Statement Summary
Erica Williams has stepped down as Chair of the PCAOB, where she served with honor and distinction. Her leadership saw significant advancements in auditing standards, enhanced audit quality, and an effective inspections program, reducing deficiencies in audit firms. She also oversaw global inspections, including in China, and improved the usefulness and timeliness of inspection reports. Chair Williams was a mentor to the PCAOB staff, advocating for their needs while upholding the mission to ensure accurate and independent audit reports, thereby safeguarding investor interests. Her commitment has strengthened market reliability. The press release expresses gratitude for her service and wishes success to Board Member Botic, who will succeed her.
Original Statement
Today, Erica Williams steps down as the Chair of the PCAOB. While I was disheartened last week to read of her compelled resignation, I am nothing but grateful for her exemplary service and stewardship of the PCAOB. Chair Williams has served the Board, the Commission, the investing public and markets with honor and distinction.
During her tenure, the PCAOB has updated, refined and modernized auditing standards and rules, and improved overall audit quality; sharpened the inspections program and helped reduce deficiencies across audit firms; and effectively held wrongdoers to account, helping to deter future bad actors and making our markets safer for investment. It has overseen inspections in over 50 jurisdictions around the world – including for the first time in China. And, the Board has made firm inspection reports more useful, and accelerated their publication, to the benefit of investors, audit committees, and the markets.
Chair Williams has also been a leader and a mentor to the PCAOB’s deeply talented and irreplaceably expert staff, who I know will sorely miss her unwavering, tenacious advocacy on their behalf. The PCAOB has a singular mission – to regulate the audits of public companies and SEC-registered brokers and dealers in order to protect investors and further the public interest in the preparation of informative, accurate, and independent audit reports. Chair Williams and her staff have carried out this mission with grace, integrity and with clear, unwavering purpose. Our markets are more robust and reliable for their service.
On behalf of myself and the millions of investors who have benefitted from your commitment and dedication – thank you, Chair Williams.
To Board Member Botic, who tomorrow steps into some big shoes, I wish you the best of luck.
