D.C. Circ. Upholds PCAOB

Law360, New York (August 22, 2008, 12:00 AM EDT) -- A federal appeals court has upheld the validity of the national audit oversight board created by the Sarbanes-Oxley Act of 2002, dismissing a lawsuit by a conservative think tank that had challenged the board's constitutionality.

In a decision handed down Friday, the U.S. Court of Appeals for the District of Columbia ruled that the Public Company Accounting Oversight Board does not violate the separation of powers clause of the U.S. Constitution because members of the independent agency are supervised by the U.S. Securities and Exchange Commission,...
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