Who selects the external auditor?
The external auditor (not the internal auditor) is normally selected by the audit committee for public companies and those charged with governance for nonpublic companies. The external auditor is an audit firm that is a 3rd party, such as PwC, Deloitte, E&Y, KPMG, etc.
Those Charged with Governance:
Those Charged with Governance will also be known as the Board of Directors or company audit committees, and will include people, or corporate trustees that contain responsibility for overseeing all strategic decisions of a company’s financial reporting systems.
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