In a case that may wind up before the Supreme Court, a small Nevada CPA firm and an anti-tax group have lodged a legal challenge questioning the constitutionality of the Public Company Accounting Oversight Board.The Free Enterprise Fund, which filed the suit in Washington federal court in February, has teamed with Beckstead and Watts LLP, a one-partner firm in Las Vegas, in the litigation against the audit overseer.
The filing, in U.S. District Court here, charged that the PCAOB's structure violates the appointments clause of the Constitution. The five-member board is selected by the unanimous approval of the Securities and Exchange Commission, not by the president - which would require Senate approval - or by the courts or the department head of an agency.
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