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Supreme Court Ruling on the PCAOB: The Constitutionality of Sarbanes-Oxley and the Future of Independent Federal Regulatory Agencies


A four-year-long legal journey ended in June when the Supreme Court handed down its decision in Free Enterprise Fund v. PCAOB. The case, brought by an accounting firm and business advocacy group, challenged the constitutionality of the Sarbanes-Oxley Act. The Supreme Court issued a very narrow ruling, choosing not to address many issues that it might have, but the decision will affect the way the PCAOB functions. This article examines the arguments that were presented as the case progressed through the federal court system, explains the holdings of the Supreme Court, and identifies the potential ramifications of the decision.

Full Story



Essentials
Publisher's Column
Perspectives

A Conceptual Approach to the Individual NOL Deduction

Because of poor economic conditions over the past few years,
many taxpayers are facing the prospects of net operating losses (NOL), making it more important than ever for CPAs to understand the relevant provisions in the tax code and opportunities for tax planning. A conceptual approach to computing NOLs can illuminate alternatives to an approach oriented
on the IRC. Full Story

Law’s Anniversary Is Quiet
Reminder to Get It Right

July 26, 2010, marked the one-year
anniversary of the enactment of New York’s historical accountancy reform law. The law has ushered in a sea change in the profession in New York State by requiring all New York–licensed CPAs to register with the New York State Education Department (SED). According
to SED figures, there are approximately 7,000 more registered CPAs in New York State now than there were on April 1, 2009. Full Story

A CFO’s Map to Economic Recovery

The past few years have brought economic challenges that have been unlike anything in recent memory. This situation has left even the most financially savvy business owners at a loss, causing many to look to others for sound, dependable financial counsel. In many cases, businesses have looked to their CFO for solid advice. This almost universal need for more financial advice and guidance could result in greater stature for CFOs, because a job well done in a time of crisis is seldom forgotten. Full Story



The CPA Journal is broadly recognized as an outstanding, technical-refereed publication aimed at practitioners, educators, regulators, and other financial professionals. Our goal is to provide the Journal’s readers with insight and analysis on developments in the areas of accounting, auditing, taxation, finance, management, technology, and professional ethics.

©2010 The New York State Society of CPAs. Legal Notices