It looks like the Supreme Court will begin its deliberation of "Free Enterprise Fund and Beckstead and Watts vs. the Public Company Accounting Board and the United States of America" on December 7. Barron's suggests that a decision would come about a month later, so mark your calendars because it will be interesting.
There is a good deal of drama surrounding this because we do not really know how wide a lens the court will use in addressing this issue. Will it focus merely on the fact that PCAOB members are not appointed by the President? Or will it take a broad view of the board's constitution and its power to tax firms? We don't know. Let's say the court finds the board unconstitutional. I doubt the Sarbanes-Oxley law would just go away, but could Congress easily revive it? Would it take the opportunity to fix some of the excesses. Again, we just don't know.
For more:
- here's an article
Related Articles:
Fixing a big PCAOB glitch
The road ahead for the PCAOB
The irony of the PCAOB constitutional challenge
By: Jim Kim for 
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