Audit oversight

I am a significant minority shareholder in a privately held company with information rights including audited financials. The majority shareholder who is also the CEO has elected his sister-in-law and the two of them are the only board members.

The question is that there is no independent board member. Is SAS 99 compatible with audit oversight by the CEO? Would not an auditor insist on that?

Thanks.

Kannan Sundaram