However, I think technological innovation has the potential power to more profoundly alter the financial and economic structure over the medium- to long-run. For example, e-commerce, which develops as it interacts with innovation in financial techniques, has been rapidly expanding at an exponential double-digit annual rate in Japan and the United States, and may fundamentally change the price formation of goods and services.
I am happy to state that we have decided to constitute a small group comprising the representatives of the RBI and the ICAI who can meet at regular intervals and sort out pending issues relating to standardisation of audit formats, concurrent audit of banks and empanelment of auditors as well as implementation issue on certain accounting standards.