As noted in issue #52-1 of the BVWire, the Free Enterprise Fund and the Competitive Enterprise Institute have been involved in ongoing litigation with the Public Company Accounting Oversight Board (PCAOB).  The litigation is based on the grounds that the PCAOB is unconstitutional because it is unaccountable to government. On August 22nd, the PCAOB issued a press release (view here) stating that the Court of Appeals upheld the District Court’s decision in the PCAOB’s favor.  The Court held that the manner in which PCAOB Board members are appointed and overseen under the Sarbanes-Oxley Act is constitutional.