Ernst & Young is creating an independent, three-member panel to advise the firm on how to improve audits, according to The Wall Street Journal.
F. William McNabb III, the former CEO and chairman of Vanguard Group, will chair the new committee, with Jeanette Franzel, a former member of the Public Company Accounting Oversight Board, and Charles Noski, a former CFO at Bank of America, Northrop Grumman and AT&T as the other members.
The independent committee will not monitor the firm's activities.
"It is helpful to have the perspective of these experts," said Kelly Grier, Ernst & Young's U.S. chairman and managing partner. "They will have unfettered access to all aspects of the firm."