The move will give RSM a firm footing at long last in Panama, a country which it regards as key in geographic and economic terms.

Until now, it has only had a correspondent firm, De Levante Y Asociados, there.

The new network member, which will be known as RSM Panama SA, specialises in air transport, food, real estate, commerce and hotels.

Welcoming the firm on board, RSM International chief executive Jean Stephens said, “I am delighted that RSM Panama has joined the RSM network.

“The firm has a very solid partnership and a strong set of client, and its culture and values fit very well with RSM.

“We very much look forward to the contribution that RSM Panama will make, not only to our clients across Central and Latin America, but also to those investing in Panama from the rest of the world.”

Over the last 10 years, Panama’s GDP has grown the fastest in Latin America, by an average 8.5% a year, and its economic output is predicted to carry on growing.

Geographically, the country provides a key link between the US, Mexico, the Caribbean and Latin America.

2014 is proving to be a good year for RSM International in terms of growing and strengthening its network. Two months ago the UK’s seventh largest accounting firm, Baker Tilly, announced that it was dumping its old network, Baker Tilly International, in favour of RSM International because it was “better aligned with Baker Tilly’s client needs and international growth aspirations”.

In the last year, RSM International has also acquired new representation in Brazil, the Dominican Republic, Estonia, Finland, Ghana, the Isle of Man, Japan, Qatar, Swaziland and Sweden.