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July 15, 2013

Comments

Francine McKenna

Dear Jim,
We agree that some of the proposals are too limiting to have any impact. Just having a partner signature on a report is useless. My proposal has been for years, and one that I think the PCAOB might actually consider, is to have a full registry of key partner roles available at the PCAOB based on submissions of details about every public client on the Annual Report the firms submit to the regulator each year. The PCAOB must be keeping their own registry/tracking of all partners assigned to each engagement. How would they otherwise insure compliance with partner rotation and make comments about partner workload as they did in the PwC Part 2 report disclosure? They should make this info public. I'd also like to see disciplinary history and litigation history. McGowan was not named as a defendant in the Madoff Feeder fund litigation but her name is splashed all over every complaint on that subject where PwC is a defendant. It's less meaningful as a public relic without knowing what else she is working on. She was probably lead on some others like Knight Capital but her wonderful, now edited, LinkedIn profile doesn't say.

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  • © 2007-2021 James R Peterson Special thanks: Francine McKenna. Always with love: Kat and Julie. In memory: Bob White, Stuart Kadison