The chair of the Public Company Accounting Oversight Board (PCAOB), Erica Williams, has been reappointed to a second term after an ambitious initial three years that saw the agency work on updating many outdated standards.
The Securities and Exchange Commission (SEC), which oversees the PCAOB, announced on Tuesday that Williams' new term will extend through October 2029. Williams was initially named PCAOB chair in November 2021 as part of a comprehensive board overhaul, with her initial term set to expire in October.
“I thank Erica for her leadership and am pleased that she will continue to serve as chairperson of the PCAOB,” said SEC Chair Gary Gensler in a press release. “I also thank the PCAOB staff and the board for their diligent work to ensure that public company financial disclosures can be trusted by investors.”
Last month, the PCAOB revealed its new general responsibilities for auditors and a quality control standard—two significant changes addressing key audit areas that were previously based on benchmarks established over 20 years ago. The agency is also in the midst of deliberating a controversial rule proposal related to auditors' roles regarding potential instances of noncompliance and reopened comments on the issue earlier this year.
“I am honored to have Chair Gensler and the commission’s confidence and grateful for the opportunity to continue working alongside my fellow board members and the talented and dedicated PCAOB staff to protect investors,” Williams said in a statement. “I’m proud of our work together and eager to continue executing our mission on behalf of investors who depend on U.S. capital markets to build their American dream.”
By fLEXI tEAM
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