Weekly News Round Up: Wave of Litigation and Revamped PCAOB Audit Reports; Supreme Court and ESOPs; and SBA Expands Loan Access

Welcome to the Weekly News Round Up from the SC&H blog.  Each week, we showcase a series of news stories that span everything from government contracting to personal finance to state and local tax issues.

This week, we have compiled stories about how the PCAOB’s proposal to revamp audit reports may spark a “wave of litigation,” how the SBA is expanding loan access, as well as insights on innovation from Xerox’s CFO.

Revamped Audit Report Seen Launching ‘Wave of Litigation’

To avoid “a wave of litigation against issuers and auditors” that could result from the PCAOB’s proposal to revamp audit reports, the organization should provide legal protection for auditors, according to a lawyer who represents the insurance industry.

Supreme Court Considers ESOP Fiduciary Dilemma

The U.S. Supreme Court recently debated the special burden placed on fiduciaries by the inclusion of employee stock options within defined contribution plans.

SBA Expands Loan Access

The Small Business Administration is changing its programs to make it easier for small companies to access two government-guaranteed loan programs.

Tax Extenders Legislation Advances in Senate

The Senate Finance Committee voted to revive almost all of the 55 tax breaks that expired Dec. 31, and provided benefits for wind energy for U.S.-based multinational corporations and motor sports track owners.

Xerox CFO: An Atmosphere for Transformation

Kathryn Mikells, CFO of Xerox, discusses key transformation strategies with the Wall Street Journal.

Tradeoffs and Timing: IPO vs. M&A Decision-Making In Biotech

In the biotech arena, going public is not always the right choice for shareholders, according to this Forbes Magazine article.

Study Finds Many of Us Still Lack Basic Personal Finance Skills

When it comes to managing our personal finances, many Americans are falling short and lack basic money-management skills, according to a new study.