RSS feedsThe Public Company Accounting Oversight Board (PCAOB), the independent watchdog of the US accounting profession, says it will defend itself vigorously against any legal challenge mounted against its authority granted under the Sarbanes-Oxley Act.
This claim comes as attorney Kenneth Starr, the famed prosecutor in the Monica Lewinsky investigation, said his actions on behalf of Conservative pro-business group, the Free Enterprise Fund, to challenge the legality of the PCAOB could go all the way to the Supreme Court.
AP reported that Starr would launch a constitutional challenge to the corporate governance rules which came about following Enron and WorldCom.
The Free Enterprise Fund is challenging the PCAOB’s power under Sarbanes-Oxley to oversee the accounting industry, arguing that it violates the US Constitution.
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