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...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.