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Controversial PCAOB Appointment

In an unusual split decision, the SEC named Jeanette M. Franzel to be a member of the Public Company Accounting Oversight Board (PCAOB) on February 3rd.  After the appointment, Commissioner Luis Aguilar issued a dissent.  He stated that the SEC failed to meet its legal obligation to appoint an individual with "a demonstrated commitment to the interests of investors" because she has no record of investor advocacy.  In announcing Ms. Franzel's appointment, SEC Chairman Mary Schapiro stated that "Jeanette's commitment to the public trust and America's investors is demonstrated by her life-long public service and her constant dedication to increasing accountability, audit quality and audit standards."

Ms. Franzel is currently a Managing Director of the U.S. Government Accountability Office (GAO) with over 20 years of public service.  She will replace Daniel L. Goelzer, one of the founding members and a former interim Chairman of the five-member Board.  Ms. Franzel currently leads all aspects of GAO's financial audit oversight of the U.S. federal government.  She heads a team of approximately 250 staff that focuses on financial and performance audits, proper use of federal funds, internal control, financial systems, and federal audit and financial management policy.