A federal appeals court on Friday upheld the constitutionality of an accounting oversight board established by the Sarbanes-Oxley Act of 2002 after the Enron and Worldcom scandals. The U.S. Court of Appeals for the D.C. Circuit voted 2-1 in rejecting a constitutional challenge to the Public Company Accounting Oversight Board.
The challenge was brought by the Free Enterprise Fund, a non-profit public interest group based in Washington, D.C., and the Nevada-based accounting firm Beckstead and Watts, which is under an ongoing PCAOB investigation.
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