The auditor's appointment is generally and ultimately approved by the shareholders but the auditors are paid by the company itself. The audit committee takes responsibility for overseeing the auditor's independence and performance,and for recommending to the company's highest governing body (typically the board) whether their reappointment should be put to the shareholders at an annual general meeting. The audit committee also reviews the audit fee to satisfy itself that is competitive yet sufficient to ensure a proper quality audit can be performed.