PCAOB Leadership Changes Highlight Regulatory Shift

In July, Erica Williams stepped down as head of the Public Company Accounting Oversight Board (PCAOB) at the request of current Securities and Exchange Commission (SEC) Chairman Paul Atkins. Williams, appointed Chair by the SEC first in November 2021 and then again in June 2024, spent 11 years at the SEC serving as Deputy Chief of Staff for three separate chairs. Chairman Atkins issued a brief statement thanking Williams for her service and noting, “We look forward to advancing our oversight responsibilities of the PCAOB as it continues its important work.” As part of the negotiations on HR. 1, “also known as the “One Big Beautiful Bill”) a measure eliminating the PCAOB was considered and ultimately pulled from the package. In a statement, the lone Democrat at the Commission, Commissioner Caroline Crenshaw stated, “[w]hile I was disheartened last week to read of her compelled resignation, I am nothing but grateful for her exemplary service and stewardship of the PCAOB.”

It was announced on July 21 that George Botic would serve as acting Chair of the PCAOB. According to the SEC statement, “Botic is a Certified Public Accountant and became a PCAOB Board Member on October 25, 2023. Prior to joining the Board, he served as the Director of the PCAOB’s Division of Registration and Inspections, where he oversaw the registration and inspection of all domestic and foreign accounting firms that audit public companies whose securities trade in the U.S., as well as all broker-dealer audits.” As a follow-up, on July 23 Chairman Atkins issued a call for candidates to fill five seats on the PCAOB, including role of Chairman.

The PCAOB was created under the Sarbanes-Oxley Act of 2002 and oversees the audits of the financial statements of public companies, brokers, and broker-dealers. The PCAOB does this through registration, standard setting, inspection, and disciplinary programs. As required by the Sarbanes-Oxley Act, the SEC selects members and the chair of the PCAOB.

Click here to read Chairman Atkin’s statement on Erica Williams’ departure.
Click here to read Commissioner Caroline Crenshaw’s statement on Williams’ departure.
Click here to read the Commission’s press release announcing Botic’s appointment.
Click here to read Chairman Atkins’ statement on the appointment process for five PCAOB seats.