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This review article analyzes the theoretical and practical relationship between internal control and compliance with accounting standards in Panamanian companies. Based on a review of specialized literature, international standards, national legislation, and Latin American studies, it examines the role of internal control as a mechanism for preventing, detecting, and correcting accounting errors, fraud, and noncompliance. The analysis is grounded in agency theory, institutional theory, and organizational control theory, complemented by the COSO framework and the International Financial Reporting Standards, International Accounting Standards, and International Standards on Auditing. The review findings show that the effectiveness of regulatory compliance depends not only on the formal adoption of accounting standards, but also on their effective integration into organizational processes, information systems, policies, and corporate governance practices. The importance of the control environment, risk assessment, segregation of duties, professional training, monitoring, and auditing is also emphasized. In the Panamanian context, Law 280 of 2021 and the actions of regulatory bodies strengthen professional and regulatory requirements. The article concludes that internal control constitutes a strategic organizational capability for promoting transparency, financial reliability, corporate responsibility, and institutional sustainability.
Este obra está bajo una licencia de Creative Commons Reconocimiento-NoComercial-CompartirIgual 4.0 Internacional.
