The International Auditing and Assurance Standards Board (IAASB) said Martin Baumann, the Public Company Accounting Oversight Board’s (PCAOB) chief auditor from 2009 to 2018, will become its chairman in January 2019 for a three-year term.
Baumann is succeeding Arnold Schilder, who has headed the international body since 2009. Baumann’s appointment was made by the Interim Nominating Committee, a special panel created earlier this year by the International Federal of Accountants (IFAC), the IAASB’s parent organization, and the Public Interest Oversight Board (PIOB) and the Monitoring Group, two international panels of regulators that oversee the IFAC.
The IFAC said Baumann was joining the IAASB at a time of rapid change for financial reporting and auditing.
"The IAASB plays a vital role in the world's capital markets. High-quality professional standards developed in the public interest by the IAASB provide the markets with confidence in the important work done by auditors,” Baumann said in a statement. “I am committed to working tirelessly to ensure the IAASB meets its mandate, and continues to be recognized as a highly-regarded independent organization developing high-quality standards."
During his time as the PCAOB’s chief auditor, Baumann worked on projects to make audit reports more useful for investors. One of the most significant standard-setting achievements in the board’s history is a requirement that auditors provide more insight about what they did in scrutinizing a company’s financial statement, going beyond the pass-fail model that has been in place for decades.
He also oversaw the adoption of a set of eight auditing standards to help auditors better assess and respond to the risks of material misstatements.
Before coming to the PCAOB, Baumann was executive vice president of finance and CFO of the Federal Home Loan Mortgage Corp., better known as Freddie Mac. Previously, he worked at an international accounting firm for 33 years in various positions, including global banking leader and deputy chairman of the firm’s global financial services practice.
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