Former Federal Reserve Chairman Paul Volcker was named to a 21-member panel Treasury Secretary Henry Paulson convened to scrutinize the business practices of the U.S. audit industry.

The committee also includes Xerox Corp. Chief Executive Officer Anne Mulcahy, KPMG LLP Chief Executive Officer Timothy Flynn and Ann Yerger, head of the Council of Institutional Investors, as well as Barry Melancon, president of the American Institute of Certified Public Accountants, the Treasury said in a statement today in Washington.

Paulson, who's warned Wall Street is at risk of falling behind Asia and Europe, in May asked former Securities and Exchange Commission Chairman Arthur Levitt to co-chair the panel aimed at probing the financial soundness of auditing firms.