The U.S. Supreme Court issued its long-awaited decision on Free Enterprise Fund V. Public Co. Oversight Board. In its opinion, the Court found that the restriction on removal of Public Company Accounting Oversight Board (PCAOB) members under the Sarbanes-Oxley Act of 2002 violates separation of powers principles under the Constitution. The Court’s opinion does not call into question any action taken by the PCAOB since its inception. Therefore, all of the PCAOB’s auditing standards, as approved by the SEC, remain in force. This opinion is discussed further in this Flash Report.