PCAOB chair to resign

New leadership will usher the PCAOB into an uncertain future after Chair Erica Williams announced her departure last week.

“The dedicated staff of the PCAOB are among the most talented and hardworking professionals with whom I have had the opportunity to work, and it has been my honor to serve alongside them,” Williams, who has served as chair since 2022, said in a news release. “The PCAOB plays an essential role in protecting the investments and retirement savings of workers and families across the country while helping to ensure our capital markets remain the envy of the world. With high economic uncertainty increasing the risk of fraud, the PCAOB’s mission is as important as ever. It’s critical the expert PCAOB staff continue to be empowered to carry out their work of ensuring American investors are protected.”

Paul Atkins, sworn in as SEC chairman April 21 in place of 2021 appointee Gary Gensler, released a statement accepting Williams’ resignation and thanking her for her service. “We look forward to advancing our oversight responsibilities of the PCAOB as it continues its important work,” Atkins said.

On Monday, the SEC announced that George Botic, CPA, would replace Williams on an interim basis. Before becoming a PCAOB board member in October 2023, Botic served as director of the PCAOB’s Division of Registration and Inspections.

The SEC has overseen the PCAOB since its creation in 2002. A provision in the House-approved version of the budget reconciliation bill called for the PCAOB’s functions to be transferred to the SEC, but the provision was removed before the Senate vote. The legislation passed by Congress on July 3 and signed by President Donald Trump on July 4 did not include a provision that would dissolve the PCAOB.

— To comment on this article or to suggest an idea for another article, contact Bryan Strickland at Bryan.Strickland@aicpa-cima.com.