PCAOB names new chief auditor and director of professional standards
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, moving to New York to join the firm’s international operations group in 1994, and then the transaction services group in 1998.
"Megan's extensive experience in audit standard-setting and proven leadership skills make her an excellent fit for the role of chief auditor," said PCAOB chairman William Duhnke in a statement. "The board is fortunate to have Megan on our team, and I look forward to working with her as we seek to achieve continuous improvement in audit quality."
Zietsman has served on the International Auditing and Assurance Standards Board since 2014 and is currently deputy chair. She also served on the American Institute of CPAs’ Auditing Standards Board from 2007 to 2011.
"It is a great honor to lead the PCAOB's Office of the chief auditor," Zietsman said in a statement. "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."
Zietsman is a CPA and holds a bachelor of commerce degree in accounting with honors from Rhodes University in South Africa.
"The CAQ congratulates Megan Zietsman on becoming the PCAOB's chief auditor,” said Center for Audit Quality executive director Cindy Fornelli in a statement. “The depth of Megan's auditing experience is extraordinary, given both her career at Deloitte as well as her service on the International Auditing and Assurance Standards Board and the American Institute of CPAs' Auditing Standards Board. We look forward to working with her to advance audit quality for the benefit of investors and the capital markets."
The PCAOB also thanked deputy chief auditor Barbara Vanich for her leadership as acting chief auditor over the past six months, where she "led the office of the chief auditor as it has made significant progress on revising the PCAOB's estimates and specialists standards, as well as having a key role in the PCAOB's proactive approach to monitoring implementation of the auditor's reporting model standard.” Vanich will continue in her role as acting chief auditor until Zietsman assumes the role.