With regard to the audit of contracts, it can be conventionally stipulated that summary declarations are adapted to comply with other standards: S.E.H.S: Given the strategic position of the auditor in the company, the Moroccan legislator entrusts him with crucial tasks that go beyond the legal certification of financial statements. Article 547 of the Commercial Code imposes an obligation of alert on the auditor, which he must exercise whenever he has serious reasons to believe that the continuity of the company is threatened. In such a case, the law authorizes him to alert first the Board of Directors, then the General Assembly and finally the President of the Commercial Court, if necessary (the external warning). The Order of Chartered Accountants of the Kingdom of Morocco (OEC-Marocco) is responsible for setting the auditing standards to be applied to all mandatory audits in Morocco in accordance with Moroccan Law 15-89 1993 enacted by Dahir 1-92-139 of 14 Rejab 1413. The conditions for access to the profession of chartered accountant and chartered accountant are set out in Moroccan Law 15-89 1993 of Dahir 1-92-139 of 14 Rejab 1413, including certification, licensing and registration procedures. Nevertheless, once the report mentions the term «audit», the commonly accepted auditing work standards must be respected. F.N.H.: What about the duty of alert and vigilance of legal auditors? Can you shed light on these particular components of the legal audit? The OEC-Morocco is responsible for establishing auditing standards to be applied to all mandatory audits in Morocco in accordance with Moroccan Law 15-89 1993 promulgated by Dahir 1-92-139 of 14 Rejab 1413. OEC-Morocco has adopted the International Manual of Quality Control, Audit, Review, Other Statements of Assurance and Related Services 2016-2017 for application in all contractual audit mandates and reports to complete the convergence between Moroccan standards on statutory audit and the Manual of Statutory Audit 2016-2017. An auditor has an obligation of independence. He may not be a judge and a party to the annual accounts which he has drawn up or which he has seen in the course of preparation. ◆ Selma El Hassani Sbai, also a university professor of private law at the Faculty of Law, Economics and Social Sciences Agdal Rabat (UMV), a specialist in corporate governance and corporate law in difficulty, takes an objective look at the practice of legal examination in Morocco.
Aware that since 2004 serious irregularities have affected the accounting management of the company: accounting composition, abusive intra-group transfers and practices, excessive financial contributions from the majority shareholder, etc. How is it that such actions have been completely ignored by the auditors? How is it that, despite the abyssal financial abyss into which the Samir sank, the listeners completely ignored their duty to warn socially and refrained from sounding the alarm? The deafening silence that surrounds these anomalies is in itself an aberration that challenges me personally. The review of the contract is conducted in accordance with the International Standard on Auditing (ISA). The profession is self-regulated and there is no independent oversight authority for auditing. Whether legal or contractual, an audit must comply with the standards set by the control bodies. In Morocco, the Order of Chartered Accountants (OEC) is responsible for issuing legal and contractual auditing standards. In France, it is the National Society of Auditors (CNCC) that publishes the Standards of Professional Practice (NEP). Like the legal audit, the contractual audit is a monopoly of the auditor in Morocco.
As part of a contractual audit, the auditor: The auditors are governed by the Regulations of the Auditors of the Kingdom of Morocco (OEC-Morocco) in accordance with Law 15-89. In accordance with Article 160 of Law 17-95, only members of the OEC-Morocco may carry out audits. Under Law 15-89, the Institute is responsible for: (i) maintaining a public register of members; (ii) establish professional development (CPD) requirements for members; (iii) the establishment of auditing standards; (iv) establish ethical requirements; (v) the establishment and implementation of audit quality assurance (QA) controls; (vi) Investigate and discipline its members for misconduct and violation of professional rules. In principle, the contractual audit is carried out by a chartered accountant (who can also be an auditor) outside the legal obligations.