The Supreme Court ruled this morning to uphold the tenets of the PCAOB and Sarbanes-Oxley rule in the Sarbanes Oxley Act of 2002 (SOX), Free Enterprise Fund v. Public Company Accounting Oversight Board. However, the Free Enterprise Fund and others could stage a shareholder campaign to remove board members, the high court said.

Commenting on the case, Cindy Fornelli, executive director of The Center for Audit Quality said: "CAQ is pleased that the U.S. Supreme Court's decision will allow the continued operation of the PCAOB. This narrow decision clearly severs the PCAOB board member-removal process from the rest of SOX and reaffirms all provisions of the law except for the power to remove the board members."

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