Who is responsible for hiring,paying,and overseeing the work done by a company's external auditors?

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Quizplus · Accepted Answer

The audit committee of the board of directors is responsible for hiring, paying, and overseeing the work done by a company's external auditors. This is because the audit committee is charged with ensuring the accuracy and completeness of a company's financial reporting, and external auditors play a critical role in this process. While management has some involvement in working with external auditors, their role is more focused on providing information and access to necessary documentation rather than being responsible for hiring or overseeing their work. Internal auditors also have a role in providing assurance on the effectiveness of a company's internal controls and risk management processes, but they typically do not have a direct role in working with external auditors. Finally, the United States Congress does not have a role in hiring, paying, or overseeing the work of a company's auditors, as this is the responsibility of the company's board of directors and management.

Who Is Responsible for Hiring,paying,and Overseeing the Work Done by a Company's