Auditor appointment
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 it is
competitive yet sufficient to ensure a proper quality
audit can be performed.