Supervisory bodies
Government Representative
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.
Court of Auditors
Each year, the Bank submits its financial statements to the Court of Auditors, those of its staff social welfare bodies, extracts of the Board’s minutes on the Bank’s budget and assets, as well as the statutory auditors’ reports.
Statutory auditors
Pursuant to the provisions of Article 43 of Law No. 40-17 bearing BAM Statutes, Bank Al-Maghrib’s accounts are subject to an annual audit carried out under the responsibility of an external auditor. The auditor 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 its accounts, following the Audit Committee’s review of 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 being in a position of self-review, in view of the regulation of the accounting profession (Order of Chartered Accountants of Morocco (OEC) and the International Federation of Accountants, IFAC 2009);
- Belonging to a renowned international financial audit network;
- Having carried out audit missions within central banks directly or through its international network;
- Proving solid 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 to ensure the independence of the statutory auditor:
- The statutory auditor is prohibited to provide advisory services on behalf of the Bank;
- The importance of their fees in relation to their overall turnover;
- The 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 conflict-of-interest situations before submitting them to the Audit Committee, which assesses the independence of the external auditor and the conflict-of-interest situations. Furthermore, the statutory auditor annually submits a certificate confirming their independence with respect to the Bank.
The Audit Committee reviews the statutory auditor’s annual intervention plan and their good coordination with the work of the internal audit and take notes of the findings of the Statutory Auditor’s work.
Following the expiry of Mazars firm’s 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.
