Mr. Martin Baumann has been appointed Chair of the International Auditing and Assurance Standards Board (IAASB) for a three-year term beginning January 1, 2019. Mr. Baumann’s appointment was recommended by the Interim Nominating Committee after an extensive international search. The IFAC Board endorsed the Interim Nominating Committee’s recommendation, which was approved by the Public Interest Oversight Board (PIOB), which oversees the IAASB's activities. The Monitoring Group was informed of the recommendation.
“Martin Baumann is a leader who brings vision, a passion for the public interest and a depth of experience to the role of IAASB Chair," said Ryozo Himino, Interim Nominating Committee Chair. "As its next Chair, he will lead the IAASB during an important period of innovation and change as well as continuing the Board’s work developing high-quality international audit, assurance, quality control and related services standards that are accepted and used around the world."
As Chair, Mr. Baumann will lead the IAASB though an environment of rapid advances in current and emerging technology and changes in the breadth and complexity of information needed by investors and other stakeholders. He will be responsible for leading the finalization and implementation of IAASB’s strategic objectives; actively engaging key stakeholders around the world, including national standard setters, regulators, investors and firms of all sizes; and delivering timely high-quality standards in the public interest.
"The IAASB plays a vital role in the world's capital markets. High-quality professional standards developed in the public interest by the IAASB provide the markets with confidence in the important work done by auditors,” said Mr. Baumann. “I am committed to working tirelessly to ensure the IAASB meets its mandate, and continues to be recognized as a highly-regarded independent organization developing high-quality standards."
Mr. Baumann most recently served as Chief Auditor and Director of Professional Standards at the Public Company Accounting Oversight Board (PCAOB), where, with the Board, he was responsible for establishing auditing and related professional practice standards for audits of all companies registered with the US Securities and Exchange Commission. He also chaired the PCAOB’s Standing Advisory Group and served on the IAASB and International Ethics Standards Board for Accountants Consultative Advisory Groups. Previously he was Chief Financial Officer for Freddie Mac and a senior partner at PricewaterhouseCoopers.
Mr. Baumann succeeds Prof. Arnold Schilder, whose term as IAASB Chairman concludes after a decade of service at the end of 2018. Prof. Schilder has led the IAASB with distinction, from new landmark assurance standards addressing key aspects of sustainability reporting, to innovative and groundbreaking new auditor reporting standards, to enhancements now underway to the standards that seek to fundamentally improve audit. There are now nearly 130 jurisdictions around the world using or in the process of adopting the clarified International Standards on Auditing. Mr. Baumann will work closely with the current Chair commencing October 29, 2018 to allow for a smooth transition.
The Interim Nominating Committee was formed by the Monitoring Group in February 2018 to conduct the process for the next IAASB Chair. The Committee was chaired by Ryozo Himino, Vice Minister for International Affairs, Financial Services Agency (Japan), and was comprised of four other members including Guy Andrade, Huguette Labelle, Lord Jonathan Hugh Mance and Sir David Tweedie, and two observers, Rachel Grimes and Eddy Wymeersch. The Interim Nominating Committee followed an open and transparent process to select the most suitable candidate for the position. It will disband now that its mandate has been completed.
For more information about the work of the IAASB, visit its home page at www.iaasb.org.
About the IAASB
The IAASB develops auditing and assurance standards and guidance for use by all professional accountants under a shared standard-setting process involving the Public Interest Oversight Board, which oversees the activities of the IAASB, and the IAASB Consultative Advisory Group, which provides public interest input into the development of the standards and guidance. The structures and processes that support the operations of the IAASB are facilitated by the International Federation of Accountants (IFAC). For copyright, trademark, and permissions information, please go to permissions or contact permissions@ifac.org.
