Will the PCAOB be Out of a Job Next Week?
Alright, the odds of that happening are highly unlikely. Let's hope the SCOTUS is too busy to take care of this in the beginning of the week and the PCAOB gets its ass handed to it Thursday or Friday when I am back at work.
WebCPA's Debits & Credits:
The high court is expected to hand down its ruling in that case and several other high-profile cases this Thursday or next Monday, or possibly later next week. But there isn’t much time left as the Supreme Court traditionally ends its term in June, and the confirmation hearings for court nominee Elena Kagan are due to begin next Monday. Kagan argued the government’s case on behalf of the PCAOB as solicitor general, which would make it awkward for the court to rule against her arguments on the week of her confirmation hearings.
Even if the Supreme Court bows and allows the PCAOB to stand as is, it might work against us for that whole globalization thing we're trying to pull off:
Even France’s official stock market regulator, the Autorite des Marches Financiers, seems to be wary of the PCAOB, reiterating an earlier ruling this week that the board does not have the right to inspect auditing firms in France, according to Dow Jones Newswires. If the U.S. Supreme Court throws down the gauntlet at the PCAOB too, it would certainly not be a great week for the beleaguered board.
The bright side for the PCAOB, like I said, is that Jr Deputy Accountant will be out of town this week and therefore mostly away from the computer and not up their asses. Cheers, kids, now go find some little audit firms to screw with.