The issue of the Public Company Accounting Oversight Board's constitutionality has reared its head again. The issue seemed dead when a federal court ruled in the board's favor. But the Free Enterprise Fund challenged the decision, and an appeals court heard arguments last week on the matter. The issues are fairly arcane, but I guess it is possible that the court could rule against the board, which ultimately would throw the Sarbanes-Oxley and accounting universe into chaos. Would AS5 all of a sudden be meaningless?

For more:
- here's an item [1] from Jurist

Related Articles:
Is the PCAOB constitutional? [2]
Sarbox court challenge steps up [3]
Will AS5 really make compliance easier? [4]