The US’ Public Company Accounting Oversight Board (PCAOB) has appointed Martin Schmalz as chief economist and director of its Office of Economic and Risk Analysis (OERA).

In this role, Schmalz will be primarily responsible for advising and assisting the Board by conducting independent, data-driven economic and risk analysis to inform its oversight activities.

Acting director Michael Gurbutt will resume his role as OERA’s deputy director of economic analysis and operations, where he is responsible for economic and post-implementation analysis of PCAOB rules and standards, advising the PCAOB chief economist on policy questions and strategic initiatives, and managing the day-to-day operations of the office.

Commenting on the Schmalz’s appointment, PCAOB chair Eirca Williams said: Dr. Schmalz brings extraordinary expertise to the PCAOB’s work to deliver strong economic and risk analysis that informs our work to protect investors. We are thrilled to have Dr. Schmalz on board, and grateful he will have the knowledge and experience of Mike Gurbutt at his side. Mike’s steady leadership has been essential to OERA during this transition, and we thank Mike for his continued dedication to the mission of protecting investors.”

Prior to joining the PCAOB, Schmalz was a tenured Professor of Finance and Economics at the University of Oxford, Saïd Business School, serving as the academic area head for the finance, accounting, managerial science, and economics faculty group.

Last month, a staff report from the Public Company Accounting Oversight Board (PCAOB) found a year-over-year increase in the number of audits with deficiencies at audit firms that the PCAOB inspected in 2022.