In the classic satirical publication Mad, the editors regularly skewered various businesses with parodies of what really went on behind closed doors. In one, a bellman informed the front desk of a resort that the air conditioning in a guest room had broken down and the temperature was now a sweltering 95 degrees. The front desk instructed him to inform the guests that their room now included a sauna, and to double their rate.I'm often amazed how many times I've seen this scenario played out real life - spinning adversity into a cause. As evidence, consider this situation: A small Las Vegas-based CPA firm, Beckstead and Watts, has partnered with the anti-tax lobbying concern the Free Enterprise Fund and libertarian think tank the Competitiveness Enterprise Institute, to challenge the "constitutionality" of the Public Company Accounting Oversight Board by filing a civil suit against the accounting watchdog. At the heart of the matter is the method of selecting the five members of the PCAOB, which the plaintiffs claim violates the Constitution.
The suit has its roots in a white paper released in October and bannered by the rather apocalyptic title, "The Public Company Accounting Oversight Board: An Unconstitutional Assault on Government Accountability."
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