PCAOB Board Member James Kaiser to Leave, Chief Auditor Will Replace Him

By:
Chris Gaetano
Published Date:
Oct 16, 2020
James Kaiser, a member of the Public Company Accounting Oversight Board (PCAOB), will be leaving the organization, as his term expires this month. He will be replaced by Chief Auditor Megan Zietsman. Kaiser, who had been a PwC audit partner for 28 years before serving on the board in his retirement, had been eligible to stand for reappointment but declined to do so.

“It has been an honor to serve investors and the public interest," said Kaiser. "I am proud of the many accomplishments we have made to advance our strategic plan and enhance audit quality during my term. We have increased our stakeholder engagement, improved our inspections process and reporting, and developed a plan to technology-enable the PCAOB.”

SEC Chief Accountant Sagar Teotia praised Kaiser for "his dedicated service and his contributions to enhancing audit quality," adding that "Jim has worked with many others at the PCAOB to help the organization continue its efforts in advancing its strategic plan. Specifically, his expertise was critical to help improve stakeholder engagement, enhance the PCAOB inspections’ process, and advance the PCAOB from a technological point of view.”

Although his term ends Oct. 24, Kaiser will stay on until such time as Zietsman is able to transition into her new role as a board member later this year. Zietsman, a CPA who has been the chief auditor and director of professional standards at the PCAOB since February 2019, will be serving a board term that ends in 2025. She is a former Deloitte partner, as well as a former member of the International Audit and Assurance Standards Board and the AICPA's Auditing Standards Board.

"The PCAOB plays such an essential role in our global capital markets. It is an honor and privilege for me to serve on the board of this very important organization," said Zietsman . "I am excited to help the PCAOB continue to advance its strategic plan and continue its active engagement with stakeholders. I look forward to working with my fellow board members to continue the PCAOB's goals of protecting the interest of investors and enhancing audit quality."

Teotia said that Zietsman "made significant contributions to audit quality" in her role at the PCAOB and looks forward to working with her as a board member.

"Her deep knowledge of auditing and standard setting, as well as her broad experience in communicating with investors, auditors, preparers, and audit committees will help the PCAOB in improving audit quality," he said.

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