Final answer:
Congressional concerns regarding external auditors focus on their independence and ability to resist corporate influence. Scandals and failures in corporate governance have highlighted the need for effective, unbiased auditors. Civic engagement is crucial for maintaining transparency and accountability in the auditing process.
Step-by-step explanation:
A Congressional concern about external auditors is whether they might be biased towards the interests of the companies they audit, rather than providing a strictly objective viewpoint. In the wake of scandals such as Enron, where the collusion between auditors and corporations became glaringly apparent, Congress has grown increasingly worried about auditors' ability to resist external pressures and maintain their independence. Such concerns are amplified by the fact that many members of Congress may have received contributions from companies or their auditing firms, which poses a potential conflict of interest when it comes to regulation and oversight of these auditors.
Corporate governance involves multiple layers, with the board of directors being the first line of oversight, followed by the external auditors who are responsible for certifying the company's financial statements. The collapse of Lehman Brothers highlighted the failure of corporate governance systems to prevent misleading financial information from being disseminated to investors, underscoring the importance of effective and independent auditing practices. Furthermore, entities such as the Government Accountability Office (GAO) serve as powerful oversight tools for Congress, providing nonpartisan and factual auditing and evaluation services.