The Public Firm Accounting Oversight Board has a brand new chief, Erica Y. Williams, after the brand new chair of audit agency overseer was sworn in Monday by the Securities and Trade Fee in a digital ceremony.

Williams is one in all 4 new board members to be put in in current months after SEC chair Gary Gensler successfully ousted three of the board members, together with former board member William Duhnke, final yr after the board got here underneath criticism for not doing sufficient to control the accounting occupation and meet with outdoors stakeholders like traders (see story). Williams, a former SEC official, was appointed final November, together with Christina Ho, Kara Stein and Anthony Thompson (see story). Stein and Thompson have been sworn in again in November as effectively. The one board member who has continued to serve on the PCAOB is Duane DesParte, who has been appearing chair since Duhnke’s departure.

Public Firm Accounting Oversight Board chair Erica Williams


Williams’ preliminary time period will run by means of Oct. 24, 2024. She is becoming a member of the PCAOB from the regulation agency Kirkland & Ellis LLP, the place she was a litigation companion. Beforehand, she was a particular assistant and affiliate counsel to President Barack Obama, advising Obama and his senior advisors on authorized and constitutional points involving financial coverage, monetary regulation and reform, monetary know-how, commerce, mental property, and information safety and privateness.

Earlier than that, she spent 11 years on the SEC as deputy chief of employees for 3 SEC chairs. Whereas there, she oversaw completely different facets of the SEC’s operations and was a senior authorized advisor to the SEC chair on regulatory coverage and rulemakings, enforcement, compliance examinations, company administration and technique. Earlier in her profession, she was assistant chief litigation counsel within the SEC’s Division of Enforcement Trial Unit.

“In our dynamic and evolving capital markets, the PCAOB’s mission to guard traders and additional the general public curiosity is extraordinarily essential,” Williams mentioned in a press release. “I’m honored to take up this mission and to guide this group’s devoted, gifted employees. Collectively, we’ve got a rare alternative to construct belief by means of strong oversight and engagement.”

“On behalf of all of my PCAOB colleagues, I supply honest due to board member DesParte for his regular management as appearing chairperson,” Williams added. “I stay up for working with Duane and my different fellow board members as we proceed the essential work of the PCAOB.”

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