Internal Audit and Compliance

Outsourcing internal audit functions, either partially or completely (outsourcing & co-sourcing), are strategic alternatives that companies are increasingly choosing to optimize costs (salaries, vacations, training, etc.) and monitor their risks more independently.

In some cases, boards of directors need to enhance the quality of their internal audit function, as well as the focus of their services and expected results.

Boards of directors and business owners are increasingly demanding greater awareness of acceptable and sound market practices and monitoring whether their corporate governance complies with regulatory standards.

• Design and evaluation of financial and operational internal control systems.
• Testing the effectiveness of controls in critical processes.
• Evaluation of organizational control culture.
• Implementation of risk-based models.

Internal auditing is an independent, objective, and systematic process that evaluates and improves the effectiveness of internal controls, risk management, and corporate governance processes. In Panama, having a professional internal audit allows companies to anticipate risks, ensure regulatory compliance, and strengthen operational efficiency.

We offer services such as internal control assessment, process audits, thematic audits, regulatory compliance audits, design and implementation of internal audit functions, co-sourced and outsourced services, information systems auditing, and enterprise risk assessment.

External auditing focuses on issuing an opinion on financial statements in accordance with accounting and auditing standards, while internal auditing evaluates internal processes, controls, and risks to improve operational management and ensure compliance. Both functions are complementary and fundamental to an organization's financial and operational health.

For more information on internal auditing, click here.

Internal auditing in Panama is usually based on the International Standards for the Professional Practice of Internal Auditing issued by the IIA (Institute of Internal Auditors), as well as frameworks such as COSO, ISO 31000 and applicable local regulations depending on the sector (banking, insurance, public sector, etc.).

Any organisation seeking to improve its corporate governance, strengthen internal controls, manage risks, and ensure regulatory compliance should implement an internal audit function. This applies to a wide range of entities, from companies regulated by the Superintendency of Banks and publicly listed firms to growing private corporations and NGOs.

Engaging a firm like RSM provides access to experts with cross-sector experience, proven methodologies, advanced technological tools, and an independent approach. Furthermore, the function can be partially or fully outsourced, tailoring the service to each organization's specific needs and resources.