"Imagine a government agency with the authority to create and enforce laws, prosecute and adjudicate violations, and impose criminal penalties. Then throw in the power to levy taxes to pay for all the above. And for good measure, make the agency independent of political oversight. As any middle-schooler could tell you, such an entity goes against every principle of American civics. Still, it's an accurate description of the Public Company Accounting Oversight Board (PCAOB, pronounced "peek-a-boo")." - Alex Scrivener