25 July 2008

Will the Public Company Accounting Oversight Board Be Ruled Unconstitutional?

If the PCAOB is ruled unconstitutional, because there is no severability clause, all of Sarbanes-Oxley would be ruled unconstitutional, and it would mean a return to mythology based accounting practices.

It's before the DC Circuit Court of Appeals, and there is a fairly good chance of it losing, which is not a good thing.

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