The audit regulator, National Financial Reporting Authority (NFRA), has constituted a Technical Advisory Committee (TAC) under the Chairmanship of R Narayanaswamy, Professor, Indian Institute of Management, Bengaluru.

The TAC, which comprises seven members, including the Chairman, would, among other things, aid and advise the Executive Body of the NFRA on issues related to the drafts of accounting standards and auditing standards. It will also provide inputs from the perspectives of users, preparers and auditors of financial statements.

The terms of reference of TAC include advise on development of measures of audit quality; advise on suitable methods for promoting awareness (a) relating to compliance with accounting and auditing standards and (b) of the role of the NFRA in protecting investors through independent auditor regulation.

Reacting to the NFRA move to constitute a TAC, Narayanaswamy said: “This is definitely the best assignment of all I could get in my life because I have campaigned for an independent regulator for over three decades.”

The members of the TAC are: Vidya Rajaram, chartered accountant; Gargi Ray, CFO of Infosys Consulting Group; Anantha Narayanan, former head of equity research at Credit Suisse and Morgan Stanley; Shriram Subramanian, MD, InGovern; S Subramanian, CFO, Titan Company; and Suhas Tuljapurkar, Managing Partner, Legasis.