The 2024 OEC Morocco Conference on Accountants: The Economy-Trusted Third Party

About OEC Morocco

The Moroccan Order of Chartered Accountants and Statutory Auditors (Ordre des Experts-Comptables du Royaume de Maroc – OEC Morocco), established by Moroccan Law 15-89 in 1993, supervises over 820 members. OEC-Morocco requires membership for accounting and auditing practitioners and is responsible for member registration, enforcing professional development, and setting standards in auditing, ethics, and quality assurance. OEC-Morocco is affiliated with international bodies including IFAC, PAFA, FCM, AFAA, and FIDEF.

Introduction

A crowd of people in a room listening to a panel

With the growing complexity of economic transactions, rapid digitalization, and increased requirements for good governance and transparency, OEC Morocco’s 2024 conference focused on showcasing and strengthening the role of accountants as trusted economic advisors. This event underscored Chartered Accountants’ crucial role in governance and economic stability, especially as organizations increasingly rely on “trusted third parties” to ensure transparency and accountability. This conference emphasized the importance of accountants as indispensable partners in economic governance, provided insights into the evolving role of accountants and outlined strategic recommendations for supporting their impact amid continuous technological and regulatory changes.

Key Insights from the Conference

Trust as a Foundation for Markets and Businesses

Trust, as both an economic and ethical asset, is fundamental to interactions across the private and public sectors. Its ethical foundation relies on integrity, objectivity, competence, and confidentiality - principles that help maintain credibility and liability in an increasingly digital and globalized economy.

A panel of five people speaking at a conference

This panel examined the essential role of trust in market dynamics, with Chartered Accountants playing a vital role in promoting and guaranteeing financial transparency, attracting investors and maintaining economic stability.

Emphasis was placed on trust being firmly rooted in good governance and ethical practices, with the Caisse de Dépôt et de Gestion (CDG) - a state-owned financial institution which manages long-term savings in Morocco- as a prime example of a state-aligned, trusted financial entity. They illustrate how good governance and transparency aligned with international standards centered on agility and security can inspire and reinforce an enduring public trust.

Evolving Role as a Trusted Third Party in Dynamic Business Environments

Panelists addressed the expanding roles and responsibilities of Chartered Accountants in a context of technological and regulatory change. The importance of bridging the “expectation gap” by clearly defining the responsibilities of accountants within both corporate and regional frameworks was noted, along with the opportunities created by Morocco’s regionalization to improve local financial governance. Africa-wide challenges, such as regulatory fragmentation and corruption were also discussed, with recommendations for increasing the number of qualified accounting professionals and fostering sustainable and ethical practices.

Trust as a Collective Responsibility

This discussion emphasized the role of standardization and international cooperation in fostering credibility and ethical responsibility within the profession. Panelists agreed on the importance of high standards in ethics and professionalism, which are essential for the credibility of accountants as trusted third parties. The potential of new technologies and digitalization to improve accounting practices was also discussed, with an emphasis on risk management and robust governance.

Accounting Framework Reforms and Legal Clarity

Revisions to Morocco’s accounting framework, including consolidation of group accounts and restructuring state financial oversight, are projected to positively impact economic governance. These reforms also call for clearer definitions of accountants’ legal responsibilities, reinforcing their role as credible facilitators of financial transparency and effective control.

Quality of Assurance Engagements

IFAC Immediate Past President, Ms. Asmaa Resmouki, highlighted the critical role of Chartered Accountants in establishing trust through quality assurance engagements. This commitment to quality is founded on rigorous governance processes, effective regulation, and adherence to high ethical standards of professional competence.

Strategic Partnership with the Ministry of Economy and Finance

Ms. Nadia Fettah Alaoui, Minister of Economy and Finance, emphasized the crucial collaboration between accounting professionals and the ministry, which is strengthened through reforms to the accounting framework. This partnership is central to Morocco’s pursuit of economic transparency and fiscal responsibility.

Key Recommendations

1. Legal Recognition, Expanded Roles and Processes Digitization

To ensure consistency and accountability, professional standards for accountants should be legally recognized, with roles and responsibilities clearly defined.

Moreover, in order to meet the evolving needs of modern businesses, Chartered Accountants are encouraged to take on more advisory and independent director roles, as well as to reinforce their involvement in audit committees.

Additionally, the integration of digital trust technologies—such as blockchain and AI—must be prioritized, alongside compliance with the laws and regulations relating to computerised accounting in order to ensure the security of financial data (CF : Opinion No. 24 of the Moroccan National Accounting Council, the public body responsible for the production and adoption of accounting standards).

2. Continuous Professional Development

Initial and continuing training programs must be restructured to align with technological advances and regulatory changes. Equivalency requirements for the Moroccan Diploma of Chartered Accountancy should also be revised to ensure fair access for all professionals.

3. Enhancing Governance and Collaboration

Reforms to the profession’s regulatory framework are essential, with updates to governance standards, supervisory procedures, and disciplinary actions. Enhanced collaboration with complementary professionals can further bolster the reliability and reach of the profession.

4. Additional Recommendations for the Profession and the Regulatory Environment

The speakers emphasized the need to reform the existing Moroccan accounting regulatory framework, including updating laws 15-89 governing the profession and strengthening institutional structures. Clear and robust governance standards should be established for firms, with a focus on consistent supervision, effective control, and comprehensive disciplinary procedures to uphold professional integrity.

From a broader regulatory perspective, applying consistent standards across all accounting professionals will improve reliability and trust in financial reporting. This includes defining roles and responsibilities with a focus on compliance and ethical obligations. Digital tools, such as electronic invoicing and automated bank transactions, should be widely adopted to streamline operations and reduce errors. Finally, fostering interdisciplinary collaboration with complementary professions can bolster the expertise and reach of the accounting field, promoting a more integrated and resilient financial ecosystem.

Conclusion

These recommendations aim to reinforce the essential role of Chartered Accountants in safeguarding economic trust and adapting to contemporary challenges. Through improvements in training, digital transformation, and strengthened institutional partnerships, Chartered Accountants are well-positioned to continue playing a critical role in supporting Morocco’s economic stability and fostering trust in financial governance.