The International Auditing and Assurance Standards Board (IAASB) has appointed Martin Baumann as its chair for a three-year term beginning 1 January 2019.

The position will make Baumann responsible for leading the finalisation and implementation of the IAASB’s objectives by engaging with stakeholders around the world, including national standard setters, regulators, investors, and firms.

Baumann most recently served as the chief auditor and director of professional standards at the Public Company Accounting Oversight Board (PCAOB) where, with the board, he was responsible for establishing auditing and related professional practice standards for audits of all companies registered with the US Securities and Exchange Commission.

He will succeed Arnold Schilder, whose decade long term will end at the end of 2018. Baumann will start working with Schilder 29 October to allow for a smooth transition.

Baumann commented: “The IAASB plays a vital role in the world’s capital markets. High-quality professional standards developed in the public interest by the IAASB provide the markets with confidence in the important work done by auditors.

“I am committed to working tirelessly to ensure the IAASB meets its mandate, and continues to be recognised as a highly-regarded independent organisation developing high-quality standards.”

Baumann’s appointment was recommended by the interim nominating committee following an international search. The International Federation of Accountants (IFAC) board endorsed the interim nominating committee’s recommendation, which was approved by the Public Interest Oversight Board (PIOB), which oversees the IAASB’s activities.