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• W289072349 abstract "I. INTRODUCTION After a slew of highly publicized corporate accounting scandals during early 2000s at prominent companies - including Enron, WorldCom, Adelphia, and Tyco - public confidence in integrity of financial reporting by public companies was undoubtedly shaken.1 Several major financial reporting frauds demonstrated serious weaknesses with then self-regulated accounting profession, including failure of auditors to detect those companies that were cooking their books.2 collapse of several prominent companies not only affected top executives, who often were subjected to civil and criminal charges, but also produced harsh consequences several other constituencies who relied on integrity of accounting firms to detect these discrepancies in financial reporting.3 As one scholar phrased it: The growing number of accounting and corporate governance scandals had sounded an alarm, which was made all more deafening by staggering sums of money lost by shareholders, employees, and retirees of companies involved.4 Reacting swiftly to public concern, Congress passed landmark legislation in 2002. Congress designed Sarbanes-Oxley Act (SOX) to regulate conduct of public accounting firms and to revive investors' confidence in integrity of public companies' financial reporting and disclosures.5 After signing SOX into law, President George W. Bush declared that SOX included some of the most far-reaching reforms of American business practices since time of Franklin Delano Roosevelt.6 SOX represented a radical departure from previously selfregulated accounting profession. As a central part of SOX, Congress created Public Company Accounting Oversight Board (PCAOB) and provided it with extensive authority to ensure that SOX's lofty objectives were met.7 Among PCAOB's significant powers and responsibilities is authority to promulgate rules and regulations governing standards and issuance of audit reports, to conduct inspections and investigations of registered public accounting firms, and to impose monetary sanctions on registered firms noncompliance with its standards.8 Determined to facilitate public confidence in integrity of public company accounting oversight, Congress purposefully insulated its new regulatory entity from political influence.9 Central to PCAOB's independence are limitations on appointment and removal of its members. SOX vests power of appointment and removal of PCAOB members with commissioners of Securities and Exchange Commission (SEC) and limits commissioners' ability to remove PCAOB members except for good cause shown.10 commissioners, in turn, are removable by President only neglect of duty or malfeasance in office.11 Congress, therefore, created a novel double limitation on removal, where restriction on PCAOB's removal passes through two levels of control.12 constitutionality of this structure, in which President's power to remove an officer of executive branch is restricted by two for-cause limitations, has never been tested in any court prior to a recent challenge to SOX.13 PCAOB's substantial independence from political interference prompted Free Enterprise Fund, a non-profit public interest group that promotes economic growth and limited government, to challenge constitutionality of PCAOB.14 Free Enterprise Fund sets forth two main arguments why SOX's provisions governing appointment and removal of PCAOB are unconstitutional.15 First, it argues that SOX violates Appointments Clause because PCAOB members are who must be nominated by President, not SEC commissioners.16 It believes that members of PCAOB are principal officers because of their extensive power granted through SOX and lack of SEC oversight of their operations. …" @default.
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• W289072349 date "2009-11-01" @default.
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• W289072349 title "Auditing the PCAOB: A Test to the Accountability of the Uniquely Structured Regulator of Accountants" @default.
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