PNB fraud: Global accounting firms under lens

The Centre may consider setting up of a three-member experts committee to look into the issue of regulating the multinational accounting firms (MAFs) operating in India, the Supreme Court said on Friday.

The apex court observed that absence of “revisiting and restructuring oversight mechanism” to regulate such accountancy firms might have an adverse impact on the chartered accountancy profession and unchecked auditing bodies could also adversely affect the economy of the country.

The court said the Centre could consider steps for effective enforcement of the provisions of the Foreign Direct Investment (FDI) policy and the Foreign Exchange Management Act (FEMA) regulations.