that month (Art. 78-2) | Delivery note, acceptance report |
| Supplier identity | Are the company name, RC, IF and ICE correct? | Supplier record, invoice |
| Nature and amount incl. VAT | Is the amount stated inclusive of all taxes? | Invoice |
| Scheduled or agreed payment date | Was a term agreed, within the 120-day limit? Failing that, 60 days apply (Art. 78-2) | Contract, general terms and conditions, proof of notification (Art. 78-1) |
| Amount unpaid, amount paid late | Does the amount declared match the balance actually unpaid or paid late, including in the case of partial payment? | Reconciled ledger, bank statements |
| Date, method and references of payment | Is the payment matched to the right invoice? | Bank statement, transfer order, bill of exchange |
| Number of months late and fine | Does the calculation follow Article 78-3 and the counting of months begun? | Calculation file |
| Invoices in dispute before the court | Has the dispute actually been brought before the courts? | Writ of summons, procedural documents |
Completeness first
Audit standards define “completeness” as the assurance that all transactions that should have been recorded have been recorded (SME Audit Standards Manual). The main risk is a missing invoice: received late, entered in the following quarter or excluded by mistake. Expect the statutory auditor to start from the supplier ledger, not from your statement.
Dates and the starting point of the term
The term runs from the invoice issue date, except in three cases (Art. 78-2): invoice issued after the last day of the month of delivery (the term runs from the end of that month); periodic transactions not exceeding one month (first day of the following month); public establishment (confirmation that the service has been performed). A due date falling on a public holiday or non-working day is carried over to the first working day (circular note No. 734).
Agreed terms
Beyond 60 days, an agreement is required, within a limit of 120 days; a shorter agreed term is the one to be respected (circular note No. 734). Payment terms are notified by any means providing proof of receipt (Art. 78-1): the statutory auditor will ask for this document. The 180-day term requires a sector-specific decree.
Calculating the fine
The fine equals the Bank Al-Maghrib policy rate applied at the end of the first month of delay, then 0.85% per additional month or part of a month, on the unpaid amount incl. VAT of each invoice not paid within the terms (Art. 78-3). Any month begun counts in full (circular note No. 734). It is paid at the same time as the declaration.
The example in circular note No. 734 shows that the count straddles quarters: invoice of 4,000,000 DH incl. VAT issued on 17/07/2023, with no agreed term, deadline set at 14/09/2023, paid on 10/11/2023. In the third quarter, one month late (September) at the policy rate then used of 3%, i.e. 120,000 DH. In the fourth quarter, two months (October and November) at 0.85%, i.e. 68,000 DH. The same invoice appears in two successive statements, which must be consistent.
Disputes
The fine is suspended for invoices in dispute before the court until a final decision, and is then due on the amounts payable (Art. 78-3). An amicable settlement, without court proceedings, does not trigger this suspension (circular note No. 734).
Reconciliation with the declaration
The totals in the declaration (invoices not paid within the terms, invoices paid late, fine, disputes) must follow from the statement (Art. 78-4). The turnover declared, which determines the competent professional and the penalty bracket, must match the accounts of the last financial year.
How the professional works
Neither the law nor the circular note describes the method for the approval. For the audit of the accounts, the audit standards applicable in Morocco describe these techniques:
- Sampling. The auditor may examine all items in a population, specific items (high values, items above a certain amount, unusual items or items very likely to contain misstatements) or a representative sample (manual, § 3.4.2).
- Analytical procedures. The auditor sets expectations before comparing them with the figures (manual, § 3.4.1): a sudden drop in late payments with no change in practice calls for an explanation.
- External confirmation. The auditor keeps control of the requests sent to third parties and analyses any discrepancy (manual, § 3.4.3.2): a supplier confirmation can reveal an unrecorded invoice.
- Written representations from management. They complement the other work but do not replace it (manual, § 6.1).
For preparing the annual audit, see our article on preparing for the statutory auditor’s engagement.
The documents to prepare each quarter
- The reconciled supplier ledger and the aged balance at the end of the quarter.
- Invoices, delivery notes or acceptance reports.
- Contracts and payment terms, with proof of their notification (Art. 78-1).
- Bank statements and the references of each payment, matched to the invoices.
- Dispute files for cases brought before the court.
- The fine calculation file, invoice by invoice, and the previous statements.
- The reconciliation between the statement, the declaration, the ledger and the turnover of the last financial year.
If reconciliation is late or approximate, the problem lies in internal control over the purchasing cycle: see internal control in SMEs.
Frequent errors: examples
The cases below are typical examples, not statistics.
| Error | Consequence | Rule |
|---|---|---|
| Term calculated from receipt of the invoice | Wrong due date, late invoice omitted | Art. 78-2 |
| 90-day or 120-day term applied without a documented agreement | The 60-day term applies in the absence of an agreement | Art. 78-1 and 78-2 |
| Dispute settled amicably treated as suspended | Fine due and not declared | Circular note No. 734 |
| Partial payment declared for the full amount | Inaccurate amount | Art. 78-4 |
| Invoice declared excluding VAT | Wrong basis for the fine: it is calculated incl. VAT | Art. 78-3 |
Worked example (assumption)
Company X, 2025 turnover of 80,000,000 DH excl. VAT: the statement is approved by its statutory auditor. When reviewing the fourth-quarter 2026 statement prepared by the company, the auditor identifies four issues in their sample.
- Invoice A, 240,000 DH incl. VAT. Delivery on 25/09/2026, invoice issued on 06/10/2026, no agreed term, payment on 03/12/2026. The company calculated 60 days from 06/10, i.e. 05/12: no delay in its view. However, the invoice was issued after the last day of the month of delivery: the term runs from 30/09 and expires on 29/11 (Art. 78-2). The invoice is late. Following the logic of the example in circular note No. 734, two months have begun (November and December): 240,000 × (policy rate + 0.85%).
- Invoice B, 1,200,000 DH incl. VAT. Paid at 110 days. No document establishes an agreement on the term: the statutory auditor will ask for the document. Failing that, the invoice falls under the 60-day term.
- Invoice C, 85,000 DH incl. VAT. Disagreement settled amicably, without court proceedings, then late payment. The company had excluded it as “in dispute”: no suspension.
- Invoice D, 600,000 DH incl. VAT. Half paid within the term, half late. The statement showed 600,000 DH paid late instead of 300,000 DH.
Corrected before filing, these invoices cost only the fine due on the late payments. Filed as they stand, they expose the company to 4 × 5,000 DH, i.e. 20,000 DH, for missing or inaccurate invoices (Art. 78-6), on top of the fine.
The consequences of an inconsistent declaration
| Situation | Consequence | Text |
|---|---|---|
| Failure to file or late filing of the declaration and its appendices, failure to pay or late payment of the fine | 5,000 to 250,000 DH depending on turnover, applied only once | Art. 78-6 |
| Insufficient or incomplete declaration | 5,000 DH per missing or inaccurate invoice | Art. 78-6 |
| Audit by the administration | Notice at least 15 days before an on-site audit; documents and supporting evidence to be provided; report and 30 days to respond | Art. 78-7 |
| Documents not produced during the audit | Penalty under Article 78-6, first paragraph; doubled for a repeat offence | Art. 78-7 |
| Breach of Articles 78-2 or 78-4 | Inclusion on the annual list of offenders sent to the payment terms observatory | Art. 78-8 |
| Remission or reduction | Possible only after settlement of the invoices concerned | Art. 78-10 |
The administration’s right of action is time-barred after five years (circular note No. 734): keep the statement, the approval and the supporting documents for that period. The fine is not deductible from taxable income (Art. 11-I of the CGI, recalled by the same note); see non-deductible expenses.
Organising the approval with your statutory auditor
The fourth-quarter approval falls in January, while the year-end close is being prepared. At the start of the financial year, set the timetable for the four approvals, the expected extractions and the form of the engagement. If you are changing statutory auditor, raise the question during the tender: see choosing a statutory auditor. The course of an audit engagement is presented on the page statutory audit and the statutory auditor’s engagement.
Points to watch
- Start from the ledger, not from the statement: a forgotten invoice costs 5,000 DH (Art. 78-6).
- Recalculate the starting point of each term from the delivery date and the invoice date (Art. 78-2).
- Keep proof of the agreed terms and of their notification (Art. 78-1).
- Distinguish a court dispute from a commercial disagreement: only the former suspends the fine (Art. 78-3).
- Have the nil statement approved too (circular note No. 734), before the end of the month following each quarter (Art. 78-4), and check the 50,000,000 DH threshold every year.
Frequently asked questions
Who must approve the payment terms statement?
The statutory auditor when annual turnover is equal to or above 50,000,000 DH excluding VAT for the last financial year; a chartered accountant or an approved accountant when it is below that amount (Art. 78-4 of the Commercial Code, introduced by Law 69-21).
Is an approval required if no invoice was paid late?
Yes, according to circular note No. 734: when there are no invoices unpaid within the terms, the statement must still be approved. The declaration itself remains mandatory in this case (Art. 78-4).
Is the statutory auditor’s approval a certification?
No. Article 78-4 provides for an approval (visa) on the conformity of the information in the detailed statement with the invoices not paid within the terms. Certification, with or without qualifications, relates to the financial statements (Art. 175 of Law 17-95). The texts reviewed do not specify the form of the approval.
What does the company risk if a late invoice is missing from the statement?
When the declaration is insufficient or incomplete, a fine of 5,000 DH applies for each missing or inaccurate invoice (Art. 78-6). The monetary fine due on the invoice remains payable, and the administration may audit the accuracy of the declaration (Art. 78-7).
What documents will the statutory auditor ask for?
Those supporting each field of the statement: reconciled supplier ledger, invoices and delivery notes, payment terms and proof of their notification, bank statements, court dispute files and the fine calculation.
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