Saturday, October 15, 2016

Constitution of Expert Group to look into issues related to Audit firms

In order to examine Audit firms related issues and make suitable recommendations to the Government, an Expert Group consisting of the following members is hereby constituted:-

  • 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.

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