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Govt examining expert panel report on audit firms

The government is examining recommendations of the 3-member expert panel on various issues related to audit firms, amid concerns over certain practices circumventing regulations.

The expert panel, headed by Teri Chairman Ashok Chawla, submitted its report last month to the government, an official said.

Set up by the Corporate Affairs Ministry, the panel examined various issues pertaining to audit firms, including possible adverse impact from restrictive shareholder agreements.

While the committee's recommendations could not be ascertained, it had the mandate to examine whether there is an adverse impact on "Indian audit firms from restrictive shareholder covenants" and "through the manner in which audit rotation is being implemented by companies". Another official said the government is examining the panel's recommendations and would take a call in due course.
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