Constitution of Expert Group to look into issues related to Audit firms
- Shri Ashok Chawla Chairperson
- Shri Hari S Bhartia Member
- Shri N. S. Vishwanathan Member
The Expert Group would examine and give its recommendations, inter alia, on:
- Whether there is an adverse impact on Indian audit firms from restrictive shareholder covenants?
- Whether there is an adverse impact on Indian audit firms through the manner in which audit rotation is being implemented by companies?
- Whether joint audit could be introduced in cases where there are restrictive covenants and/or in other specified cases where there is a multinational audit firm as the auditor?
- If joint audit is to be implemented, then the legal and regulatory steps towards the same.
- Practices in other large emerging market economies in relation to domestic audit firms/ joint audit.
- India, as a global power in services, should aspire to have its own audit firms at international level. What measures can be taken to promote creation of international-level Indian audit firms which provide services outside India, particularly in developing countries, in competition with multi-national accounting firms? The Expert Group shall complete its work and submit its report within two months of this Order.