The key committee, which examines CAG reports after they are tabled in Parliament, will hold its first meeting next week.
The post of the PAC chairman is held by a senior member of the opposition party. Murli Manohar Joshi (BJP) was the chairman of the PAC in last Lok Sabha.
"We will work as a team. We will examine whatever issues are placed before us," the former Union minister told PTI after taking over.
The PAC, constituted every year, consists of not more than 22 members--15 members elected by Lok Sabha and not more than seven members from Rajya Sabha.