Who Watches Accounting's Watchdog?

No one, says a just-filed suit. If the campaign against the Public Company Accounting Oversight Board gains traction, expect a major reworking of Sarbanes-Oxley

Ever since Congress created the Public Company Accounting Oversight Board (PCAOB) in 2002, business executives and free-market groups have groused that the accounting-industry regulator wields too much unchecked power. Now, a free-market advocacy group and a small accounting firm are poised to take that complaint to court.

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