Dive Brief:

• The Securities and Exchange Commission appointed George Botic to serve as acting chair for the Public Company Accounting Oversight Board, effective July 23, according to a Monday press release. The move comes after Erica Williams resigned from the position effective Tuesday, after announcing her intent to step down on July 16.
• Appointed to the role in November 2021, Williams’ resignation follows shortly after the PCAOB narrowly avoided a proposed merger with the SEC, after a measure proposing such a move was removed just prior to the passing of the Trump administration’s massive tax and spending bill, CFO Dive previously reported.
• The failed attempt to eliminate the agency comes as President Donald Trump makes good on campaign promises to ease federal regulations, taking steps such as appointing Paul Atkins — a critic of PCAOB oversight — to the role of SEC chair. “I thank Erica Williams for her dedicated service on the Board, and I look forward to working with George Botic as Acting Chair,” Atkins said in a statement included in the Monday release.

Dive Insight:

Botic’s appointment was surprising to Robert Pawlewicz, assistant professor of accounting at the Robins School of Business for the University of Richmond in Richmond, Virginia. A “PCAOB-lifer,” Botic “truly believes in its mission of protecting investors by ensuring quality audits,” Pawlewicz told CFO Dive in an emailed response to questions.

A 22-year veteran of the PCAOB, Botic joined the audit watchdog shortly after it was formed in 2002, taking the role of manager of inspections, division of registration and inspections in August 2003, according to his LinkedIn profile. A Certified Public Accountant, Bostic has served in various roles during his time at the PCAOB, including as its director, division of registration and inspections. Before joining the PCAOB, he served as a senior audit manager for Big Four firm PricewaterhouseCoopers.

“I am honored to work with the SEC and the staff of the PCAOB as Acting Chair to ensure that we meet the mission established by Congress,” Botic said in a statement included in the Monday release.

The acting chair appointment comes as industry and accounting experts continue to express concerns over the PCAOB’s uncertain future, following ongoing efforts by the Trump administration to pare down regulatory oversight across the board.

Eliminating the PCAOB — created under the Sarbanes-Oxley Act in response to large-scale accounting scandals at Enron and Worldcom — could weaken audit quality and ultimately harm investors, as Williams warned in a speech prior to the passing of the “Big Beautiful Bill.” The measure to merge the audit watchdog with the SEC was ultimately removed from the bill after the Senate Parliamentarian found the provision violated the “Byrd Rule.”

However, that may represent a short reprieve — as accounting experts, including Pawlewicz, previously told CFO Dive, legislators could still potentially “defang” the PCAOB, tweaking its budget and curtailing its regulatory powers. While the PCOAB’s 2025 budget was approved in December 2024, by then-SEC chair Gary Gensler, Pawlewicz is paying close attention to the watchdog’s next budget cycle, which could also potentially come alongside a new board, he previously told CFO Dive.

“I also think the ‘acting’ label is important and big changes may come when a new board is named with a new chair,” Pawlewicz said of Botic’s appointment. “I still think big changes are on the horizon for the PCAOB and we should see those in the near future.” 

The PCAOB did not immediately respond to requests for comment.