Taking a serious note of unchecked auditing bodies adversely affecting the country’s economy, the Supreme Court has said that 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 apex court observed that absence of "revisiting and restructuring oversight mechanism" to regulate such accountancy firms might have adverse impact on the existing chartered accountancy profession and unchecked auditing bodies could also adversely affect the economy of the country.