George Botic Appointed Acting PCAOB Chair After Erica Williams' Resignation

The US Securities and Exchange Commission (SEC) has appointed George Botic as acting chair of the Public Company Accounting Oversight Board (PCAOB). Botic, a certified public accountant, has been a member of the PCAOB board since October 2023 and previously worked as a senior manager at PricewaterhouseCoopers. He succeeds former chair Erica Williams, who resigned recently. The PCAOB oversees audits of public entities, including brokers and dealers.

The U.S. Securities and Exchange Commission (SEC) has appointed George Botic as acting chair of the Public Company Accounting Oversight Board (PCAOB), effective July 23, 2025. Botic, a certified public accountant, has been a member of the PCAOB board since October 2023 and previously served as a senior manager at PricewaterhouseCoopers. He succeeds former chair Erica Williams, who resigned last week [1].

Botic's appointment comes after Williams was asked to resign by the new SEC chair, Paul Atkins. Williams' resignation was part of a series of shake-ups in financial regulation under the Trump administration. The PCAOB, established in 2002, oversees the audits of the financial statements of public companies, brokers, and dealers through registration, standard setting, inspection, and disciplinary programs [2].

Botic is expected to ensure that the PCAOB continues its mission of maintaining high audit standards and protecting investors. He previously served as the director of the PCAOB's Division of Registration and Inspections, overseeing the registration and inspection of accounting firms and broker-dealer audits. His extensive experience on the board and in the accounting industry positions him to lead the PCAOB during this transition period [3].

The PCAOB's leadership and membership have changed dramatically under both the Trump and Biden administrations. The resignation of Williams and the appointment of Botic reflect a shift in regulatory priorities and a move away from the more stringent oversight implemented under her tenure. This change may lead to a slower pace of rulemaking and a focus on large lapses in audit quality rather than broad coverage [4].

The appointment of Botic as acting chair follows a failed attempt by Republican lawmakers to eliminate the PCAOB through budget reconciliation. The Senate parliamentarian ruled that the proposal violated procedural rules, setting the stage for Williams' resignation and Botic's appointment [5].

The PCAOB's future direction remains uncertain, but it is clear that the board will operate within the regulatory philosophy of the SEC, which is aligned with the administration's priorities. Federal regulators may adopt a more risk-based approach during inspections, focusing on higher-risk firms or engagements rather than broad coverage [6].

References:
[1] https://www.accountingtoday.com/news/sec-names-george-botic-as-acting-chair-of-pcaob
[2] https://www.tradingview.com/news/DJN_DN20250721008464:0-sec-names-botic-as-acting-chair-of-pcaob/
[3] https://www.ainvest.com/news/pcaob-chair-erica-williams-resigns-trump-financial-regulation-shake-2507/
[4] https://tax.thomsonreuters.com/news/sec-chair-paul-atkins-ousts-erica-williams-as-pcaob-chair-amid-regulatory-shift/