The Public Company Accounting Oversight Board along with regulators, audit firms and investor oversight groups are hailing a decision by an appeals court that upheld the constitutionality of the audit firm overseer.Ending a two-year legal battle, the U.S. Court of Appeals for the District of Columbia Circuit held that the manner in which the organization's board members are appointed and overseen under the Sarbanes-Oxley Act is constitutional. The decision was split 2-1 among the judges.

The court found that the law creating the oversight board did not violate the Constitution or encroach upon the separation-of-powers clause.

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