U.S. Securities & Exchange Commission Commissioner Caroline A. Crenshaw published a statement marking Erica Y. Williams’ departure as Chair of the Public Company Accounting Oversight Board (PCAOB), describing it as a compelled resignation and crediting her stewardship of the audit regulator. The statement pointed to updates and modernization of auditing standards and rules, a sharpened inspections program that helped reduce deficiencies across audit firms, and enforcement actions intended to hold wrongdoers to account. It also highlighted inspections in more than 50 jurisdictions, including for the first time in China, and changes to make firm inspection reports more useful by accelerating their publication. Crenshaw also wished PCAOB Board Member Botic well as he was set to step into “some big shoes” on July 23, 2025.
U.S. Securities & Exchange Commission 2025-07-22
U.S. Securities & Exchange Commission issues statement on PCAOB Chair Erica Y. Williams stepping down
U.S. SEC Commissioner Caroline A. Crenshaw issued a statement on Erica Y. Williams’ departure as Chair of the PCAOB, noting her contributions to updating auditing standards and enhancing inspections. The statement highlighted inspections in over 50 jurisdictions, including China, and improvements in the timeliness of firm inspection reports. Crenshaw also acknowledged PCAOB Board Member Botic, who will assume his new role on July 23, 2025.