The US Supreme Court has agreed to review a case that questions the
constitutionality of the creation of the US auditing watchdog under the
Sarbanes-Oxley Act, CFO.com reported.
The justices will consider whether the existence of the Public Company
Accounting Oversight Board violates the constitution’s separation-of-powers
Formed by Sarbox, which was enacted in 2002, the PCAOB is a nongovernmental
entity that sets auditing standards and regulates and regularly inspects all
accounting firms that review US publicly traded companies’ financials.
The board’s budget and processes are subject to review by the US Securities
and Exchange Commission, which also approves the appointment of its five board
members, CFO.com said.
According to the lawsuit filed by the Free Enterprise Fund, however, the
president has no power to intervene in anything the PCAOB does, according to
‘It’s a matter of political accountability,’ says Chris Vergonis, a partner
at Jones Day, a law firm that has helped the plaintiffs in the case. ‘The
president is responsive to the people, as is Congress, and they are up for
reelection. But these board members never go up for reelection.’
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