Newest board member sworn in at PCAOB

George Botic was sworn in as a board member of the Public Company Accounting Oversight Board by the U.S. Securities and Exchange Commission virtually on Wednesday. 

The SEC announced Botic's appointment Sept. 27 for a term that will run through Oct. 24, 2028. A CPA, he has been with the PCAOB since 2003 and was most recently director of the board's Division of Registration and Inspections, which includes the global network firm, non-affiliate firm, and broker-dealer firm inspection programs, and the registration program. In that role, he oversaw the registration and inspection of all domestic and foreign accounting firms that audit public companies whose securities trade in the U.S., along with all broker-dealer audits. 

"George is an outstanding leader whose decades of experience at the PCAOB prove his commitment to investor protection and dedication to our organization," said the PCAOB's chair, Erica Williams, in a statement. "I look forward to working with George and my other fellow board members as we continue our work protecting investors."

Botic succeeds the PCAOB's longest-serving member, Duane DesParte, whose second term ended Tuesday. DesPartes was the only member to remain after a complete overhaul of the PCAOB by SEC chairman Gary Gensler in June 2021 (see story). 

Prior to being named DRI director in 2018, Botic was director of the PCAOB's Office of International Affairs and a special advisor to former chair James Doty. He served in various roles within DRI from 2003 and 2014, and before that was a senior manager at PricewaterhouseCoopers. 

"Strong and effective oversight from the PCAOB is more important than ever, given the rapid technological change, emerging risks, persistent areas of audit deficiencies, and other challenges facing today's auditors," said Botic in a statement. "I'm honored to have the opportunity to work with my fellow board members to raise the bar on audit quality for the benefit of investors in our complex and dynamic capital markets."