A hearing of the Parliamentary Joint Committee on Corporations and Financial Services (Image: AAP/Lukas Coch)

The clock is ticking. The Parliamentary Joint Committee on Corporations and Financial Services has just a few months to issue its final report on audit regulation.

And while that might not sound very sexy, the committee has the power to end the closed-shop discussions of a body that oversees rule-makers responsible for laws that force transparency on governments, companies and not-for-profits.

The committee, chaired by Liberal Senator James Paterson, will issue a final report in December and is yet to schedule further public hearings.