Reuters reports that the Public Company Accounting Oversight Board (PCAOB) is eliminating its standalone Office of the Investor Advocate and moving the investor engagement function into its Office of Communications and Engagement as part of an agency reorganization.

Under the new structure, the Investor Advocate role will become Associate Director for Investor Engagement, a position for which the PCAOB began accepting applications on Aug. 28. Current Investor Advocate Saba Qamar, who has held the role since 2022, is eligible to apply.

The change largely returns the investor advocate function to the structure that existed before the PCAOB established a separate office in February 2023. While the responsibilities appear similar, the new position will report to the communications office rather than lead an independent department and will carry lower compensation.

According to the PCAOB job posting, the associate director will “support efforts to incorporate and align investor perspectives into PCAOB strategic planning and internal and external communications.” The position will also serve as the primary staff contact for the Investor Advisory Group and coordinate investor meetings and events.

The Investor Advocate has served as the PCAOB’s principal point of contact with the investor community, participating in advisory group meetings and publishing investor-focused guidance. Qamar, for example, issued a 2023 advisory cautioning investors about third-party verification and proof-of-reserve reports involving crypto companies.

The restructuring comes as the PCAOB faces budget constraints and continues to evaluate how it allocates agency resources.