The committee is co-chaired by Adansi-Asokwa MP; K.T. Hammond and Bolgatanga East MP, Dominic Ayine.
For their first sitting on Tuesday, Mr Ofori-Atta has appeared before the members in the company of Gabby Otchere-Darko.
Co-chair of the committee, KT Hammond says the committee will be fair and will demand evidence from the persons who moved the motion.
Also. the Finance Minister will be given ample opportunity to defend himself against the allegations levelled against him.
The committee has seven days to submit its report to the House.
Other members of the committee include; Zanetor Agyeman-Rawlings, and Bernard Ahiafor on the Minority side with Patrick Yaw Boamah, Kwame Anyimadu-Antwi and Andrew Agyapa Mercer from the Majority side.
Below is the live streaming of the proceedings: