January 2010 Of Interest

CAQ Weighs In on PCAOB Supreme Court Case

On December 7th, the U.S. Supreme Court heard opening arguments in a case debating the constitutionality of the Public Company Oversight Board (PCAOB). In advance of the case, the CAQ submitted to the Supreme Court an amicus brief in support of the PCAOB. The CAQ’s friend-of-the-court brief does not address the constitutional questions raised in the case, but rather provides context to help the Court understand the PCAOB’s role in achieving the goals Congress embodied in the Sarbanes-Oxley Act, from the perspective of the profession the PCAOB regulates.

New GAO Report on R&D Tax Credit – Key Changes and Additional Clarity

The General Accountability Office (GAO) recently released a report of its findings regarding the Research & Development (R&D) Tax Credit.

LECG Corporation Announces Stockholder Approval of SMART Merger

LECG, a global expert services firm, announced in December that its stockholders have approved the merger with SMART Business Advisory & Consulting, LLC, a privately held provider of business advisory services, and the related proposal for LECG to receive a $25 million cash investment from SMART’s majority shareholder, Great Hill Partners, as described in the proxy statement for LECG’s annual meeting. The election of directors and all the other proposals in the proxy statement were also approved by the stockholders.

PCAOB Approves 2010 Budget and Related Strategic Plan

The Public Company Accounting Oversight Board approved its budget for the 2010 fiscal year and related strategic plan. The budget contemplates approximately $183.3 million in outlays for 2010, compared to $157.6 million for 2009. The 2010 budget is subject to approval by the SEC.