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Tougher PCAOB Enforcement Agenda Ahead

Winter 2010
ABA Professional Liability Litigation Newsletter

As attention focuses on this week’s oral argument at the Supreme Court concerning the constitutionality of the Public Company Accounting Oversight Board (“PCAOB” or the “Board”), the PCAOB recently approved a five-year strategic plan and a 2010 budget (subject to approval by the SEC). Taken together, these actions reveal that the Board is planning for an expanded mandate that seems likely to result in more enforcement referrals and investigations, especially as relates to the Big Four accounting firms.