The Government Representative, on behalf of the government and in the name of the Minister of Finance, supervises the Bank’s activities, except those relating to monetary policy. He ascertains compliance with the legal provisions governing these activities, particularly the statutory provisions.
He attends the meetings of the Board in an advisory capacity and, if he considers it appropriate, the deliberations of the select committees set up by the Board.
He receives the minutes of these meetings and deliberations.
He may require the Bank to provide him with any document he considers necessary to consult, and make any proposal or suggestion he deems useful. He may demand that any decision of the Board, except those regarding monetary policy, be deliberated upon a second time before becoming effective.
The distribution of the Bank’s profits is given final approval by the Board only with the assent of the Government Representative.
The Government Representative is appointed in accordance with the provisions of Article 30 of the Constitution from among the senior officials of the Ministry of Finance. He may be assisted by a Deputy Representative appointed on his proposal by order of the Minister of Finance.
The Government Representative presents to the Minister of Finance a half-yearly report on his mission.
Court of Auditors
Each year the Bank submits its own accounts to the Court of Auditors, along with those of its staff social welfare bodies, under the forms provided for in the laws in force. It transmits to the Court of Auditors extracts of minutes of the Board regarding the Bank’s budget and assets, accompanied by copies of the statutory auditors’ reports.
Bank Al-Maghrib’s accounts are, in accordance with the provisions of article 43 of the Law N° 40-17 establishing BAM Statute, subject to an annual audit carried out under the responsibility of an external auditor who certifies the summary statements of the Bank, assesses its internal control system and presents its report to the Bank’s Board. The board appoints the statutory auditor responsible for the annual audit of the accounts after the audit committee has examined the selection process and it fixes the duration for its mandate.
The legal audit is carried out according to the standards of the profession in Morocco, which are largely based on the International Standards on Auditing (ISA).
The external audit is governed by an internal Instruction which defines the selection criteria, as follows:
- Not to be in a self-control situation with regard to the regulation of the accounting profession (Order of Chartered Accountants of Morocco and the International Federation of Accountants, IFAC 2009) ;
- Belong to a renowned financial audit international network ;
- Have carried out audit missions within the central banks directly or through its international network ;
- Justify good financial stability ;
- Being independent from Bank Al-Maghrib.
As for the team, it must be multidisciplinary, have required qualification and have proven experience in the banking and financial fields.
The aforementioned instruction also sets out the following criteria for ensuring the independence of the statutory auditor:
- The statutory auditor is prohibited to provide advisory services on behalf of the Bank ;
- Importance of his fees in relation to his overall cost ;
- Absence of any relationship of subordination or interest, of any kind whatsoever, with Bank Al-Maghrib or any kinship relationship or affinity with the members of its board and its directors .
The Bank examines the situations of conflict of interest before submitting them to the audit committee which assesses the independence of the statutory auditor and the situations of conflict of interest. Furthermore, the statutory auditor shall submit annually to the audit committee a certificate confirming his independence with respect to the Bank.
The Audit Committee reviews the statutory auditor’s annual intervention plan and its good coordination with the work of the internal audit and acknowledges the findings of the Statutory Auditor’s work.
Following the expiry of Mazars firm mandate , Deloitte Office has been appointed in 2021 for a six-year nonrenewable term (2021-2026), in accordance with the regulations adopted by the Bank in relation to the statutory auditor’s selection.