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Re: deafcone post# 72668

Friday, 09/27/2013 11:56:17 AM

Friday, September 27, 2013 11:56:17 AM

Post# of 148335
I think there is a rule about that. I have a sister who is a managing partner at a major accounting firm and when I was hired into my last company, they had to switch auditing firms accordingly to avoid a conflict of interest situation. I think that issue is even greater if you are the CFO. Of course, I have never been a CFO, so, I can't say for certain.

From a philosophical standpoint, it is we the shareholders that own/benefit from the audit. We should demand that the fins be audited by an external party. However, it is common that the CFO runs the auditing committee which is responsible for selecting the auditor/CPA, enables the resources internally to support said audit and manages the relationship with the auditing firm.