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North America
Erica Williams, chair of the PCAOB, is set to depart on July 22nd, following a narrow escape from a proposal to transfer the non-profit's responsibilities to the SEC. The Senate Parliamentarian recently rejected a provision in the One Big Beautiful Bill Act that would have dissolved the PCAOB. The announcement was made by SEC Chair Paul Atkins, who said he had asked her to resign. “I know you have questions about what is next for PCAOB leadership. Unfortunately, I do not have the answers you deserve,” Ms. Williams said in an email to staff. She added: "The PCAOB plays an essential role in protecting the investments and retirement savings of workers and families across the country while helping to ensure our capital markets remain the envy of the world. With high economic uncertainty increasing the risk of fraud, the PCAOB's mission is as important as ever. It's critical the expert PCAOB staff continue to be empowered to carry out their work of ensuring American investors are protected." Her leadership focused on modernizing auditing standards and enhancing enforcement, making her departure a pivotal moment for the PCAOB amid ongoing regulatory challenges.
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