03 Aug 2020

MGI Worldwide with CPAAI members in Morocco and South Africa feature in June’s edition of the IAB

The International Accounting Bulletin (IAB) has featured a number of our global accountancy association members in its June edition.

Update on IFRS in Morocco

Mohamed Boumesmar, Partner at Morocco-based member firm Audicis SARL commented on the harmonising of national accounting rules with IFRS. He discussed how the project, which was begun over a decade ago, has finally been given a much-needed boost thanks to recent financing by the World Bank of a study carried out by the Moroccan Chartered Accountants Council.

Mohamed explains: “This study was completed in March 2020, despite the advent of the coronavirus pandemic. The next step is to collect comments from representatives of public and private operators as well as regulatory authorities. Once these comments have been collected and synthesised, the National Accounting Committee should approve the new modernised accounting framework.”

Mandatory audit firm rotation

Abe Petersen from our firm in South Africa, MGI Bass Gordon also contributed to the June edition, discussing whether the planned implementation of mandatory audit firm rotation has benefited firms outside the top four – and especially locally owned firms.

“The spotlight has not only been placed broadly on audit tenure and the fact that a change of auditor could very well bring about an insightful new perspective, it has also highlighted in the minds of audit committees and those charged with governance of private companies and groups that there are many other viable options for assurance service providers, which offer not only quality services but also a very reasonable value proposition.”

MGI Worldwide with CPAAI continues to thrive in the Africa region

Audicis SARL represents our global accounting association in Morocco, ranking in 2nd position in terms of total fee income/growth, and 6th among Morocco’s top accounting associations in relation to their staff data.  

In South Africa our member firm MGI Bass Gordon holds the 4th position in the top international accountancy associations, with AZAR 75.2 million in fee income last year. MGI Worldwide with CPAAI is 8th among South Africa’s top accounting associations in terms of staff numbers.

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In other parts of Africa

Representing MGI Worldwide with CPAAI Egypt, our member firm Dr. Ashraf Hanna accounting and auditing firm ranks highly in 6th position in terms of fee income for all global accountancy associations.

We would like to give a huge congratulations to our MGI with CPAAI Morocco, South Africa and Egypt-based member firms!

We would like to offer our congratulations to our member firms in Morocco, South Africa and Egypt and encourage members to refer to the June edition of the IAB to read in full what our members had to say.

To read June’s edition of the IAB, as well as past issues, log in to the Member Area of the website and click on Key International Organisations at the bottom of the left-hand menu.

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