Martin F. Baumann Named PCAOB Chief Auditor

Washington, D.C., Apr. 14, 2009

The Public Company Accounting Oversight Board announced today that it has named Martin F. Baumann as Chief Auditor and Director of Professional Standards. Mr. Baumann joined the PCAOB in 2006 and was Director of the Office of Research and Analysis.

The principal responsibility of the Chief Auditor is to advise the Board on the establishment of auditing and related professional standards.

“Marty Baumann has been a recognized leader in the accounting profession for decades and the PCAOB is fortunate that he is taking on the vital role of leading our standard-setting process,” said Mark W. Olson, PCAOB Chairman.

“Over the past three years, he led our Office of Research and Analysis in its valuable work supporting the risk-based inspection program, preparing audit practice alerts with the standards division, and reaching out to investors, auditors, issuers and other regulators,” Chairman Olson added.

Mr. Baumann had a 33-year career at PricewaterhouseCoopers where he served as Deputy Chairman of the World Financial Services Practice, Global Banking Leader, and partner-in-charge of the audits of some of PwC’s largest clients. In 2003, he was asked to join Freddie Mac, after it announced financial reporting problems, to lead the company’s restatement and related improvements in its financial reporting and disclosure practices.

“The Office of Research and Analysis plays a critical role in supporting the PCAOB’s mission and I have been very proud to lead that office and its dedicated professionals,” said Mr. Baumann.

“I am truly honored to now lead the professional standard-setting process within the PCAOB, which is so important to the protection of U.S. investors and to the assurance of high quality audits,” Mr. Baumann added. “I look forward to working with the talented staff in the Office of the Chief Auditor and with standard-setters globally to ensure investors that auditors are accountable to the highest quality auditing standards.”

Mr. Baumann was named Chief Auditor following the March 7, 2009, departure of Thomas Ray, who joined the PCAOB in 2003.