The Superintendency of Banks of Panama (SBP) met with external auditors of banks to review regulatory changes and clarify considerations for planning, conducting and reporting audits. Discussions covered the adoption of International Financial Reporting Standard 18 (IFRS 18) and IFRS Sustainability Disclosure Standards IFRS S1 and IFRS S2. The sustainability standards discussion follows the Financial Coordination Council’s agreement in June 2026 to establish an interagency working group on S1 and S2 adoption. The meeting also addressed the content and scope of circulars SBP-2026-0070 and SBP-2026-0095, which concern trust structures using real estate investment trust (REIT) vehicles. Other discussions focused on improving external audit firms’ audit plans and reports prepared to meet the requirements of International Standard on Quality Management 1 (ISQM 1).
Superintendency of Banks of Panama briefs bank auditors on reporting standards and audit planning
The Superintendency of Banks of Panama reviewed regulatory developments with bank auditors, including adoption of International Financial Reporting Standard 18 and sustainability disclosure standards IFRS S1 and IFRS S2. Discussions also covered circulars concerning trust structures using real estate investment trust vehicles. The meeting addressed improvements to audit plans and reports required under International Standard on Quality Management 1.