An advocacy group plans to bring a case challenging the constitutionality of the Public Company Accounting Oversight Board to the U.S. Supreme Court after an appeals court ruled against the plaintiffs earlier this week.
In a 5-4 split, the U.S. Court of Appeals for the D.C. Circuit declined to review the constitutional challenge to the legitimacy of the PCAOB, which was created by the Sarbanes-Oxley Act of 2002. The plaintiffs in the case are the Free Enterprise Fund and Beckstead & Watts, a small Nevada accounting firm that was inspected by the PCAOB. They lost the case in a smaller panel of the appeals court in August in a 2-1 decision (see Appeals Court Rules PCAOB Is Constitutional). The plaintiffs had requested a rehearing by the full appeals court.
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