Congressional Memo Questions PCAOB: Lawsuit

Law360, New York (April 18, 2006, 12:00 AM EDT) -- A Congressional memo questioning the constitutionality of the Public Company Accounting Oversight Board has surfaced as part of a lawsuit that challenges the new regulatory agency created in 2002 by the Sarbanes-Oxley Act.

The Free Enterprise Fund, which lobbies on Capitol Hill to reduce corporate taxes, says the board’s overstretched power puts the entire U.S. economy at a disadvantage and keeps the president and Congress out of the loop on important matter of accounting regulations.

The Free Enterprise lawsuit, which was filed in March with the...
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