For those interested in the Supreme Court's consideration of the fate of the Public Company Accounting Oversight Board (PCAOB), an important part of the the Sarbanes-Oxley Act, SCOTUSBlog's Lyle Dennison has put together an analysis of yesterday's oral arguments in Free Enterprise Fund v. PCAOB, 08-861. According to Dennison, the Court spent much of their time mulling the details before addressing the substance:
[T]he Court dwelled at great length on finite facts before Justice Samuel A. Alito, Jr., finally broke through to the basic point.
For much of the oral argument in Free Enterprise Fund v. Public Company Accounting Oversight Board (08-861), it sounded as if the Court would never get beyond the specifics of the way that Board does it work — and is (or is not) supervised — under the Sarbanes-Oxley Act creating that new agency to monitor the auditing of corporate finance.
Dennison does an excellent job of summarizing the oral arguments in the case, and capturing some of the flavor of the questioning, and tenor of the responses.
Dennison's blog post recapping the argument can be found at: http://www.scotusblog.com/wp/sarbanes-oxley-and-the-devilish-details/
The pleadings and related documents for Free Enterprise Fund v. Public Company Accounting Oversight Board are available at: http://www.scotuswiki.com/index.php?title=Free_Enterprise_Fund_and_Beckstead_and_Watts%2C_LLP_v._Public_Company_Accounting_Oversight_Board