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Positive economic steps amid understandable concerns: our member firms in Morocco and South Africa comment on recent developments in their respective countries

21st July 2021

MGI World Africa region map with Morocco, Egypt and South Africa countries highlighted

The June edition of the International Accounting Bulletin (IAB) features contributions from our member firms Audicis in Morocco and MGI Bass Gordon in South Africa.

Confidence grows for Morocco’s economy in 2021

Discussing the positive steps taken to instil confidence in the economy, partner Mohamed Boumesmar from MGI Worldwide CPAAI member firm Audicis comments:

“There has been a new programme extending social protection to all Moroccans which started in April 2021 and strengthening of the Intilaka project, a financing project for young entrepreneurs.”

In addition to this, measures have been introduced to minimise the negative impact of pandemic-related restrictions, including a new law designed to stimulate funding for small and medium sized businesses and stock trade changes introduced with the intention of expanding the liquidity of the monetary market. There have also been updates relating to Morocco’s adherence to the EU’s BEPS system.

Another important regulatory update affects the tax and banking system by changing the tax systems of the special tax zones to comply with EU regulations. Automatic exchange of information - especially in terms of tax and banking data - will come into force from September 2021 and should increase the attractiveness of Morocco as a destination for foreign investment.

Corporate failures take toll on South African Audit

Also featuring in June’s edition is Abe Petersen, partner at MGI Bass Gordon who discusses the high-profile corporate failures that continue to take their toll on the audit profession in South Africa. The consensus within the profession however, seems to be that the government and regulatory bodies are committed to raising standards. Abe explains:

“There is optimism in relation to the various court cases, investigations and commissions underway, but the longer these take to reach a conclusion the lower the potential impact of the findings.”

Abe also notes that there is growing concern over whether the sanctions imposed would be enough of a deterrent to help prevent future corporate and audit failures.

To read the full articles in June’s edition of the IAB, CLICK HERE.

Our member firms in Morocco, South Africa and Egypt are ranking highly against the other top accounting associations!

The latest accounting network and association rankings have been published. We’re thrilled to announce that in Morocco, among accounting associations, we are ranking 2nd for fee income, and 5th in terms of staff data. In South Africa, we hold the 3rd position for fee income and are ranking 4th in terms of staff data. The 6th position for fee data is held by our firm in Egypt, who holds the 13th position for staff data.

MGI Worldwide CPAAI would like to congratulate our member firms who are responsible for helping achieve these fantastic results.

For more information, visit Audicis profile page and website, and the MGI Bass Gordon profile page and website.

MGI Worldwide with CPAAI is a top 20 ranked global accounting network and association with almost 10,000 professionals, accountants and tax experts in some 460 locations in almost 100 countries around the world.

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