Article

PCAOB Chief Auditor Steps Down

May 25, 2018

After 12 years with the Public Company Accounting Oversight Board (“PCAOB”), chief auditor Martin Baumann has announced that he will leave the board on May 31. Baumann’s departure follows recent announcements made by senior officials Helen Munter and Gordon Seymour, who also plan to leave the PCAOB at the end of this month.

Previously executive vice president of finance and chief financial officer of Freddie Mac, Baumann joined the board in 2006. He later became the director of the Office of Research and Analysis and was appointed chief auditor in 2009.

As the chief auditor, Baumann pushed to make the audit report more helpful for investors. Additionally, he supervised the adoption of eight new auditing standards that help auditors evaluate and respond to risks of material misstatements. Baumann also chaired the board’s Standing Advisory Group and represented the PCAOB in its relations with organizations like the Financial Accounting Standards Board and the International Auditing and Assurance Standards Board.