A draft bill intends to update the regulation of the professions of external auditors and public accountants.
This was announced by Alberto Diamond, Superintendent of Banks in Panama, who along with the chief of Trade and Industry, Ricardo Quijano stressed the need to have an updated legal framework which includes the good practices applied around the world in this field.
The country has not modernized the law regulating the profession of certified public accountants.
The current law hasn’t kept pace with developments over the last decade in accounting and auditing activities.
The Superintendent of Banks in Panama, Alberto Diamond, an auditor by profession, suggested to take advantage of the current process to reform the financial system to modernize Law Act No.