Marc David is an employee-stockholder of the Lexington Corporation. Because he has extensive accounting experience. Marc proposes to the other stockholders that he, rather than a public accounting firm, be appointed independent auditor for Lexington Corporation.

Marc argues that because of his ownership in the company, the other owners' interests would be served best by his appointment. At a meeting of stockholders, Marc states, "I'd be much better for the job. For one thing, I can do the work and, for another, it won't cost us a small fortune."

Required:

Indicate the deficiencies in Marc David's arguments. Be specific.