The Public Company Accounting Oversight Board’s (PCAOB) chair Erica Williams has decided to step down from her position.
Williams was sworn in as chair in January 2022 and reappointed in October 2024.
Williams said: “With high economic uncertainty increasing the risk of fraud, the PCAOB’s mission is as important as ever. It’s critical that the expert PCAOB staff continue to be empowered to carry out their work of ensuring American investors are protected.”
During her tenure, Williams executed a strategic plan focused on the modernisation of auditing standards, the enhancement of inspection processes, enforcement mechanisms, and the board’s operational effectiveness, the PCAOB said in its press statement.
Under her leadership, the PCAOB has completed access for the first time to inspect and investigate China-headquartered businesses, resulting in enforcement actions against these entities.
Williams’ term has been marked by various formal actions, with seven projects covering 24 rules and standards finalised during her tenure.
The authority delivered sanctions, with the message that violations that put investors at risk will be met with serious consequences.
Williams also oversaw the reconstitution of the Investor Advisory Group and the Standards and Emerging Issues Advisory Group.
She also established the PCAOB’s first-ever Office of the Investor Advocate.
However, Williams’ resignation comes amidst media reports suggesting that her departure was requested by Securities and Exchange Commission chairman Paul Atkins.
An email sent by Williams to PCAOB staff indicated that she had been asked to resign with Atkins accepting her resignation.
The email stated: “Today, I accepted Erica Williams’ offer to resign as chair and a board member of the PCAOB and thanked her for her service. I am grateful she has agreed to stay on until July 22.”
Last month, the PCAOB imposed fines totalling $8.5m on the Netherlands member businesses of Deloitte, PwC, and EY for cheating in internal exams.
“PCAOB chair Erica Williams to step down ” was originally created and published by The Accountant, a GlobalData owned brand.
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