PCAOB Chief Auditor Martin F. Baumann to Leave the Board

PCAOB Leadership Changes Continue. PCAOB Chief Auditor Martin Baumann joins Inspections Director Helen Munter and General Counsel Gordon Seymour in leaving the PCAOB this month. Mr. Baumann has been at the PCAOB for over 12 years. As I noted in yesterday’s posts, Chairman Duhnke charted a new course for the PCAOB in his May 17 speech at the University of Kansas Auditing Symposium. His speech focused on new operational and process changes for improving inspections and suggesting that the PCAOB would also be conducting a 360 review of other areas of oversight, such as standards and enforcement. It is now apparent that part of the new direction and operational changes include replacing senior management that have been with the PCAOB throughout much of its 16 year existence. Please stay tuned for future changes. For more in depth analysis of these changes, please see my article in Law360 next week.

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