The big news around now is the Public Company Accounting Oversight Board announcement that its chairman Mark Olson is resigning "to establish new priorities". Whatever that may mean.

The interesting part about this announcement is that it comes a few weeks after the US Supreme Court decided to take up a case that questions the constitutionality of the board. The questions surrounding the PCAOB's constitutional validity is spelled out in the US Supreme Court document here. That case is significant because if the court rules that the PCAOB is not constitutional, it could result in a rethink of Sarbanes-Oxley.

Another explanation might be that Olson was appointed by former Securities and Exchange Commission chief Christopher Cox. He is gone and a new administration and agenda is in place. So his departure is timely.

The more interesting question is how the PCAOB will operate under its new leadership. And then there's the question about the future of Sarbanes-Oxley.