The big news last Friday: the Public Company Accounting Oversight Board doesn't look like it's in imminent danger of extinction. Remember that lawsuit charging that its creation was unconstitutional, filed back in early 2006? It was filed by a Las Vegas accounting firm with an axe to grind: they were being investgated by the PCAOB while being investigated themseleves.

For a while, it looked like it might actually lead to the demise of the PCAOB. A three-judge panel heard oral arguments in the case, and one of them was clearly sympathetic to the plaintiff.

Looks like it won't happen: not without an appeal, anyway. According to the Wall Street Journal, the plaintiffs plan to take it all the way to the Supreme Court, so it there's more ahead on this saga. SEC Chairman Cox weighed in favorably on the outcome in this press release.