The Free Enterprise Fund's lawsuit targeting Sarbanes-Oxley via the Public Company Accounting Oversight Board has been getting more attention lately.Basically, the law suit claims the PCAOB is in breach of the US constitution because its members are named by the Securities and Exchange Commission and not the president.
But what chances does it have of getting up? And if it does, what does that mean for Sarbanes-Oxley?
I put those questions to Professor Ian Ramsay, the Harold Ford Professor of Commercial Law at The University of Melbourne, Australia. Prof Ramsay is Director of the Centre for Corporate Law and Securities Regulation and is on several Australian Government law committees. Widely published both here and overseas, he is a close observer of Sarbanes-Oxley.
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