The US Public Company Accounting Oversight Board (PCAOB) is shutting down its Office of the Investor Advocate by October, a division created in 2023 under the Biden administration to channel shareholder views into audit standards and inspection priorities. The move reflects a broader reshaping of the watchdog under Donald Trump’s administration, which has cut the PCAOB’s budget by 9 per cent from 2025 and reduced enforcement activity. Investor advocates, including former Capital Group partner Elizabeth Mooney and former SEC chief accountant Lynn Turner, warned that eliminating the advocate role risks sidelining shareholders, who are a dispersed constituency compared with organized groups such as audit firms and corporate directors.

PCAOB chair Jim Logothetis, a former EY partner appointed in January, said the change will “promote greater consistency, reduce duplication and strengthen execution” and that board members will take a more hands‑on approach to stakeholder engagement, including investors. The board will retain its Investor Advisory Group, which meets twice a year, but critics say the loss of a dedicated internal advocate weakens investor representation inside the regulator.