Public Company Accounting Oversight Board chair Erica Williams told Accounting Today that the role played by the PCAOB can’t simply be “cut and pasted” into the Securities and Exchange Commission after the House Financial Services Committee approved legislation that would effectively shutter the PCAOB.

Speaking on the sidelines of Baruch College’s annual financial reporting conference in New York on Thursday, the day after Republicans on the committee voted Wednesday night to advance the bill, Williams declined to speculate on what would happen in the event of a transition of the PCAOB’s duties to the SEC. “I will say that I think that investors are better protected basically because of the PCAOB, and I also think that audit expertise and talent of our staff cannot be cut and pasted for investors, especially at this time of market volatility,” she said in an interview. “I think that the expertise of our staff is unmatched and irreplaceable.”

She noted that the PCAOB has provided technical assistance to the committee’s ranking member Rep. Maxine Waters, D-California, and would be happy to provide any additional technical assistance.Williams pointed to the agreements the PCAOB has with audit regulators around the world to do inspections, and its hard-won efforts to secure access to inspect auditing firms in China. She noted during a speech Wednesday at a meeting of the PCAOB’s Investor Advisory Group that those agreements are not automatically transferable to the SEC and they only came after passage of the Holding Foreign Companies Accountable Act of 2020. She was asked whether the SEC would be able to renegotiate the PCAOB’s agreement with Chinese authorities, given the rocky state of relations now between the U.S. and China.

“I don’t know if they’d be able to renegotiate it, but in order to be able to inspect and investigate completely there, as required by the HFCAA, they would need to have a new statement of protocol,” Williams replied. “History tells us that in times when the economy is tight, this is what companies do, so if there is a period of time when no one is watching, that’s when investors will be put at risk.”

The SEC is taking a friendlier stance toward the cryptocurrency industry, setting up a Crypto Task Force in January, while retreating from former chair Gary Gensler’s crackdown on the crypto industry under newly confirmed SEC chair Paul Atkins. Several auditing firms that had been doing so-called “proof of reserve” audits have stopped providing such services after advisories from the SEC and PCAOB. 

Williams was asked about enforcement of audits of crypto companies.

“To the extent that companies are public companies with investors, we absolutely have been focused on the inspections of public companies who have involvement in cryptocurrency,” Williams replied. “That’s one of the areas of focus in our inspection reports, and we also have staff that are really expert in that area and happy to provide that expertise out there. But in general, what I can say is our staff is the most talented, dedicated, qualified folks. I worked with the SEC for more than 11 years. They are very expert in what they do and very different in what they do.”

She was asked about the possibility of people from the PCAOB being transferred over to the SEC.

“I think they would need to take on hundreds of new staff who have the qualifications to do these types of inspections that we do,” said Williams. “Every single member of the PCAOB that was critical to us being able to deliver on our investor protection.”

She pointed out there is currently a shortage of accountants. Williams was also asked about the standards that are currently on hold at the PCAOB, such as firm and engagement metrics, firm reporting, and noncompliance with laws and regulations, or NOCLAR. 

“I can’t speculate on what might happen with the standards, but of course, in order for our standards to be implemented, they have to be approved by the SEC, so we want to make sure we’re aligned, and I need to have a discussion with Chairman Atkins, which I anticipate will happen to make sure that we’re aligned in those areas,” she said.

Asked about the possibility of the PCAOB operating as a subsidiary of the SEC, Williams replied, “That would be up to Congress.”

The legislation is expected to become part of the massive tax and budget reconciliation bill that is currently working its way through Congress, and would take effect in a year after enactment. Williams was asked about the possibility of alterations in the bill before it’s passed, but she declined to speculate on what might happen. “There’s a lot of uncertainty and a lot of questions that need to be answered,” she noted.

The proposal to fold the PCAOB into the SEC was among the ideas that were part of the Heritage Foundation’s Project 2025 plans for the Trump administration, but the legislation seemed to emerge just in the last few days and took many observers by surprise at how quickly it moved. Williams was asked if she had much advance warning about the bill. 

“We weren’t asked about technical assistance,” she replied. “But what I can say is, our work protecting investors doesn’t stop. So we have inspectors all around the world conducting inspections. We have people who are doing enforcement investigations. We have folks who are helping to make sure that firms are prepared to implement our standards, quality control and others. So our work and our focus is really on our mission, and that’s what we’re continuing here. “

Williams also touched on Wednesday night’s vote during her speech at the Baruch College conference. 

“I am deeply troubled by legislation passed by the House Financial Services Committee that proposes to eliminate the PCAOB as we know it,” she said. “The integrity of our markets is not inevitable. It takes vigilance to guard against negligence, recklessness, and fraud that threaten our system and the people who depend on it. The PCAOB plays a vital role in that effort — a role our talented and dedicated staff have developed over decades, building unique experience and expertise that cannot be simply cut and pasted elsewhere without significant risk to investors at a time when markets are already volatile, and investors have so much to lose.”

On an earlier panel featuring officials from the Securities and Exchange Commission and the Financial Accounting Standards Board, moderator Norman Strauss of Baruch College’s Zicklin School of Business asked about the impact of the legislation. SEC acting chief accountant Ryan Wolfe declined to comment specifically on the legislation other than to say he was aware of it, but added, “What I can say, with respect to the FASB issue, is just re-emphasizing the importance of an independent standard-setter. … We’re interested in supporting that in any way that we can. It’s obviously critical to the financial reporting ecosystem.”

“We’ve been around for a little over 50 years, and one thing I think we’ve certainly benefited from is we have a pretty narrowly focused mission: it’s financial accounting,” said FASB chair Richard Jones. “But while independent standard-setting is important, I sometimes worry about that term, because independence doesn’t mean us being unaccountable. We’re accountable to our stakeholders, and we earn the right to set standards by the standards we set.”

Savant Wealth Management acquired registered investment advisor Corrigan Financial, based in Middletown, Rhode Island, on April 30. 

This deal expands Savant’s geographic footprint to 44 offices in 19 states. Terms of the deal were not disclosed.

Savant is a CPA-led, fee-only RIA based in Rockford, Illinois. It has 537 employees and is No. 1 on Accounting Today‘s Top 150 Firms by Assets Under Management list with $29.6 billion in AUM and $1.2 billion in assets under advisement as of March 31. It offers investment management, financial planning, retirement plans and family office services to financially established individuals and institutions, as well as corporate accounting, tax preparation, payroll and consulting through its affiliate Savant Tax & Consulting, and estate planning document preparation and other legal services through its affiliated law firm, Savant Legal.

“The Corrigan team shares our values, particularly in the area of lifelong learning,” Brent Brodeski, a CPA, founder and CEO of Savant, said in a statement. “It’s important to note that the majority of Corrigan’s financial planners hold the CPA license, given the importance of integrating tax planning into clients’ financial plans and the current nationwide shortage of CPAs. In addition, Corrigan takes a like-minded approach to planning and investments that we believe will help Savant build density and improve more lives in the northeast,.”

Corrigan is a 25-person, fee-only RIA with $1.15 billion in AUM. The firm offers personal financial planning, investment management, tax planning and estate planning services. It also prepares income tax returns for over 1,000 families. Corrigan’s tax service offering will be incorporated into the Savant Tax & Consulting business line. 

“Savant’s tax focus was one of the major reasons we considered partnering with the firm, but we were also attracted to the firm’s long-term vision, which can help benefit both our clients and our team,” David Corrigan, a CPA, founder and principal shareholder of Corrigan, said in a statement. “Savant is a recognized leader among top CPA financial planning firms, and our shared commitment to comprehensive wealth management, including tax planning and preparation, made Savant a logical choice for our team.”

Savant is 65% employee owned. Corrigan and 15 shareholders of Corrigan Financial became member-owners upon joining Savant at close. 

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The contentious 150-hour rule — the number of college credit hours required to sit the CPA exam — has been a sticking point in the profession since it became the standard in the 1990s. With an ongoing talent crisis, uncompetitive salaries and rising education costs further weakening the inflow of new professionals, is the end of the rule the first step to changing the tide?

Median annual salaries for entry-level accountants hover around $65,000, according to 2024 research by Accounting Today. It’s not until the managerial tier that accountants can start to earn six figures on average.

Next to lower wages, many have suggested that the time required to pursue a CPA license has been a major hurdle driving prospective talent into other financial services. As a result, the American Institute of CPAs and the National Association of State Boards of Accountancy have started to guide states through adopting additional licensure pathways.

These efforts have been met with optimism from state CPA societies and accounting students alike, but misconceptions have also been brought to light from those critical of such efforts. Top concerns range from “We are lowering the standards,” to “This licensure change alone will solve the talent shortage.”

Susan Speirs, chief executive of the Utah Association of CPAs, said that while the passage of a CPA licensure bill in the state is a good first step to address the talent shortage across the profession, it’s hardly the last.

“My hope would be that we can start discussing the real issues surrounding our profession such as firm models, salary models, image models, CPE models, PE models and more before the profession implodes on itself,” Speirs said.

Read more: There’s an accountant shortage, but will 150-hour alternatives fix it?

For Calvin Harris, chief executive of the New York Society of CPAs and a CPA who was licensed more than 20 years ago, a return to the former 120-hour standard isn’t as outlandish as it sounds. 

“Where we’ve landed here in New York is that while we will continue to offer the pathway of 150 credit hours, we thought it was right to add back the 120-hour pathway,” Harris said. “In many ways it’s new since it hasn’t really been active, at least in New York, for more than two decades. But it’s also a return to a pathway [that previously existed].”

Senate Bill S6891 was introduced on March 26 by Senator Toby Ann Stavisky, D-N.Y., who chairs the committee on higher education. If passed, it would allow those pursuing CPA licensure in the state to be eligible with a bachelor’s degree (120 credit hours), two years of professional experience and a passing grade on the CPA exam.

Regarding perspectives that lowering the credit hour threshold would yield less skilled accounts, Harris said that the total six years spent pursuing the accreditation has not and would not change. What would change is a contentious fifth year in school that could be a financial make-or-break for some students.

“We’re talking about socioeconomic barriers,” Harris said. “From a diverse profession perspective, we also see where that fifth year burdens underrepresented groups on a higher level.”

Leaders with the state CPA societies of Iowa and California have similar sentiments regarding the “extra” 30 hours spent towards a CPA license, and how the financial burden of those hours takes a different toll on underrepresented groups.

California’s AB 1175  sets out to create “more accessible, flexible and affordable pathways, especially for those from underrepresented backgrounds and second-career individuals, while still upholding high standards,” said Denise LeDuc Froemming, CEO of CalCPA.

Read more: Why the 150-hour requirement must evolve

States that have successfully passed legislation creating more options for becoming a CPA will be important case studies to track whether these new pathways boost the flow of new talent into accounting.

Dive into more coverage of the topic and the broader implications of the 150-hour rule below.

AICPA, NASBA mull alternative pathways to CPA licensure

In February, the American Institute of CPAs and the National Association of State Boards of Accountancy introduced proposed changes to the Uniform Accountancy Act model legislation that would provide states with codified language for drafting CPA licensure-focused bills.

Both organizations called upon the joint UAA committee to draft templated law language that involves a bachelor’s degree plus two years of experience as a state-determined pathway to licensure that incorporates a broad role for experience and individual-based practice privilege that incorporates a CPA’s ability to practice across state lines.

“The accounting profession has seen a remarkable convergence in recent weeks of stakeholders around flexibility that creates greater access for those who are interested in pursuing a career in accounting,” Susan Coffey, CEO of public accounting at the Association of International Certified Professional Accountants, told Accounting Today.

Read more: AICPA, NASBA propose alternative path to CPA license

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Could alternatives to the 150-hour rule create new talent pipelines?

For more than 20 years, the 150-credit hour rule for becoming a CPA has been the standard across the profession. But as a dwindling number of college students elect to major in accounting, combined with stagnating wages and the cost of higher education, that stands to change over the coming years.

Data gathered in a 2023 Center for Audit Quality study found that more than half of nonaccounting majors pegged higher starting salaries as the deciding factor for not studying accounting.

“If you just took [the Consumer Price Index] and applied it to the starting salary back in 1982, you’re very close to the starting salary of what the fifth-year students were a year ago, so the profession really hasn’t caught up,” Edward Wilkins, an accounting professor and former audit partner at a Big Four firm, told AT. “Did they ever really get credit for that fifth year if it was just a CPI adjustment?”

Read more: New ways to CPA

Ohio, Virginia among host of states pushing past 150-hour rule

While Ohio and Virginia were the first states to successfully pass legislation that creates new options for obtaining CPA licensure, they aren’t the last.

Utah Gov. Spencer Cox signed Senate Bill 15 into law on March 25, creating alternative pathways for accountants in the state seeking to become CPAs. Under the legislation, obtaining a license can be done through acquiring a bachelor’s degree with a concentration in accounting or business, two years of experience under the supervision of a licensed CPA and passing the CPA exam, or a master’s degree, one year of experience under the supervision of a licensed CPA and passing the CPA exam.

States with bills in progress include Illinois, Indiana, Massachusetts, Minnesota and others, many of which have the backing of their state CPA societies.

Read more: States move beyond the 150-hour rule

Iowa successfully adds new paths for CPA licensure

State legislators in Iowa, with the support of the Iowa Society of CPAs, have passed a bill that would create new alternatives for obtaining CPA licensure within the region.

House Bill 177 passed both chambers of the Iowa Legislature with a unanimous Senate vote, and is now in the hands of Gov. Kim Reynolds awaiting signing. In addition to CPA accreditation changes, the bill allows for those with CPA licenses from other states to practice within Iowa.

Any changes stemming from the bill would go into effect on July 1, 2026, upon Gov. Reynolds signing it into law.

“This legislation reflects a forward-thinking approach to licensure that preserves the integrity of the CPA while opening the door to more aspiring professionals,” ISCPA interim CEO Ardis Kelley said in a statement. “At a time when the profession is experiencing a decline of new licensees and increase in retirements, this is a much-needed step to attract new talent.”

Read more: Iowa adds path to CPA licensure

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Georgia CPA advocates successfully pass bill for CPA licensure

Among a host of states working to overhaul the traditional pathways to becoming a CPA, Georgia is one that has seen recent success.

House Bill 148, known as the Public Accountancy Act of 2025, was carried through the Georgia General Assembly with the support of the Georgia Society of CPAs on April 7. The bill introduces qualifications for CPA accreditation for those with a master’s degree in accounting or taxation and one year of relevant experience, or with a bachelor’s degree in accounting and two years of pertinent experience.

Also included are provisions for allowing out-of-state CPAs to practice in Georgia. The bill awaits signing by Gov. Brian Kemp.

“The new pathways to CPA licensure and expanded practice privilege mobility are essential steps toward addressing the growing demand for skilled accounting professionals,” GSCPA CEO Boyd Search said in a statement.

Read more: Georgia passes CPA licensure changes bill