PCAOB Statement on Favorable Decision
In Free Enterprise Fund v. PCAOB
Washington, DC, August 22, 2008 – The PCAOB is gratified by the Court of Appeals’ decision today, upholding the District Court’s decision in the PCAOB’s favor. The Court held that the manner in which PCAOB Board members are appointed and overseen under the Sarbanes-Oxley Act is constitutional. The Court’s opinion is consistent with the position taken by the PCAOB, the U.S. Government through the Department of Justice and the Securities and Exchange Commission (SEC), seven former SEC chairmen, the Council of Institutional Investors, TIAA-CREF, AFL-CIO, and several public employee pension funds.
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The PCAOB is a private-sector, nonprofit corporation, created by the Sarbanes-Oxley Act of 2002, to oversee the auditors of public companies in order to protect the interests of investors and further the public interest in the preparation of informative, fair, and independent audit reports.
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