The Securities and Exchange Commission today announced that James (Jim) G. Kaiser will leave the Public Company Accounting Oversight Board (PCAOB) after completing his term as a board member. Kaiser was appointed to the board in December 2017 and his term expires in October 2020. He elected not to stand for reappointment.
In a separate announcement, the SEC said Megan Zietsman, chief auditor and director of professional standards of the PCAOB since February 2019, would replace Kaiser on the board for a term ending in October 2025.
During Kaiser’s board service, his efforts centered on protecting investors by applying his expertise and experience in auditing and the use of technology to help shape the PCAOB’s strategic plan, technology, and transformation efforts, the SEC said.
Said SEC Chairman Jay Clayton: “My interactions with Jim were always positive. He moved the PCAOB forward and I will miss his expertise and professionalism.”’
Added SEC Chief Accountant Sagar Teotia: “Specifically, his expertise was critical [in] helping improve stakeholder engagement, enhance the PCAOB inspections’ process, and advance the PCAOB from a technological point of view.”
Kaiser, a certified public accountant, joined the PCAOB after retiring from PricewaterhouseCoopers after 38 years, including 28 years as an audit partner.
The SEC’s Teotia said that new board member Zietsman’s “deep knowledge of auditing and standard-setting, as well as her broad experience in communicating with investors, auditors, preparers, and audit committees, will help the PCAOB in improving audit quality.”
Prior to joining the PCAOB, she was a partner in Deloitte & Touche LLP’s professional practice network in the United States. Zietsman also served on the International Auditing and Assurance Standards Board from 2014 to 2019, most recently as the deputy chair. She also served on the American Institute of Certified Public Accountants’ auditing standards board from 2007 to 2011.