tailieunhanh - SUPREME COURT OF THE UNITED STATES

Respondent, the Public Company Accounting Oversight Board, was created as part of a series of accounting reforms in the Sarbanes-Oxley Act of 2002. The Board is composed of five members appointedby the Securities and Exchange Commission. It was modeled on pri-vate self-regulatory organizations in the securities industry—such as the New York Stock Exchange—that investigate and discipline theirown members subject to Commission oversight. Unlike these organi-zations, the Board is a Government-created entity with expansivepowers to govern an entire industry. Every accounting firm that au-dits public companies under the securities laws must register withthe Board, pay it an annual fee, and comply.

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