Materials: The Legal and Regulatory Environment of Business, Ch. 15; The Commerce Clause and the Regulatory Process.
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:
If auditing of financial statements is required for the protection of public investors, should not all PCAOB members be taken from the investment community that uses audited financial statements? Why or why not?
How does the decision in this case impact the validity of the Board and other provisions of the Sarbanes-Oxley Act?