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PCAOB names new chief au­di­tor

Wash­ing­ton, D.C. — The Pub­lic Com­pany Ac­count­ing Over­sight Board has named Me­gan Zi­ets­man as its new chief au­di­tor and di­rec­tor of pro­fes­sional stan­dards, to as­sume the role in early 2019.

As chief au­di­tor, Zi­ets­man will lead the PCAOB’S ef­forts to set and in­ter­pret stan­dards for the au­dits of do­mes­tic and for­eign pub­lic com­pa­nies that have se­cu­ri­ties traded in the U.S., along with the au­dits of bro­ker-deal­ers reg­is­tered with the U.S. Se­cu­ri­ties and Ex­change Com­mis­sion. Zi­ets­man will also rep­re­sent 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.

Cur­rently a part­ner at Deloitte & Touche’s pro­fes­sional prac­tice net­work in the U.S., Zi­ets­man has 30 years of ex­pe­ri­ence in the au­dit­ing pro­fes­sion. She be­gan her ca­reer with Deloitte in South Africa in 1989. She has also served on the In­ter­na­tional Au­dit­ing and As­sur­ance Stan­dards Board since 2014 and is cur­rently deputy chair.

The PCAOB thanked deputy chief au­di­tor Bar­bara Vanich for her lead­er­ship as act­ing chief au­di­tor over the past six months. She will con­tinue in her role as act­ing chief au­di­tor un­til Zi­ets­man as­sumes the role.

Sep­a­rately, the board ap­proved a strate­gic plan for 2018-2022 in early De­cem­ber, along with a fis­cal year 2019 bud­get.

The new strate­gic plan re­flects the new val­ues and strate­gies the board plans to ad­vance over the next few years to ful­fill its mis­sion. The 2019 bud­get is $273.7 mil­lion and pro­vides fund­ing for up to 838 po­si­tions. It in­cludes in­vest­ments in per­son­nel, pro­cesses and new tech­nol­ogy.

The bud­get was ap­proved by the Se­cu­ri­ties and Ex­change Com­mis­sion in late De­cem­ber.

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