PCAOB faces Supreme Court challenge
PCAOB wins court case, but faces new challenge to its constitutional legitimacy
The US Public Company Accounting Oversight Board is facing a new
constitutional challenge before the Supreme Court.
The PCAOB has already won similar battles in lower courts in the US, brought
by the Free Enterprise Fund and Beckstead & Watts,
Now an advocacy group plans to take the challenge further, to the US’s
The grounds for the challenge are that the body violates the constitution
because appointments are made not by the president with the advice and consent
of the Senate, but by the SEC acting as a body. The US constitution require
direct individual accountability.
PCAOB spokesperson Lucy Harvey declined to comment on the latest action, the
website reported, but did say: ‘We are pleased with the court’s decision and
look forward to continuing to fulfill the mandate given us by Congress to
protect the interests of investors.’