SEC starts looking for new PCAOB board members

Securities and Exchange Commission chair Paul Atkins has begun searching for new members and a new chair of the Public Company Accounting Oversight Board only days after forcing the PCAOB chair to resign.

In a statement last week, Atkins said he is soliciting candidates for the five board positions, while acknowledging that the terms of the existing members haven't expired yet. Last week former PCAOB chair Erica Williams stepped down and her role is now being filled by acting chair George Botic. 

"Each Board seat is associated with a set five-year term; any nominee selected by the Commission to fill a seat will serve for the remainder of the term associated with that seat. If eligible, the Commission may reappoint such person to a second, full term," Atkins said in the statement. "Any Board member, including the Chairperson, may be appointed to any seat. The Chairperson's seat may be filled by either a CPA or a non-CPA, though any member who is a CPA is eligible to serve as Chairperson only if that individual has not been a practicing CPA for five years preceding possible appointment as Chairperson."

He noted that the the five seats have terms that expire on the following dates:

1. Oct. 24, 2026.
2. Oct. 24, 2027.
3. Oct. 24, 2028.
4. Oct. 24, 2029.
5. Oct. 24, 2030. The candidate selected for this seat will be appointed to serve two consecutive terms, with the first expiring on Oct. 24, 2025 and the second expiring on Oct. 24, 2030.

The salaries of PCAOB board members are relatively high for federal government officials, but Atkins indicated he may be reducing their salaries as well as the PCAOB budget. In 2024, the chair earned nearly $673,000, while other members were paid close to $547,000, according to Thomson Reuters.

"In that regard, I note that over the last several years, the PCAOB's annual budget has increased at a rate significantly faster than that of the Commission," said Atkins. "This increase took place over a period in which the Board's mission did not change materially. Under the [Sarbanes-Oxley] Act, the Board's budget is subject to Commission approval. The Commission's review of the PCAOB's annual budget is an important element of the Commission's oversight of the Board, and I expect that an evaluation of Board member compensation will be among the items the Commission considers in connection with its review of the Board's 2026 budget."

The PCAOB board member selection process is being administered by the SEC's Office of the Chief Accountant. Those who meet the statutory criteria and are interested in being considered for a position as board member of the PCAOB should submit (1) a cover letter, discussing the statutory qualifications summarized above and described more completely in the Sarbanes-Oxley Act; and (2) a current résumé or curriculum vitae to Boardrecommendations@sec.gov, on or by Aug. 25, 2025.