More News‘Starr’ prosecutor takes on PCAOB over Sarbanes-Oxley

'Starr' prosecutor takes on PCAOB over Sarbanes-Oxley

Watchdog faces lawsuit over accounting rules

Kenneth Starr, the prosecutor in the infamous Monica Lewinsky White House
scandal, is heading up a legal team challenging US accounting rules on behalf of
a pro-business Republican lobbying group.

Starr will represent the Free Enterprise Fund, which opposes Sarbanes-Oxley,
claiming it is in breach of the US Constitution.

The Fund filed a lawsuit on Tuesday in a federal court in Washington against
the Public Company Accounting Oversight Board. arguing that it violates the US
constitution’s mandated separation of powers among the three branches of
government.

Mallory Factor, a merchant banker in New York and a fundraiser for president
George Bush, is chairman of the group.

The group will argue that the makeup of the accounting board violates the
separation of powers doctrine because its members aren’t appointed by the
president and cannot be removed by him, and Congress cannot control its budget.

The chairman of the oversight board and the other four directors are
appointed by the Securities and Exchange Commission, an independent federal
agency; the accounting board is funded by fees on publicly traded companies
according to their size.

Christi Harlan, a spokeswoman for the PCAOB, said she had no immediate
comment to make because the board had not yet seen the lawsuit, Associated Press
reported.

Related Articles

Amazon UK halves its corporation tax bill despite increased turnover

More News Amazon UK halves its corporation tax bill despite increased turnover

4m Alia Shoaib, Reporter
Increase in UK business confidence despite Brexit, according to ICAEW

More News Increase in UK business confidence despite Brexit, according to ICAEW

7m Alia Shoaib, Reporter
Live blog: Spring Budget 2017

Corporate Tax Live blog: Spring Budget 2017

9m Accountancy Age editorial
The Curious Incident of the Insolvency Sector in the Light of Economic Turbulence

Insolvency The Curious Incident of the Insolvency Sector in the Light of Economic Turbulence

11m Accountancy Age editorial
Leonard Curtis called in as administrators for builders Boshers

Legal Leonard Curtis called in as administrators for builders Boshers

11m Stephanie Wix, Writer
New Year Honours of 2017

Accounting Standards New Year Honours of 2017

11m Stephanie Wix, Writer
"Not enough time" to implement MTD by 2018, says Tyrie

Corporate Tax "Not enough time" to implement MTD by 2018, says Tyrie

1y Stephanie Wix, Writer
Colin: A spoonful of investment...

Governance Colin: A spoonful of investment...

1y Stephanie Wix, Writer