PCAOB unconstitutional--sort of.

• Position: News&trends - Public Company Accounting Oversight Board - Brief article

In its long-awaited decision in Free Enterprise Fund v. PCAOB, the U.S. Supreme Court ruled that the Sarbancs-Oxley Act provision making PCAOB members removable by the SEC only for "good cause" was inconsistent with the Constitution's separation of powers requirement.

The court's decision rectifies the issue by eliminating the restrictions on the SEC's ability to remove PCAOB members. The SEC can now remove a PCAOB member "at will."

All other aspects of the SEC's...