SEC Chairman Christopher Cox hailed an appeals court decision that said the Public Company Accounting Oversight Board is constitutional.
The court ruled in a 2-1 decision that the Sarbanes-Oxley Act creating the PCAOB did not encroach upon the Constitution or violate the separation of powers clause. The Free Enterprise Fund and a small audit firm, Beckstead & Watts, which had been faulted by the PCAOB in 2004 for some of its audits, filed suit in 2006 against the board.
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