Kingdom of Morocco : Accounting and Auditing
This report provides an assessment of Moroccan accounting and auditing standards and practices, and the institutional capacity necessary to ensure high-quality financial reporting. The law gives accounting standard-setting responsibility to the Nat...
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| Format: | Accounting and Auditing Assessment (ROSC) |
| Language: | English en_US |
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Washington, DC
2013
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| Online Access: | http://documents.worldbank.org/curated/en/2002/07/5173646/report-observance-standards-codes-rosc-kingdom-morocco http://hdl.handle.net/10986/15100 |
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okr-10986-15100 |
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| recordtype |
oai_dc |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ACCOUNT ACCOUNTANTS ACCOUNTING ACCOUNTING CURRICULUM ACCOUNTING FRAMEWORK ACCOUNTING METHODS ACCOUNTING PRINCIPLES ACCOUNTING RECORDS ACCOUNTING RULES ACCOUNTING STANDARDS ACCOUNTS ADVERTISING ANNUAL SALES ASSETS ATTESTATION AUDIT ENGAGEMENTS AUDITED FINANCIAL STATEMENTS AUDITING AUDITING STANDARDS AUDITS BALANCE SHEET BANK LOANS BANK MONITORING BANKING LAW BANKING SECTOR BANKING SUPERVISION BANKING SYSTEM BUSINESS ADMINISTRATION BUSINESS MANAGEMENT CAPITAL BASE CAPITALIZATION COLLATERAL COMMERCIAL BANKS COMMERCIAL ENTERPRISES CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATION CONSUMER CREDIT CREDIT INSTITUTIONS DISCLOSURE DISCLOSURE REQUIREMENTS EXTERNAL AUDITORS FAIR VALUE FINANCE COMPANIES FINANCIAL REPORTING FINANCIAL REPORTS FINANCIAL RESOURCES FINANCIAL SECTOR FINANCIAL STATEMENTS FISCAL YEAR IMAGE INFLATION INSTITUTIONAL FRAMEWORK INSURANCE INSURANCE COMPANIES INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL ACCOUNTING STANDARDS COMMITTEE INTERNATIONAL FIRMS ISSUERS LAWS LEASING LEGAL FRAMEWORK LEGAL PROVISIONS LEGISLATION LIABILITY LOAN LOSS PROVISIONS MORTALITY MUTUAL INSURANCE OBLIGATION PARTICIPATIONS PENALTIES PRIVATIZATION PRUDENTIAL REGULATIONS PRUDENTIAL RULES PUBLIC ENTERPRISES QUALITY ASSURANCE QUALITY AUDITS QUALITY CONTROL QUALITY OF SERVICE REGULATORY FRAMEWORK REINSURANCE ROI SALES SANCTIONS SECURITIES SHAREHOLDERS STATUTORY AUDITORS STOCK EXCHANGE STOCK EXCHANGES SUPERVISORY AUTHORITIES SYSTEMIC RISK TAX COLLECTION THIRD PARTIES TRANSPARENCY |
| spellingShingle |
ACCOUNT ACCOUNTANTS ACCOUNTING ACCOUNTING CURRICULUM ACCOUNTING FRAMEWORK ACCOUNTING METHODS ACCOUNTING PRINCIPLES ACCOUNTING RECORDS ACCOUNTING RULES ACCOUNTING STANDARDS ACCOUNTS ADVERTISING ANNUAL SALES ASSETS ATTESTATION AUDIT ENGAGEMENTS AUDITED FINANCIAL STATEMENTS AUDITING AUDITING STANDARDS AUDITS BALANCE SHEET BANK LOANS BANK MONITORING BANKING LAW BANKING SECTOR BANKING SUPERVISION BANKING SYSTEM BUSINESS ADMINISTRATION BUSINESS MANAGEMENT CAPITAL BASE CAPITALIZATION COLLATERAL COMMERCIAL BANKS COMMERCIAL ENTERPRISES CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATION CONSUMER CREDIT CREDIT INSTITUTIONS DISCLOSURE DISCLOSURE REQUIREMENTS EXTERNAL AUDITORS FAIR VALUE FINANCE COMPANIES FINANCIAL REPORTING FINANCIAL REPORTS FINANCIAL RESOURCES FINANCIAL SECTOR FINANCIAL STATEMENTS FISCAL YEAR IMAGE INFLATION INSTITUTIONAL FRAMEWORK INSURANCE INSURANCE COMPANIES INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL ACCOUNTING STANDARDS COMMITTEE INTERNATIONAL FIRMS ISSUERS LAWS LEASING LEGAL FRAMEWORK LEGAL PROVISIONS LEGISLATION LIABILITY LOAN LOSS PROVISIONS MORTALITY MUTUAL INSURANCE OBLIGATION PARTICIPATIONS PENALTIES PRIVATIZATION PRUDENTIAL REGULATIONS PRUDENTIAL RULES PUBLIC ENTERPRISES QUALITY ASSURANCE QUALITY AUDITS QUALITY CONTROL QUALITY OF SERVICE REGULATORY FRAMEWORK REINSURANCE ROI SALES SANCTIONS SECURITIES SHAREHOLDERS STATUTORY AUDITORS STOCK EXCHANGE STOCK EXCHANGES SUPERVISORY AUTHORITIES SYSTEMIC RISK TAX COLLECTION THIRD PARTIES TRANSPARENCY World Bank Kingdom of Morocco : Accounting and Auditing |
| geographic_facet |
Middle East and North Africa Morocco |
| description |
This report provides an assessment of
Moroccan accounting and auditing standards and practices,
and the institutional capacity necessary to ensure
high-quality financial reporting. The law gives accounting
standard-setting responsibility to the National Accounting
Council (Conseil National de la Comptabilité). Since the
Council was established in 1989, Moroccan accounting
standards have improved greatly. However, further progress
is impeded by weaknesses in the accounting standard-setting
process and, more so, by implementation issues. The Bank
Al-Maghrib, Insurance and Social Welfare Directorate
(Direction des Assurances et de la Prévoyance Sociales), and
Securities Commission (Conseil Déontologique des Valeurs
Mobilières) are responsible for monitoring the quality of
financial information and the enforcement of accounting
standards for credit institutions, insurance companies, and
listed companies, respectively. While the Bank Al-Maghrib
has established an institutional framework for bank
monitoring that is more advanced than that of other sectors,
the overall design and implementation of the three
supervisory frameworks need improvement. The legislative
framework for the Moroccan accounting profession is
adequate. However, significant implementation issues exist,
such as the absence of a quality assurance system and the
lack of continuing professional education. Moroccan auditing
standards are largely inspired by the International
Standards on Auditing (IAS).However, the omission of certain
standards weakens the Moroccan auditing framework. The large
number of chartered accountants that do not even observe
Moroccan auditing standards exacerbates this issue. While
financial statements in Morocco generally include most of
the information necessary to analyze the financial status of
a company, certain lesser disclosure standards as compared
to the IAS reduce the usefulness and transparency of
Moroccan financial reports. Moreover, financial information
is not readily available, as the mechanisms to publish
statements are inefficient. The policy recommendations in
this report focus on strengthening the enforcement of
established accounting and auditing requirements, as well as
supporting the initiatives that Morocco has been
implementing over the last ten years. |
| format |
Economic & Sector Work :: Accounting and Auditing Assessment (ROSC) |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Kingdom of Morocco : Accounting and Auditing |
| title_short |
Kingdom of Morocco : Accounting and Auditing |
| title_full |
Kingdom of Morocco : Accounting and Auditing |
| title_fullStr |
Kingdom of Morocco : Accounting and Auditing |
| title_full_unstemmed |
Kingdom of Morocco : Accounting and Auditing |
| title_sort |
kingdom of morocco : accounting and auditing |
| publisher |
Washington, DC |
| publishDate |
2013 |
| url |
http://documents.worldbank.org/curated/en/2002/07/5173646/report-observance-standards-codes-rosc-kingdom-morocco http://hdl.handle.net/10986/15100 |
| _version_ |
1764427619080601600 |
| spelling |
okr-10986-151002021-04-23T14:03:15Z Kingdom of Morocco : Accounting and Auditing World Bank ACCOUNT ACCOUNTANTS ACCOUNTING ACCOUNTING CURRICULUM ACCOUNTING FRAMEWORK ACCOUNTING METHODS ACCOUNTING PRINCIPLES ACCOUNTING RECORDS ACCOUNTING RULES ACCOUNTING STANDARDS ACCOUNTS ADVERTISING ANNUAL SALES ASSETS ATTESTATION AUDIT ENGAGEMENTS AUDITED FINANCIAL STATEMENTS AUDITING AUDITING STANDARDS AUDITS BALANCE SHEET BANK LOANS BANK MONITORING BANKING LAW BANKING SECTOR BANKING SUPERVISION BANKING SYSTEM BUSINESS ADMINISTRATION BUSINESS MANAGEMENT CAPITAL BASE CAPITALIZATION COLLATERAL COMMERCIAL BANKS COMMERCIAL ENTERPRISES CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATION CONSUMER CREDIT CREDIT INSTITUTIONS DISCLOSURE DISCLOSURE REQUIREMENTS EXTERNAL AUDITORS FAIR VALUE FINANCE COMPANIES FINANCIAL REPORTING FINANCIAL REPORTS FINANCIAL RESOURCES FINANCIAL SECTOR FINANCIAL STATEMENTS FISCAL YEAR IMAGE INFLATION INSTITUTIONAL FRAMEWORK INSURANCE INSURANCE COMPANIES INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL ACCOUNTING STANDARDS COMMITTEE INTERNATIONAL FIRMS ISSUERS LAWS LEASING LEGAL FRAMEWORK LEGAL PROVISIONS LEGISLATION LIABILITY LOAN LOSS PROVISIONS MORTALITY MUTUAL INSURANCE OBLIGATION PARTICIPATIONS PENALTIES PRIVATIZATION PRUDENTIAL REGULATIONS PRUDENTIAL RULES PUBLIC ENTERPRISES QUALITY ASSURANCE QUALITY AUDITS QUALITY CONTROL QUALITY OF SERVICE REGULATORY FRAMEWORK REINSURANCE ROI SALES SANCTIONS SECURITIES SHAREHOLDERS STATUTORY AUDITORS STOCK EXCHANGE STOCK EXCHANGES SUPERVISORY AUTHORITIES SYSTEMIC RISK TAX COLLECTION THIRD PARTIES TRANSPARENCY This report provides an assessment of Moroccan accounting and auditing standards and practices, and the institutional capacity necessary to ensure high-quality financial reporting. The law gives accounting standard-setting responsibility to the National Accounting Council (Conseil National de la Comptabilité). Since the Council was established in 1989, Moroccan accounting standards have improved greatly. However, further progress is impeded by weaknesses in the accounting standard-setting process and, more so, by implementation issues. The Bank Al-Maghrib, Insurance and Social Welfare Directorate (Direction des Assurances et de la Prévoyance Sociales), and Securities Commission (Conseil Déontologique des Valeurs Mobilières) are responsible for monitoring the quality of financial information and the enforcement of accounting standards for credit institutions, insurance companies, and listed companies, respectively. While the Bank Al-Maghrib has established an institutional framework for bank monitoring that is more advanced than that of other sectors, the overall design and implementation of the three supervisory frameworks need improvement. The legislative framework for the Moroccan accounting profession is adequate. However, significant implementation issues exist, such as the absence of a quality assurance system and the lack of continuing professional education. Moroccan auditing standards are largely inspired by the International Standards on Auditing (IAS).However, the omission of certain standards weakens the Moroccan auditing framework. The large number of chartered accountants that do not even observe Moroccan auditing standards exacerbates this issue. While financial statements in Morocco generally include most of the information necessary to analyze the financial status of a company, certain lesser disclosure standards as compared to the IAS reduce the usefulness and transparency of Moroccan financial reports. Moreover, financial information is not readily available, as the mechanisms to publish statements are inefficient. The policy recommendations in this report focus on strengthening the enforcement of established accounting and auditing requirements, as well as supporting the initiatives that Morocco has been implementing over the last ten years. 2013-08-14T22:28:47Z 2013-08-14T22:28:47Z 2002-07-25 http://documents.worldbank.org/curated/en/2002/07/5173646/report-observance-standards-codes-rosc-kingdom-morocco http://hdl.handle.net/10986/15100 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Economic & Sector Work :: Accounting and Auditing Assessment (ROSC) Economic & Sector Work Middle East and North Africa Morocco |