In Buddhism, repentance is one of the most important in daily practice. We have created lots evil thought, speech and deed since past lives till this life. And we are still creating it every day. The only way to eradicate those evil thought, speech and deed is by practising Repentance.
In fact, reciting a Sutra, for example Ksitigarbha Sutra every day and night also means this. When we recite Ksitigarbha Sutra in the morning, we are focussing our mind to the teaching of the Sutra that tells us what Ksitigarbha Bodhisattva does to save every being. To do according to the teaching. That's the reminder of the morning to us and guidance to our daily activities. At night, we recite once again in purpose of reflecting what we have done in the day time, to see whether we have done according to the teaching. This also mean to repent upon all evil thought, speech and deed that we have done that day. This is what we call repentance.
There's a Repentance Ceremony called Liang Huang Bao Chan, which means the Jewel Repentance of Liang Emperor. This kind of ceremony is to eradicate bad karma and to liberate all beings from suffering. You may read more about Liang Huang Bao Chan here.
If you understand Chinese, you can also click here to listen to short audio explanation about Liang Huang Bao Chan.