Baumann initially joined the PCAOB in 2006, and served as director of the Office of Research and Analysis from 2007 to 2009, before becoming chief auditor. In this role, he led a team that evaluated emerging accounting and auditing risks to inform all the key functions of the PCAOB. As chief auditor, he chaired the PCAOB Standing Advisory Group, which provides advice to the board on future standard-setting activities. He represented the board in meetings with the Financial Accounting Standards Board, the International Auditing and Assurance Standards Board, and the International Ethics Standards Board for Accountants, among other regulatory and standard-setting organizations.

As chief auditor, he worked with the PCAOB to set and interpret standards for the audits of domestic and foreign public companies whose securities trade in the United States. During his tenure, Baumann oversaw the development and implementation of the engagement partner disclosure rule, as well as the expanded auditor's report. He also oversaw the drafting and adoption of a suite of eight new auditing standards that created a new framework to enhance the effectiveness of the auditor's assessment of, and response to, the risks of material misstatement in financial statements.

"It has been a great privilege to be a part of the PCAOB for the last 12 years," said Mr. Baumann. "Working with the Board, and the hardworking and creative staff in the Office of the Chief Auditor and throughout the PCAOB, I am honored to have played a part in setting standards that focused on improving audit quality and protecting investors."