PCAOB Hands the Keys to Chief Auditor’s Office to Deloitte’s Megan Zietsman

The Public Company Accounting Oversight Board has been without a full-time chief auditor and director of professional standards since the end of May, when Martin Baumann resigned after spending nine years in that role and 12 years at the PCAOB. For the past six months, Deputy Chief Auditor Barbara Vanich has filled that position on an interim basis, but it was announced on Dec. 13 that the new chief auditor and director of professional standards comes from the blandly-colored halls of Deloitte.

Megan Zietsman

Megan Zietsman, CPA, a partner at Deloitte & Touche LLP, is expected to start her new job in early 2019.

Based on her bio in the PCAOB press release, she definitely has the chops for the position:

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. …

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.

As chief auditor and director of professional standards, Zietsman will be tasked with:

  • Setting and interpreting 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 Securities and Exchange Commission, in order to further investor protection.
  • Representing the PCAOB 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.
  • Communicating with investors, auditors, preparers, and audit committees matters on the PCAOB’s research and standard-setting agendas and the implementation of current standards.

Zietsman called the opportunity to serve as chief auditor of the PCAOB a “great honor.”

“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.”

Speaking of auditing standards, if you’ve got nothing better to do the morning of Dec. 20, the PCAOB will be convening to consider new rules for auditing accounting estimates and using the work of specialists in an audit.

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