10-Man Accounts Review Panel Ounts

The government today constituted a 10-member committee under former Cabinet secretary Naresh Chandra to look into issues pertaining to company accounts and the auditor-company relationship.

The committee would also examine related issues like the proposal for random scrutiny of accounts, system of regulation of chartered accountants, company secretaries and cost accountants, role of independent directors, independence of auditors, restrictions on non-audit consultancy work undertaken by auditors and rotation of auditors, an official release said.

The committee will submit its report to the finance and company affairs ministry and action on the report will be initiated by the department of company affairs.

 

Apart from Chandra, who was Cabinet secretary in 1991-92 before becoming ambassador to the US, the committee includes Ashok Chandak, chairman of the Institute of Chartered Accountants of India; Aditya Vikram Lodha, chartered accountant; R Krishnan, former president of the Institute of Company Secretaries of India; M K Sharma, Hindustan Lever