Statutory Audit in Morocco

AAFIR AUDIT & CONSULTING MOROCCO (A2CM) is a statutory audit firm based in Tangier. Our engagements are led by Otman AAFIR, a chartered accountant registered with the Moroccan Order of Chartered Accountants (Ordre des Experts-Comptables) and a registered statutory auditor, who also qualified in France.

Discuss your audit requirement with us: +212 5 39 37 26 51 — we reply within 48 hours with a written proposal.

When is a statutory auditor required in Morocco?

The trigger depends on the legal form of the company:

Below these thresholds, a voluntary appointment remains possible. Many groups require it of their Moroccan subsidiary regardless of local law, to secure consolidation or to satisfy a lender.

Our audit engagements

Statutory audit of annual accounts

We verify that your financial statements — balance sheet, profit and loss account, statement of management balances, cash flow statement and notes — are properly prepared, present a true and fair view, and comply with Moroccan accounting standards (CGNC). The engagement concludes with the general report presented to the shareholders’ meeting and the special report on regulated agreements.

Statutory reports on corporate transactions

• Contributions in kind — valuation of non-cash contributions on incorporation or capital increase
• Mergers — assessment of contribution values and fairness of the exchange ratio
• Conversions — change of legal form, for example from SARL to SA
• Capital reductions, waiver of pre-emption rights and interim dividend distributions

Contractual audit and due diligence

Outside any statutory mandate, we carry out acquisition due diligence, tax and social compliance reviews, limited reviews of interim accounts, and audit procedures requested by a foreign parent company on its Moroccan subsidiary.

Group reporting audits

We audit the reporting package your Moroccan subsidiary submits to its parent, whether prepared under IFRS or US GAAP, and coordinate directly with your group auditors abroad.

How an audit engagement runs

An audit is not a single visit at year end. It is spread across the year in three phases:

1. Planning — understanding the entity, its environment and its information systems; identifying areas of significant risk; agreeing scope, timetable and fees in an engagement letter.
2. Interim work — testing internal controls over sales, purchases, payroll, treasury and fixed assets, followed by a management letter setting out our observations. This is the phase where findings can still be acted upon before the year end.
3. Final work — substantive procedures, third-party confirmations, attendance at physical inventory counts, review of accounting estimates and subsequent events, and issue of the audit reports.

Foreign subsidiaries and free zone companies

A significant share of our audit portfolio consists of Moroccan subsidiaries of European groups and companies established in Industrial Acceleration Zones around Tangier Med. These engagements combine local statutory requirements with group reporting deadlines, foreign exchange rules administered by the Office des Changes, and transfer pricing documentation where thresholds are met.

Independence

Professional rules prevent a firm from auditing accounts it has prepared. Where we already provide accounting or tax services to a company, we will refer you to a fellow practitioner for the audit mandate — and the reverse applies.

Frequently asked questions

How long does an audit mandate last?

The mandate is granted for three financial years and is renewable by decision of the ordinary shareholders’ meeting. It can only be terminated early by court decision, in case of misconduct or incapacity.

What happens if a company exceeds the threshold without appointing an auditor?

Resolutions of the meeting approving the accounts may be challenged, and directors may incur liability. We recommend regularising the position in the financial year in which the threshold is first exceeded.

Can you audit our Moroccan subsidiary for group purposes only?

Yes. Where no statutory mandate applies, we perform an audit of the reporting package under a contractual engagement, to the scope and timetable agreed with your group auditors.

How are audit fees set?

Fees follow the time budget required, which depends on the size of the balance sheet, transaction volume, number of establishments and the quality of internal control. A written engagement letter is issued before work begins. Request a proposal.

Contact our statutory auditors in Morocco

AAFIR AUDIT & CONSULTING MOROCCO
Avenue de Fès, angle Ibn Toufail, Résidence Diamond, 1st floor, office 3 — Tangier 90000, Morocco
Phone: +212 5 39 37 26 51 · +212 6 61 47 35 42
Email: info@aafir.ma
Monday to Friday, 8:30 am – 5:30 pm