In brief: A statutory auditor in Morocco is mandatory for all public limited companies (SA) and for companies with turnover exceeding MAD 50 million. The auditor must be a member of the OEC and issues General and Special Reports in compliance with ISA standards.
Are you looking for a statutory auditor in Casablanca?
We are statutory auditors in Casablanca and members of the Institute of Chartered Accountants of Morocco (OEC).
Furthermore, the founding partners have extensive experience in audit services. Mr Salaheddine YATIM, in particular, has 20 years of experience, more than half of which was spent at Deloitte as an auditor. Mr Abdelhakim Soudi, for his part, gained experience at Deloitte in Morocco and Luxembourg.
We carry out a wide range of engagements for clients of varying sizes. As a result, we have built relationships of trust with all our clients.
Since its establishment, our firm has experienced considerable growth. It has also gained an increasingly strong reputation among Moroccan and international groups.
Statutory Auditor in Casablanca
Our offices are located in the Casablanca Finance City area in Casablanca.
What Is a Statutory Audit?
It is a legal engagement aimed at protecting shareholders and business partners (suppliers, bankers and shareholders). It provides an opinion on the quality of the financial statements. Its ultimate purpose is the issuance of the general and special reports.
The statutory certification engagement can take the form of:
- Opinion on individual accounts
- Opinion on consolidated accounts
- Interim accounts audit
- Limited review engagement
Statutory Audit: A Legal Obligation
The statutory audit engagement is made mandatory by law in the following cases:
- When the company is incorporated as a PLC;
- When the turnover for a fiscal year exceeds MAD 50 million.
A statutory audit is also mandatory when stipulated in the company’s articles of association or when 10% of the shareholders demand it.
We are statutory auditors in Casablanca. However, we carry out our engagements in all cities across the Kingdom. Whenever possible, we conduct our engagements remotely to reduce the burden on our clients.
Role of the Statutory Auditor
An audit of the financial statements approved by the board of directors or management. This audit results in a “General Report”.
A review of regulated agreements. This review results in a “Special Report”.
Specific verifications required by law (equality among shareholders, going concern, compliance with legal obligations, regulated agreements, etc.).
The statutory auditor’s reports are among the documents to be presented to the general meeting and filed with the commercial court registry.
We are members of the Institute of Chartered Accountants and are therefore authorised to carry out audit and statutory audit engagements.
How Does a Legal Audit Engagement Work?
Planning the Audit Engagement
The statutory auditor collects information to gain knowledge of the company. This knowledge allows them to:
- Identify audit risks
- Build a tailored audit approach
- Set a materiality threshold
The engagement is carried out taking into account the identified risks.
The risk-based approach optimises the time allocated to the engagement and delivers added value to the client.
Review of Procedures
The review of internal controls is a key phase of the audit approach. The statutory auditor conducts a review of:
- The proper design of procedures aimed at reducing the risks of material errors in the accounts;
- The proper execution of these procedures by the client’s teams.
During this phase, interviews with key personnel and process validation tests are generally used.
The statutory auditor produces a management letter on internal control procedures.
Review of Accounts
The review of accounts involves, among other things, verifying the annual or periodic financial statements produced by the client and ensuring they reflect a true and fair view of the client’s economic reality.
We emphasise that our approach, in compliance with ISA standards, includes:
- Analytical reviews of key items;
- Direct confirmations;
- Physical quantification procedures;
- Verifications based on audit evidence
Our approach is collaborative and allows the client to correct any errors before the issuance of our reports.
In summary, our audit approach complies with International Standards on Auditing (ISA).
Our Expertise — Upsilon’s Strengths
Compliance
Upsilon is a member of the OEC (Institute of Chartered Accountants). A chartered accountant who is a member of the Institute is the only body authorised by law to carry out statutory audit engagements.
Added Value
More than just auditors, we seek throughout our engagement to identify points that can improve management processes, tax management, etc. for our clients, and we provide them with support within the scope of our engagement.
Quality
We plan and carry out our engagements in compliance with the standards in force in Morocco, which are 100% aligned with International Standards on Auditing (ISA).
Confidentiality
Upsilon and its employees are committed to total discretion. You receive a written confidentiality commitment from us, and our staff are trained and made aware of the importance of professional secrecy.
Experience
The proposed team is composed of highly qualified individuals. Our partners and managers have proven experience in audit and statutory audit (20 years for our managing partner).
Communication
We communicate with our clients throughout the phases of our approach, which helps anticipate errors and opinion points and correct them in a timely manner.
In conclusion, Upsilon is the best you can expect from a statutory auditor.
The intervention schedule will be set by mutual agreement with your teams.
We remind you that adherence to this schedule depends on the quality and availability of information provided within the deadlines set by your financial and accounting departments.
Issuance of Our Reports
Report issuance deadlines will depend on your needs. Therefore, at the beginning of each fiscal year, during a planning meeting, we will jointly agree with the company’s finance department on the intervention and report issuance deadlines based on your internal needs and legal and regulatory requirements.
Need a statutory auditor? Request a quote online.
Frequently Asked Questions
When is a statutory auditor required in Morocco?
A statutory auditor is required for all public limited companies (PLCs) regardless of size, and for other legal forms (such as LLCs) when annual turnover exceeds 50 million dirhams. The appointment is also mandatory when stipulated in the articles of association or when at least 10% of shareholders demand it.
What does a statutory auditor do?
The statutory auditor audits the financial statements approved by management and issues a General Report on their regularity and fairness. They also review regulated agreements and produce a Special Report, perform specific legal verifications, and provide a management letter on internal control procedures.
What standards does Upsilon Consulting follow for statutory audits?
Upsilon Consulting carries out its engagements in compliance with the professional standards of the Institute of Chartered Accountants of Morocco, which are fully aligned with International Standards on Auditing (ISA). The approach includes analytical reviews, direct confirmations, physical quantification procedures, and verifications based on audit evidence.
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