Latest news with #EricaWilliams
Yahoo
2 days ago
- Business
- Yahoo
Longtime PCAOB official to lead the audit watchdog, US SEC says
By Chris Prentice NEW YORK (Reuters) -The U.S. Securities and Exchange Commission has tapped a longtime official of the Public Company Accounting Oversight Board to lead the audit watchdog, after the agency's head pushed out its Democratic chief last week. George Botic, a certified public accountant who has been a PCAOB board member since October 2023, will on Wednesday become the acting chair of the PCAOB, the SEC said in a statement late on Monday. Congress formed the nonprofit in 2002 in response to a series of high-profile accounting scandals and auditing failures. Botic said in the SEC's statement that he was honored to work with the securities regulator, which oversees the board, and PCAOB staff to meet its mission. The SEC's chairman last week asked for the resignation of Erica Williams, who had been leading the PCAOB since January 2022. Botic has worked at the PCAOB for over two decades, in a variety of roles, according to his LinkedIn profile. The change in leadership has been expected since Republicans took power in Washington earlier this year. SEC Chairman Paul Atkins has been a vocal critic of the PCAOB in the past, and Republican lawmakers earlier this year tried unsuccessfully to effectively eliminate the group. The outgoing chair told Reuters she urged the incoming leadership to protect the watchdog's work. "Now is not the time to pull back from the PCAOB," Erica Williams told Reuters in an interview last week. "History tells us that in times when the economy is tight, when there is volatility, that's when people cook the books. There is an increased risk of fraud.' (Reporting by Chris Prentice; Editing by Chizu Nomiyama )
Reuters
2 days ago
- Business
- Reuters
Longtime PCAOB official to lead the audit watchdog, US SEC says
NEW YORK, July 22 (Reuters) - The U.S. Securities and Exchange Commission has tapped a longtime official of the Public Company Accounting Oversight Board to lead the audit watchdog, after the agency's head pushed out its Democratic chief last week. George Botic, a certified public accountant who has been a PCAOB board member since October 2023, will on Wednesday become the acting chair of the PCAOB, the SEC said in a statement late on Monday. Congress formed the nonprofit in 2002 in response to a series of high-profile accounting scandals and auditing failures. Botic said in the SEC's statement that he was honored to work with the securities regulator, which oversees the board, and PCAOB staff to meet its mission. The SEC's chairman last week asked for the resignation of Erica Williams, who had been leading the PCAOB since January 2022. Botic has worked at the PCAOB for over two decades, in a variety of roles, according to his LinkedIn profile. The change in leadership has been expected since Republicans took power in Washington earlier this year. SEC Chairman Paul Atkins has been a vocal critic of the PCAOB in the past, and Republican lawmakers earlier this year tried unsuccessfully to effectively eliminate the group. The outgoing chair told Reuters she urged the incoming leadership to protect the watchdog's work. "Now is not the time to pull back from the PCAOB," Erica Williams told Reuters in an interview last week. "History tells us that in times when the economy is tight, when there is volatility, that's when people cook the books. There is an increased risk of fraud.'
Yahoo
2 days ago
- Business
- Yahoo
US SEC names George Botic as PCAOB acting chair
The US Securities and Exchange Commission (SEC) has appointed George Botic as acting chair of the Public Company Accounting Oversight Board (PCAOB). The decision follows the recent resignation of the former chair, Erica Williams. SEC chairman Paul Atkins said: 'I thank Erica Williams for her dedicated service on the Board, and I look forward to working with George Botic as Acting Chair.' Botic, a certified public accountant, has been a member of the PCAOB board since October 2023. His experience within the body includes his role as the director of the PCAOB's division of registration and inspections and supervised accounting firms that audit public companies trading in the US, as well as audits of broker-dealers. His previous assignments within the PCAOB include serving as the director of the office of international affairs, advising former chairperson James Doty and contributed as the deputy director of the registration and inspections division. Botic's pre-PCAOB experience included a tenure as a senior manager at PricewaterhouseCoopers. Botic stated: 'I am honoured to work with the SEC and the staff of the PCAOB as acting chair to ensure that we meet the mission established by Congress.' The former chair, Erica Williams, who took office in January 2022 and received reappointment in October 2024, was known for her work in updating auditing standards and refining the board's inspection and enforcement strategies, as well as its operational efficiency. The PCAOB is tasked with the oversight of audits pertaining to public entities, including brokers and dealers, through its comprehensive programs. The SEC is vested with the authority to appoint the PCAOB's board members and its chairperson. "US SEC names George Botic as PCAOB acting chair " was originally created and published by The Accountant, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
6 days ago
- Business
- Yahoo
Williams resigns as PCAOB chair as Trump shakes up financial regulation
This story was originally published on CFO Dive. To receive daily news and insights, subscribe to our free daily CFO Dive newsletter. Dive Brief: Public Company Accounting Oversight Board Chair Erica Williams resigned effective July 22 in the latest Trump administration shake-up of financial services regulation. The resignation announcement on Tuesday followed by less than a month a failed attempt by Republican lawmakers to eliminate the PCAOB, the watchdog for auditors of publicly-traded companies. Williams will step down three months after the swearing in of Paul Atkins — a critic of PCAOB oversight — as chair of the Securities and Exchange Commission. 'With high economic uncertainty increasing the risk of fraud, the PCAOB's mission is as important as ever,' Williams said in a statement. 'It's critical the expert PCAOB staff continue to be empowered to carry out their work of ensuring American investors are protected.' Dive Insight: Soon after taking office in January, President Donald Trump followed up on a campaign promise to soften regulation across the full range of U.S. industries by ordering the revocation of 10 federal rules for every new one implemented. Financial services has been a frequent target this year of efforts to reduce oversight, with the White House leading shifts in top posts at the Federal Deposit Oversight Insurance Corporation, Office of Comptroller of the Currency and the Consumer Finance Protection Bureau. Williams last month warned of the potential harm to investors from folding the PCAOB into the SEC, as initially planned in the massive tax-and-spending bill narrowly approved by Congress this month. 'The unique experience and expertise built up by the PCAOB over decades cannot simply be cut and pasted without significant risk to investors at a time when markets are already volatile,' Williams said in a speech. The provision to shift the PCAOB into the SEC was removed from the bill after it was determined to violate a Senate rule. Weaker regulation of auditors may mean a slower pace of rulemaking than under Williams, according to Jennifer Wood, assurance service line leader at the Bonadio Group, a consulting firm. 'New or pending standards could undergo further cost-benefit review before implementation,' Wood said in an email response to questions. Federal regulators in enforcement may focus on large lapses in audit quality and pay less attention to minor technical deficiencies, she said. Also, during inspections, 'there may be more risk-based approaches, focusing on higher-risk firms or engagements rather than broad coverage,' Wood said. A merger of the PCAOB into the SEC, while potentially streamlining oversight, may dilute a specialized focus on audit, she said. 'Maintaining audit-specific expertise is essential to preserving the quality of oversight.' Efforts to eliminate the PCAOB faced resistance from business executives, academics and former regulators. The board, funded through levies on regulated accounting firms, was created by Congress in 2002 following multi-billion-dollar accounting scandals at Enron and WorldCom. 'Systemic risks metastasize in regulatory gaps,' Sherron Watkins and Cynthia Cooper, whistleblowers who, respectively, exposed Enron and WorldCom accounting fraud, said in a New York Times article in May. The PCAOB has performed 'rigorous inspections' and made audits more consistent and credible, they said. The Council of Institutional Investors, in a June 5 letter, urged Senate leadership to oppose efforts to fold the PCAOB into the SEC. 'We believe that even with sufficient funding and staff it would take several years to recreate current PCAOB programs at the commission, and there would be considerable disruption and lack of continuity along the way,' the CII said. 'Just building an SEC staff to replace the 480 PCAOB staff that conduct audit firm inspections would be a challenge.' The PCAOB for years has been in the cross-hairs of conservative think tanks and Republican lawmakers. The board has 'proved to be ineffective, costly, opaque and largely impervious to reform,' according to 'Mandate for Leadership,' a key document written by Project 2025, a conservative initiative led by the Heritage Foundation aimed at influencing the Trump administration. 'To reduce costs and improve transparency, due process, congressional oversight and responsiveness,' the PCAOB should be abolished, with its regulatory role merged into the SEC, Project 2025 said. Authors of the report cited Atkins among contributors who deserve 'special mention.' Recommended Reading Yellen says commercial real estate losses may leave banks 'quite stressed' Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Wall Street Journal
7 days ago
- Business
- Wall Street Journal
PCAOB Chair, in Last Days, Warns Against Potential for Budget Slashing
Erica Williams, the departing leader of the Public Company Accounting Oversight Board, urged regulators to still provide adequate resources to the auditing watchdog after her resignation at the request of the Securities and Exchange Commission chairman. 'My biggest concern is that people pull back from the PCAOB's mission and not provide the staff with the resources that they need to continue to deliver for investors,' Williams said in an interview Thursday. She added that is a particular concern now given that fraud risk is heightened when the economy tightens.
