The present study investigated how components of ERPs are modulated when participants optimize speed versus accuracy in a cued go/no‐go task. Using a crossover design, 35 participants received instructions to complete the task prioritizing response speed in half of the task, and accurate responding in the other half of the task. Analysis was performed on the contingent negative variation (CNV), P3go, and P3no‐go and the corresponding independent components (IC), as identified by group independent component analysis. After speed instructions, the IC CNVlate, P3goanterior, P3no‐goearly, and P3no‐golate all had larger amplitudes than after accuracy instructions. Furthermore, both the IC P3goposterior and IC P3goanterior had shorter latencies after speed than after accuracy instructions. The results demonstrate that components derived from the CNV and P3 components are facilitated when participants optimize response speed. These findings indicate that these ERP components reflect executive processes enabling adjustment of behavior to changing demands.