It will study the recently notified rules and issues relevant to cost auditing.
Chairman of the Committee: R.S. Sharma, former Chairman and Managing Director, ONGC.
The other members of the committee will be R. K. Jain, Additional Secretary in the Ministry of Health and Family Welfare, former ICWAI (Institute of Cost and Works Accountants of India) President Chandra Wadhwa, and Aruna Sethi, Adviser (Cost), Ministry of Corporate Affairs.
The committee can also co-opt up to two members, the Corporate Affairs Ministry said in a statement.
According to Ministry it is hoped that the recommendations of the committee will help create a competitive and efficient business environment.