MCA constitutes expert panel to look into audit firms' problems

Under the chairmanship of former Competition Commission of India (CCI) Chairman Ashok Chawla, the ministry of corporate affairs has constituted an expert panel to examine various issues related to audit firms, including possible adverse impact from restrictive shareholder agreements.

The panel would examine whether joint audit could be introduced in cases where there are restrictive covenants and other specified cases where there is a multinational audit firm as the auditor. This expert committee has been asked to submit its report within two months, according to the order issued on the 30 September.