Read "Case 15.3 Free Enterprise Fund v. Public Company Accounting Oversight Board" in Ch. 15 of the text.
Write a paper of 700- to 1,050-words in which you answer the following:
The Sarbanes-Oxley Act Sec. 101 created the Public Company Accounting Oversight Board. The act only stated that the "Board shall be a body corporate, operate as a nonprofit corporation, and have succession until dissolved by an Act of Congress" (Reed, et al, 2013). However, the act did not state who should make up the members of the Board. If auditing of financial statements is required for the protection of public investors, should all members of the PCAOB be taken from the investment community that uses audited financial statements or is there another suggestion for selecting members of the Board? Why or why not? Explain.
How does the decision in this case impact the validity of the Board and other provisions of the Sarbanes-Oxley Act?
Cite at least 3 peer-reviewed sources.
Format your paper consistent with APA guidelines (refer to the Resources section below for tools for proper formatting).