Megan Zietsman Named PCAOB Chief Auditor

The Public Company Accounting Oversight Board announced today that it has named Megan Zietsman as the PCAOB's next Chief Auditor and Director of Professional Standards. She is expected to assume her new role in early 2019.

Ms. Zietsman will lead the PCAOB's efforts to set and interpret standards for the audits of domestic and foreign public companies whose securities trade in the U.S., as well as the audits of broker-dealers that are registered with the U.S. Securities and Exchange Commission, in order to further investor protection. As Chief Auditor, she will represent the Board in meetings with the SEC, the Financial Accounting Standards Board, the International Auditing and Assurance Standards Board, and the International Ethics Standards Board for Accountants, among other regulatory and standard-setting organizations. She will have a key role in communicating with investors, auditors, preparers, and audit committees with respect to the matters on the PCAOB's research and standard-setting agendas and the implementation of current standards.

"Megan's extensive experience in audit standard-setting and proven leadership skills make her an excellent fit for the role of Chief Auditor," said PCAOB Chairman William D. Duhnke. "The Board is fortunate to have Megan on our team, and I look forward to working with her as we seek to achieve continuous improvement in audit quality."

Ms. Zietsman has 30 years of experience in the auditing profession. She is currently a Partner in Deloitte & Touche LLP's professional practice network in the U.S., where she is responsible for audit standard-setting, the implementation of new and revised standards and rules, and all talent-related processes and initiatives. Ms. Zietsman began her career with Deloitte in South Africa in 1989 before moving to New York to join Deloitte's International Operations group in 1994 and later the Transaction Services group in 1998.

"It is a great honor to lead the PCAOB's Office of the Chief Auditor," said Ms. Zietsman. "Effective standard-setting is critical to the PCAOB's ability to fulfill its mission, and I appreciate the opportunity to work with the Board to enhance auditing standards and increase outreach to stakeholders throughout the process."

Ms. Zietsman has served on the International Auditing and Assurance Standards Board since 2014, currently as the Deputy Chair. She also served on the American Institute of Certified Public Accountants' Auditing Standards Board from 2007 — 2011. On these two boards, Ms. Zietsman served as a chair or member of many task forces and working groups focused on key initiatives in the auditing profession. Ms. Zietsman is a Certified Public Accountant and holds a Bachelor of Commerce Degree in Accounting with honors from Rhodes University in South Africa.

The Board thanks the PCAOB's Deputy Chief Auditor, Barbara Vanich, for her steady leadership as acting Chief Auditor during the past six months. She has led the Office of the Chief Auditor as it has made significant progress on revising the PCAOB's estimates and specialists standards, as well as having a key role in the PCAOB's proactive approach to monitoring implementation of the auditor's reporting model standard. Ms. Vanich will continue in her role as acting Chief Auditor until Ms. Zietsman's arrival.