[ken5050]

The auditor is hired by the corporation, usually based on two factors..the lowest bid, and if the head audit partner belong to the same CC as the company CEO.....but it's usually price which determines choice....though the spate of mergers among CPA firms..remember the BIG 8??..now the BIG 5..soon to be the BIG 4....has redusced the number of bidders......I recall the old quote from Neil Armstong, when he was asked his thoughts before he took off to be the first man to land on the moon...."I'm sitting atop this huge rocket, consisting of several million parts, EACH one built by the LOWEST bidder......."........ regards.

[hole_n_one]

If that's the extent of the checks and balances that are in place, then I suspect that the entire system is rife with fraud.

[Timesink]

The auditor is hired by the corporation, usually based on two factors..the lowest bid, and if the head audit partner belong to the same CC as the company CEO....

I must be blanking ... "CC"?