The Public Company Accounting Oversight Board is not formally a government agency. As such, they don’t have to adhere to government pay schedules. This means that board members are paid more that $500,000 per year. Not a bad job if you can get it.
Archive for the ‘PCAOB’ tag
Supreme Court says PCAOB is Valid
The Supreme Court unanimously upheld the constitutionality of the Public Company Accounting Oversight Board which was established with the passing of the Sarbanes-Oxley Act of 2002. However, the court was concerned with the tenure of the board members and in a 5-to-4 split decision, it gave the Securities and Exchanged Commission the authority to fire any of the PCAOB board members without cause. Before the ruling, the SEC could only fire a board member when there was good cause.