The International Auditing and Assurance Standards Board (IAASB) has had to restart its search for its next chair, after Martin Baumann revealed he would not be taking the post.
Former Public Company Accounting Oversight Board (PCAOB) chief Baumann had been appointed to the role in September, and was due to replace outgoing chair Arnold Schilder.
Although his term was not due to start until 1 January 2019, he had been due to start working alongside Schilder from the end of October, to allow for a transitionary period.
Now Baumann has decided against assuming the role for ‘personal reasons’.
Schilder will stay on through early 2019, as necessary, to ensure a smooth transition to a new chair, as a result.
“I am disappointed that unforeseen personal circumstances will prevent me from taking on this important role,” said Baumann. “I remain impressed with the public interest work that the IAASB has already achieved and continue to see remarkable opportunities for the future.”
Gerben Everts, chair of the monitoring group, added: "While we are disappointed that Mr. Baumann cannot take on the important role to lead the IAASB during this crucial period, we wish him our best in the future.”
Rachel Grimes, IFAC President, said: “This is a crucial inflection point for high-quality International audit standard setting,”
“It is disappointing that Marty is unable to assume the position, but we are confident that the Interim Nominating Committee will find a similarly well-suited, high-calibre candidate to lead the IAASB into the future.”