PCAOB Chief Auditor Martin F. Baumann to Leave the Board

The Public Company Accounting Oversight Board today announced that Martin F. Baumann, Chief Auditor and Director of Professional Standards, will leave the Board at the end of the month after 12 years of service.

Mr. Baumann has led the Office of the Chief Auditor since 2009, working with the Board to set and interpret standards for the audits of domestic and foreign public companies whose securities trade in the U.S. He oversaw landmark standard-setting projects in recent years to benefit investors by increasing the transparency of the audit and the usefulness of the audit report.

He also oversaw the drafting and adoption of a suite of eight new auditing standards that created a new framework to enhance the effectiveness of the auditor's assessment of, and response to, the risks of material misstatement in financial statements.

"Marty has made an important and valuable contribution to the work of the PCAOB and the protection of investors in U.S. markets. We are grateful for his service," said PCAOB Chairman William D. Duhnke.

As chief auditor, he chaired the PCAOB Standing Advisory Group, which provides advice to the Board on future standard-setting activities. He represented the Board in meetings with 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.

Mr. Baumann joined the PCAOB in 2006, and served as director of the Office of Research and Analysis from 2007 to 2009, before becoming chief auditor. In this role, he led a team that evaluated emerging accounting and auditing risks to inform all the key functions of the PCAOB.

"It has been a great privilege to be a part of the PCAOB for the last 12 years," said Mr. Baumann. "Working with the Board, and the hardworking and creative staff in the Office of the Chief Auditor and throughout the PCAOB, I am honored to have played a part in setting standards that focused on improving audit quality and protecting investors."

Prior to joining the PCAOB, Mr. Baumann spent three years as executive vice president of finance and chief financial officer of the Federal Home Loan Mortgage Corporation (Freddie Mac), where he was responsible for accounting and reporting, corporate planning, taxation, and capital management.

Earlier, Mr. Baumann spent 33 years at PricewaterhouseCoopers, in positions spanning partner, global banking leader and deputy chairman of the Global Financial Services Practice. At PwC, he led the audits at some of the largest U.S. and international financial institutions.

He earned a B.A. in accounting from Queens College and an MBA in finance from Baruch College. He also completed Columbia Business School's Executive Program in Business Administration. He is a certified public accountant.