The U.S. Supreme Court appeared inclined to leave well enough alone Monday and not tinker with the structure of an accounting oversight board created by the Sarbanes-Oxley Act of 2002. Congress created the Public Accounting Oversight Board in the aftermath of the Enron and WorldCom accounting scandals, giving the board broad and independent power to regulate accounting firms, which had been self-regulated before. The suit challenges the board's constitutionality as too insulated from presidential power.
Supreme Court Likely to Leave Accounting Oversight Board as Is
The National Law Journal
December 8, 2009