And Audit Firm Inspections (PCAOB) will be replaced by Chief Auditor Megan Zietsman. Kaiser was one of the new board members brought to the board in an effort to shake up the group overseeing auditing standards and audit firm inspections. The board is appointed to a five-year term by the Securities and Exchange Commission, but some former members have inherited partial terms. Notably, Kaiser has been removed from the Board since 2018. However, he will continue as CPA.
The Senate Appropriations Committee, have expressed concerns about the ties of several PCAOB board members and officials to Sen. Richard Shelby, R-Alabama, and SEC Chairman Jay Clayton. Kaiser joined the firm after retiring from PricewaterhouseCoopers after 38 years as an audit partner. His term was set to end in March 2018. Notably, Kaiser is a Certified Public Accountant (CPA). The board has been reappointed many times, but ended after less than one full term.
Deloitte & Touche’s professional practice network in the U.S. Megan Zietsman has been the Chief Auditor and Director of Professional Standards of the PCAOB since February 2020. Kaiser was heavily involved in setting the new strategic plan for what’s been dubbed PCAAOB 2.0 and for promoting the use of audit technology. The revised agendas do not adequately explain the reasons for the removal of these items or include any discussion of how investor concerns that caused them to be added were addressed
I look forward to working with my fellow board members to continue PCAOB’s goals of protecting the interest of investors and enhancing audit quality,” said Zietsman. “It is an honor and privilege for me to serve on the board of this very important organization,” Duhnke said. Notably, Kaiser has been instrumental in helping the Board advance its strategic plan.
My interactions with Jim Kaiser were always positive. I will miss his expertise and professionalism, and look forward to working with Megan Zietsman in her new role as we continue to leverage her deep expertise to further advance our strategic plan,” Clayton and Sagar Teotia said. “Jim brought a very deep and invaluable level of audit expertise…He moved the PCAOB forward.” Clayton also thanked Kaiser for his dedicated public service at the board.
And advance its strategic agenda. “In her role as the chief auditor and director of professional standards of the PCAOB, she made significant contributions to audit quality,” Teotia said. The Board is looking forward to working with Megan Zietsman to further the critical work of PACAOB,” it added.