The chair of the Public Company Accounting Oversight Board (PCAOB) was reappointed to a second term after an ambitious first three years in the role that have seen the agency work to update many of its standards deemed outdated.
Erica Williams’ new term will run through October 2029, the Securities and Exchange Commission (SEC) announced Tuesday. The SEC oversees the PCAOB.
Williams was named PCAOB chair in November 2021 as part of a full board overhaul. Her initial term was 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 announced its new general responsibilities for auditors and quality control standard—two changes that addressed key audit areas upon which it was relying on benchmarks established more than 20 years ago. The agency is still deliberating a controversial rule proposal related to the role of auditors regarding potential instances of noncompliance and reopened comment on the matter 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,” said Williams 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.”
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