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Today, Blake, David, and special guest, ChatGpt, examine the impact of private equity on accounting firms, looking at how PE ownership affects partner compensation and firm structures. They dig into some recent data showing record numbers of accounting errors in public companies, linking these issues to the broader talent shortage crisis. Next, they explore CalCPA's pushback against proposed licensing changes, the surprising economic costs of Daylight Savings Time, and much more!
Sponsors
LiveFlow - http://accountingpodcast.promo/liveflow
Suralink - http://accountingpodcast.promo/suralink
SmartVault - http://accountingpodcast.promo/smartvault
TaxBandits - http://accountingpodcast.promo/taxbandits
Chapters
(00:59) - Introducing ChatGPT as Co-Host(01:58) - Hot Topics in Accounting News(04:05) - Private Equity in Accounting Firms(07:35) - Debating the Impact of Private Equity(22:40) - DirectFile Controversy(28:02) - App News and Updates(34:23) - Enron's Return?(38:28) - Fraudsters and Presidential Pardons(42:00) - Accounting Errors on the Rise(44:52) - The Daylight Savings Debate(50:04) - AI Tools: The Good, The Bad, and The Ugly(58:26) - Final Thoughts and AnnouncementsShow Notes
Accounting errors force US companies to pull statements in record numbers
https://www.ft.com/content/716c4ad5-e8fa-4a34-afba-9fb2d1db019d
Republican lawmakers ask Trump to kill IRS Direct File
https://www.nextgov.com/digital-government/2024/12/republican-lawmakers-ask-trump-kill-irs-direct-file/401595/
IRIS to buy Dext in £500m deal
https://www.accountingweb.co.uk/tech/accounting-software/iris-to-buy-dext-in-ps500m-deal
How Private Funds Could Hurt Americans Under Trump
https://www.nytimes.com/2024/12/03/opinion/trump-presidency-billionaires.html
LegalZoom and 1-800Accountant Join Forces to Deliver Full-Service Tax and Bookkeeping Solutions for Small Business Owners
https://investors.legalzoom.com/news-releases/news-release-details/legalzoom-and-1-800accountant-join-forces-deliver-full-service
Zoho Releases New Payroll Solution in the U.S.
https://www.cpapracticeadvisor.com/2024/12/13/zoho-releases-new-payroll-solution-in-the-u-s/152935/
BILL Unveils 1099 Form Filing Solution for SMBs
https://investor.bill.com/news/news-details/2024/BILL-Unveils-1099-Form-Filing-Solution-for-SMBs/default.aspx
Is Enron back? Here’s what we know …
https://www.houstonchronicle.com/news/houston-texas/trending/article/is-enron-back-houston-19953844.php
CalCPA Submits Comments on Exposure Draft on CPA Licensure
https://www.calcpa.org/whats-happening/articles/calcpa-submits-comments-on-exposure-draft-on-cpa
CEOs Want Trump to Change Course on Tariffs. He Isn’t Budging.
https://www.wsj.com/economy/trade/trump-tariff-plan-business-lobbying-8f02ccea
Donald Trump vows to end daylight saving time
https://www.youtube.com/watch?v=EDR1IURzO1Q
More Than a Lost Hour of Sleep: The True Cost of Daylight Saving Time
https://www.chmura.com/blog/dst#:~:text=our%20methodology%20below.-,Results,was%20approximately%20%24672.02%20million%20annually
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Thanks for listening and the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and Instagram. If you like what you hear, please do us a favor and write a review on Apple Podcasts or Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.
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Blake and David take a look at several significant developments in the accounting world, including Trump's controversial IRS Commissioner nomination of former Congressman Billy Long. They also dig into updates on the Macy's accounting scandal and explore Square's potential move into accounting software with their new head of Product Accounting Solutions hire. They also share insights from the AICPA's 2024 CAS benchmark survey showing significant growth in client accounting services practices and much more!
Sponsors
RoboDebit - http://accountingpodcast.promo/robodebit
Relay - http://accountingpodcast.promo/relay
Cloud Accountant Staffing - http://accountingpodcast.promo/cas
TaxBandits - http://accountingpodcast.promo/taxbandits
Chapters
(00:28) - Welcome to The Accounting Podcast(00:40) - Digital CPA Conference Highlights(01:17) - CAS Practices on the Rise(02:22) - IRS Commissioner Nominee: Billy Long(03:42) - Employee Retention Tax Credit Controversy(14:45) - Macy's Financial Misstatements(28:30) - Intuit Assist: A Closer Look(29:48) - The Evolution of Bill Scanning with AI(31:25) - AI's Impact on Accounting Tools(33:06) - AI and Tax Returns: The Future of Automation(34:54) - Relay: The Ultimate Small Business Bank(36:19) - Supermicro's Accounting Scandal(40:48) - Square's Move into Accounting Solutions(57:21) - The Rise of Client Advisory Services(01:00:55) - Closing Remarks and Future InsightsShow Notes
He Promised Huge Tax Refunds. Now Trump Wants Him to Lead the I.R.S.
https://www.nytimes.com/2024/12/06/us/politics/billy-long-trump-irs-tax-credit.html
Brainsky Unleashed (Instagram) – Billy Long – December 6, 2024
https://www.instagram.com/brainskyunleashed/reel/DDQS_GjRn4P/
Macy’s employee who hid $151 million in delivery expenses was trying to mask initial mistake, sources say
https://www.cnbc.com/2024/12/11/macys-m-earnings-q3-2024.html
Macy’s Probe Found Employee Acted Alone in $151 Million Accounting Scandal
https://www.wsj.com/business/retail/macys-m-q3-earnings-report-2024-c7363662
LinkedIn – Andy Schwartz – Profit Labs Update – December 6, 2024
https://www.linkedin.com/posts/andy-schwartz-233b359_profit-labs-update-i-am-excited-to-share-activity-7269157016051298305-rYAW/
Amazon integrates QuickBooks for sellers
https://www.accountingtoday.com/news/amazon-integrates-intuit-quickbooks
AICPA and CPA.com Benchmark Survey: CAS Practices Report 17% Growth
https://insidepublicaccounting.com/2024/12/09/aicpa-and-cpa-com-benchmark-survey-cas-practices-report-17-growth/
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Thanks for listening and the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and Instagram. If you like what you hear, please do us a favor and write a review on Apple Podcasts or Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.
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Are you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.
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Check out our new website - accountingconferences.com
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Transcripts
The full transcript for this episode is available by clicking on the Transcript tab at the top of this page
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Congratulations to Blake for making Accounting Today's Top 100 Most Influential People list! Today, Blake and David dig into several significant developments in accounting, including a federal court's decision to block BOI reporting nationwide. They also examine which of the 57% of accounting firms plan to raise fees in 2025 and take a look at the AICPA's Experience Learn and Earn (ELE) program. There's also talk about new PCAOB reporting requirements for audit firms and the recent acquisition of Dext by Iris Software Group.
Sponsors
OnPay - http://accountingpodcast.promo/onpay
Zoho - http://accountingpodcast.promo/zoho
SmartVault - http://accountingpodcast.promo/smartvault
Chapters
(00:31) - Celebrating Achievements and Social Media Impact(03:16) - Key News Stories: Price Increases and Regulatory Changes(04:17) - BOI Reporting Requirement Blocked(14:21) - Raising Prices in Accounting Firms(17:39) - Experience, Learn, and Earn Program(22:26) - AICPA and Overtime Pay Ruling(30:12) - PCAOB's New Reporting Requirements(34:48) - Debating the Future of Auditing(35:50) - Impact of AI on Auditing(37:21) - Evaluating PCAOB's Effectiveness(38:32) - PCAOB Sanctions and Penalties(45:00) - Macy's Financial Controversy(48:31) - EY's AI Interview Bot(53:29) - AI's Impact on Productivity(58:14) - Dext Acquisition by Iris(01:01:58) - Closing Remarks and Future TopicsShow Notes
Accounting Today - The 2024 Top 100 Most Influential People https://arizent.brightspotcdn.com/c3/0f/2649ee17493eab95634bbc91f5f7/top-100-most-influential-people-updated.pdf
Federal Court Enjoins Enforcement of the CTA Nationwide; Reporting Companies “Need Not Comply” with January 1 Deadline
https://natlawreview.com/article/texas-federal-court-blocks-corporate-transparency-act-halts-nationwide-enforcement
Survey Says 57% of Firms Are Raising Prices Next Year
https://cpatrendlines.com/2024/11/14/survey-says-57-of-firms-are-raising-prices-next-year/
Experience, Learn, and Earn
https://experiencelearnearn.org/Expanded Access Now Available for AICPA-NASBA ELE Program
https://nasba.org/blog/2024/11/15/expanded-access-aicpa-nasba-ele-program/
Texas Judge Tosses Biden Overtime Expansion for Millions
https://news.bloomberglaw.com/daily-labor-report/overtime-expansion-for-4-million-workers-tossed-by-texas-judge
Follow up to the "AICPA is illegally hiding salary info on job postings". After several emails, I convinced them to comply with the law
https://www.reddit.com/r/Accounting/comments/1g0ib4z/follow_up_to_the_aicpa_is_illegally_hiding_salary/
PCAOB Adopts Auditor Performance Metrics, Increased Firm Reporting Rules https://tax.thomsonreuters.com/news/pcaob-adopts-auditor-performance-metrics-increased-firm-reporting-rules
Critics see chance to close down US audit regulator under Trump
https://www.ft.com/content/e9a7247f-84fd-4df7-8163-6518954470e9
Macy’s says employee hid up to $154 million in expenses, delaying Q3 earnings
https://apnews.com/article/macys-accounting-quarter-b1cb0927d9b6a58ee4396838df7973c9
KPMG Survey: AI Adoption Across US Finance Functions Reaches Highest Levels, with ROI Exceeding Expectations
https://kpmg.com/us/en/media/news/ai-adoption-across-us-finance-functions-reaches-highest-levels.html
IRIS Software Group Announces Intent to Acquire Dext Software Ltd.
https://dext.com/us/iris-announces-intent-to-acquire-dext
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Thanks for listening and the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and Instagram. If you like what you hear, please do us a favor and write a review on Apple Podcasts or Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.
Sponsorships
Are you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.
Need Accounting Conference Info?
Check out our new website - accountingconferences.com
Limited edition shirts, stickers, and other necessities
TeePublic Store: http://cloudacctpod.link/merch
Subscribe
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Blake and David examine the mysteries and motives surrounding the recent Macy's accounting scandal, where a single employee allegedly concealed $132-154 million through improper accrual entries. They also examine Trump's proposed 25% tariff plan on imports from Mexico and Canada (plus an additional 10% on China), discussing its potential impact on American businesses and consumers.
Sponsors
Zoho - http://accountingpodcast.promo/zoho
Suralink - http://accountingpodcast.promo/suralink
Cloud Accountant Staffing - http://accountingpodcast.promo/cas
Chapters
(00:46) - Macy's Accounting Error: Breaking News(01:40) - Understanding the Impact of Macy's Error(02:46) - The Mystery Behind Macy's Accounting Error(02:53) - Join the Live Discussion(03:42) - Upcoming Topics and Teasers(05:15) - Thanking Our Sponsors(06:42) - Diving Deeper into Macy's Accounting Mystery(19:29) - Exploring the Fraud Triangle(27:54) - Auditors and Materiality Standards(32:04) - Auditors' Role in Detecting Fraud(33:25) - Impact of Fraud on Macy's Stock(33:47) - Challenges in Auditing Practices(34:08) - Internal Controls and Their Limitations(38:53) - Expense Fraud: A Growing Concern(44:01) - AI in Auditing: The Future of Fraud Detection(52:28) - Trump Tariffs and Their Economic Impact(01:03:13) - Thanksgiving Reflections and Closing RemarksShow Notes
Macy’s says employee hid up to $154 million in expenses, delaying Q3 earnings
https://apnews.com/article/macys-accounting-quarter-b1cb0927d9b6a58ee4396838df7973c9
Macy’s says accountant hid as much as $154M in expenses
https://www.cfodive.com/news/macys-says-accountant-hid-as-much-as-154m-in-expenses-retail-retailing-consumers/733960/
UPS to Pay $45 Million SEC Penalty Over Improper Valuation
https://finance.yahoo.com/news/ups-hit-45-million-penalty-144424675.html
Strippers, Christmas gifts and an RV: Workers push it with company cards
https://abcdpf.livemint.com/industry/strippers-christmas-gifts-and-an-rv-workers-push-it-with-company-cards-11732157906943.html
Ex-Jaguars employee who stole $22 million from team files lawsuit against FanDuel
https://www.nytimes.com/athletic/5809925/2024/10/01/jaguars-lawsuit-fanduel-amit-patel/
Trump's Truth Social tariffs pledge is a teachable moment for America
https://www.msnbc.com/opinion/msnbc-opinion/trump-truth-social-tariffs-deportation-thanksgiving-rcna182079
What does Trump’s latest tariff plan mean for the U.S.?
https://www.pbs.org/newshour/politics/what-does-trumps-latest-tariff-plan-mean-for-the-u-s
Walmart CFO Says They Don't Want To Raise Prices, But 'Prices Will Go Up For Consumers' Due To Upcoming Tariffs
https://finance.yahoo.com/news/walmart-cfo-says-dont-want-161640110.html
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Thanks for listening and the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and Instagram. If you like what you hear, please do us a favor and write a review on Apple Podcasts or Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.
Sponsorships
Are you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.
Need Accounting Conference Info?
Check out our new website - accountingconferences.com
Limited edition shirts, stickers, and other necessities
TeePublic Store: http://cloudacctpod.link/merch
Subscribe
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Transcripts
The full transcript for this episode is available by clicking on the Transcript tab at the top of this page
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Blake and David discuss Trump's proposed Department of Government Efficiency (DOGE) and its potential impact on tax filing and federal remote work policies. They analyze the Pentagon's seventh consecutive failed audit and examine Intuit's ambitious plans to expand its enterprise offerings. The duo also explores a groundbreaking study showing ChatGPT-4 outperforming human doctors in medical diagnoses, highlighting AI's growing capabilities in professional decision-making.
Sponsors
Relay - http://accountingpodcast.promo/relay
Suralink - http://accountingpodcast.promo/suralink
SmartVault - http://accountingpodcast.promo/smartvault
Artiffex - http://accountingpodcast.promo/artiffex
Chapters
(00:00) - Welcome to the Accounting Podcast (01:52) - DOGE's Impact on H&R Block and TurboTax Stocks(02:57) - IRS Free File Program(04:49) - Intuit's Response to DOGE Initiative(10:43) - Remote Work for Federal Employees(16:25) - Pentagon's Audit Failures(22:36) - AI Outperforms Doctors in Diagnosing Illnesses(32:12) - Boosting Productivity with ChatGPT(36:09) - Salesforce's AI Irony(38:15) - Anthropic's AI in Action(45:34) - Intuit's AI Strategy and TurboTax(48:36) - Intuit Enterprise Suite and Market Expansion(55:27) - Closing Remarks and Future TopicsShow Notes
Coming soon!
Need CPE?
Get CPE for listening to podcasts with Earmark: https://earmarkcpe.com
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Thanks for listening and the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and Instagram. If you like what you hear, please do us a favor and write a review on Apple Podcasts or Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.
Sponsorships
Are you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.
Need Accounting Conference Info?
Check out our new website - accountingconferences.com
Limited edition shirts, stickers, and other necessities
TeePublic Store: http://cloudacctpod.link/merch
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Transcripts
The full transcript for this episode is available by clicking on the Transcript tab at the top of this page
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Blake and David dive into the economic implications of Trump's election victory, including proposed tariffs that could significantly impact businesses and inflation. They explore potential tax changes under a new Trump administration, from corporate rate reductions to the elimination of the SALT cap. They also examines an alarming $47 million IRS fraud scheme targeting tax practitioners and debate the future of Bitcoin as speculation grows about a potential national Bitcoin reserve.
Sponsors
OnPay - http://accountingpodcast.promo/onpay
Suralink - http://accountingpodcast.promo/suralink
Cloud Accountant Staffing - http://accountingpodcast.promo/cas
Artiffex - http://accountingpodcast.promo/artiffex
Chapters
(00:00) - Welcome to The Accounting Podcast (03:05) - Avalara Crush Conference Insights(07:48) - AI and the Future of Tax Compliance(13:21) - Trump's Economic Impact(17:26) - Tariffs and Global Trade(25:40) - Tax Proposals and Implications(36:53) - Bitcoin's Meteoric Rise and Market Speculations(47:43) - AI Adoption in the Workforce(49:53) - IRS PPS Fraud: A Deep Dive(01:00:49) - PCAOB Drama and Audit Deficiencies(01:06:49) - BOI Reporting and AICPA's Response(01:10:33) - Closing Remarks and CPE InformationShow Notes
How Trump Won the Economy-is-Everything Election
https://www.livemint.com/politics/news/how-trump-won-the-economy-is-everything-election-11730973573508.html
How Will Trump’s Universal and China Tariffs Impact the Economy?
https://taxfoundation.org/blog/trump-tariffs-impact-economy/
Which Workers Are Embracing AI?
https://www.chicagobooth.edu/review/which-workers-are-embracing-ai
Actions Were Not Taken to Timely Strengthen Practitioner Priority Service Telephone Line Authentication Controls
https://www.tigta.gov/sites/default/files/reports/2024-10/2025ier001fr.pdf
Fraudsters get $47 million from practitioner priority service line scheme
https://www.journalofaccountancy.com/news/2024/nov/fraudsters-get-47-million-from-practitioner-priority-service-line-scheme
Freddie Freeman on World Series MVP, Ohtani Media Mayhem and His Surprising Backup Career | Ep 109
https://www.youtube.com/watch?v=ZimDH_hW7LU
PCAOB board member complains of persecution by senators
https://www.accountingtoday.com/news/pcaob-board-member-complains-of-persecution-by-senators
AICPA to Congress: Delay needed in BOI reporting deadline
https://www.thetaxadviser.com/news/2024/nov/aicpa-to-congress-delay-needed-in-boi-reporting-deadline
New Development Re: BOI Reporting – 44 Congressmen Seek to Delay FinCEN Beneficial Ownership Reporting
https://gpwcpas.com/new-development-re-boi-reporting-44-congressmen-seek-to-delay-fincen-beneficial-ownership-reporting/
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Get CPE for listening to podcasts with Earmark: https://earmarkcpe.com
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Thanks for listening and the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and Instagram. If you like what you hear, please do us a favor and write a review on Apple Podcasts or Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.
Sponsorships
Are you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.
Need Accounting Conference Info?
Check out our new website - accountingconferences.com
Limited edition shirts, stickers, and other necessities
TeePublic Store: http://cloudacctpod.link/merch
Subscribe
Apple Podcasts: http://cloudacctpod.link/ApplePodcastsYouTube: https://www.youtube.com/@TheAccountingPodcastSpotify: http://cloudacctpod.link/SpotifyPodchaser: http://cloudacctpod.link/podchaserStitcher: http://cloudacctpod.link/StitcherOvercast: http://cloudacctpod.link/OvercastClassifieds
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Client Hub - https://clienthub.app/Want to get the word out about your newsletter, webinar, party, Facebook group, podcast, e-book, job posting, or that fancy Excel macro you just created? Let the listeners of The Accounting Podcast know by running a classified ad. Go here to create your classified ad: https://cloudacctpod.link/RunClassifiedAd
Transcripts
The full transcript for this episode is available by clicking on the Transcript tab at the top of this page
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Blake and David examine Sasan Goodarzi's apology and lukewarm reception regarding the recent controversial TurboTax ad campaign. They also take a look at Intuit's new Enterprise Suite product, which aims to compete with NetSuite and Sage Intacct by offering multi-entity accounting capabilities at a lower price point. Moving on, there's talk of Anthropic's new Claude computing capability, EY's resignation as Super Micro Computer's auditor, and Google's declining search market share in the face of AI competition.
Sponsors
LiveFlow - http://accountingpodcast.promo/liveflow
Relay - http://accountingpodcast.promo/relay
Cloud Accountant Staffing - http://accountingpodcast.promo/cas
Chapters
(00:41) - Intuit Connect Recap(01:37) - Intuit CEO's Apology(09:32) - Intuit's Market Strategy(15:45) - Intuit Enterprise Suite Demo(30:00) - QuickBooks New Features(36:32) - Upcoming AI Webinar Announcement(37:06) - Feedback on AI Presentation(37:47) - The Future of Tax Preparation with AI(39:34) - AI in Action: Cloud Computer Use Demo(49:46) - Fraud in Political Campaigns(52:53) - Opportunities in Small Town Tax and Bookkeeping(57:08) - EY Resigns as Super Micro Auditor(01:07:39) - Conclusion and Upcoming Events(01:07:56) - Google's Ad Revenue Threatened by AIShow Notes
EY resigns as Super Micro auditor, causes stock to fall 33%https://www.cnbc.com/2024/10/30/super-micro-auditor-resigns-after-raising-concerns-months-earlier.html
Intuit Connect 2024: Sasan Goodarzi on AI & the Future of Accounting
https://www.youtube.com/watch?v=1xzKztkuhRY
Introducing computer use, a new Claude 3.5 Sonnet, and Claude 3.5 Haiku
https://www.anthropic.com/news/3-5-models-and-computer-use
'All hell has broken loose': Inside Elon Musk's high-stakes pro-Trump door-knocking effort
https://www.nbcnews.com/politics/2024-election/elon-musks-high-stakes-trump-door-knocking-effort-america-pac-rcna176255
BDO must face AmTrust investors' fraud case after US appeals court backtracks
https://www.reuters.com/legal/government/column-bdo-must-face-amtrust-investors-fraud-case-after-us-appeals-court-2024-11-04/
Google’s Grip on Search Slips as TikTok and AI Startup Mount Challenge
https://www.wsj.com/tech/online-ad-market-google-tiktok-9599d7e8
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Transcripts
The full transcript for this episode is available by clicking on the Transcript tab at the top of this page
-
In this episode, Amber Setter returns to discuss the AICPA and NASBA's newly proposed competency-based pathway to CPA licensure, offering a 150-hour-rule alternative. They argue that the complexity of the plan might create more bureaucratic barriers rather than simplifying the process. There's also talk on the challenges facing the profession, including stagnant salaries and declining CPA numbers. Rounding out the show, they examine a recent story about EY firing employees for attending multiple online CPE courses at once.
Sponsors
LiveFlow - http://accountingpodcast.promo/liveflow
Zoho - http://accountingpodcast.promo/zoho
Cloud Accountant Staffing - http://accountingpodcast.promo/cas
Tabs - http://accountingpodcast.promo/tabs
Chapters
(02:30) - Blake's Session on Automation Toolkit(05:11) - Sponsor Acknowledgements(05:34) - Discussion on AICPA and NASBA Competency Pathway(06:35) - Amber Setter's Insights on the Proposed Pathway(10:47) - Concerns and Practical Challenges(16:21) - Potential Impact on CPA Candidates(30:29) - Live Stream Viewer Comments and Questions(36:02) - Debating CPA Education Requirements(36:29) - Personal Journey to Becoming a CPA(37:18) - State Differences in CPA Experience Requirements(39:34) - NASBA's Influence on State Boards(41:47) - Challenges in CPA Firm Hiring Practices(42:38) - Value of Prior Work Experience(42:55) - Different CPA Licenses Across States(45:06) - Master's Degree in Accounting: Is It Worth It?(47:41) - Experience vs. Education in CPA Training(52:35) - The Appeal of Starting Your Own Firm(01:00:15) - EY's Controversial CPE Policy(01:03:09) - Innovative CPE Solutions with Earmark(01:03:55) - Future of CPE and Mental Health Initiatives(01:09:42) - Conclusion and Final ThoughtsShow Notes
Exposure draft: Proposed “CPA Competency-Based Experience Pathway”
https://www.aicpa-cima.com/certifications/download/exposure-draft-proposed-cpa-competency-based-experience-pathway
Educational Requirements for CPA Licensure
https://www.dca.ca.gov/cba/applicants/ed-requirements.shtml
EY Got Rid of Staff Who Took Multiple CPE Courses at the Same Time
https://www.cpapracticeadvisor.com/2024/10/23/ey-got-rid-of-staff-who-took-multiple-web-training-course-at-once/112128/
Need CPE?Get CPE for listening to podcasts with Earmark: https://earmarkcpe.com
Subscribe to the Earmark Podcast: https://podcast.earmarkcpe.comGet in Touch
Thanks for listening and the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and Instagram. If you like what you hear, please do us a favor and write a review on Apple Podcasts or Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.
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Are you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.
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Transcripts
The full transcript for this episode is available by clicking on the Transcript tab at the top of this page
-
Blake and David examine why Trump may win in 2024, discussing immigration's economic impact on working-class wages and how this could affect voting patterns, particularly in border states like Arizona. They also look at the AICPA's selection of Mark Koziel as its new president, questioning whether the organization truly advocates for average CPAs. Moving on, they discuss Intuit's controversial TurboTax marketing campaign and consider why Berkshire Hathaway is reducing its BOA stake due to concerns about unrealized losses in the bank's bond portfolio.
Sponsors
LiveFlow - http://accountingpodcast.promo/liveflow
Zoho - http://accountingpodcast.promo/zoho
Practice Protect - http://accountingpodcast.promo/protect
Chapters
(00:33) - Introduction and Grand Canyon Adventure(02:29) - Padgett Business Model and Amanda's Role(04:19) - Sponsors and Election Involvement(06:00) - Why Trump Will Win: Analyzing the Numbers(06:29) - AICPA Leadership and Industry News(10:29) - Earmark's Growth and Future Plans(24:11) - Immigration Debate and Economic Impact(43:30) - Economic Factors in Trump's Election Loss(44:21) - Ad Break: Zoho Practice Management(46:07) - Impact of Abortion and Immigration on Elections(47:42) - Offshoring and Wage Suppression in Accounting(49:49) - AICPA's Role in Offshoring and Technology(54:05) - Introducing Mark Koziel: New AICPA President(57:48) - Ad Break: Practice Protect Cybersecurity(01:00:04) - Debate on Abortion and Political Affiliations(01:04:50) - Banking Crisis and Economic Policies(01:07:02) - Intuit's Controversial Ad Campaign(01:15:19) - Warren Buffett's Stance on Bank of America(01:25:00) - Conclusion and Upcoming EventsShow Notes
Do immigrants really take jobs and lower wages?
https://www.npr.org/2024/06/28/1197959366/immigration-economics-mariel-boatlift
Escalating Cyber Threats Demand Stronger Global Defense and Cooperation
https://blogs.microsoft.com/on-the-issues/2024/10/15/escalating-cyber-threats-demand-stronger-global-defense-and-cooperation/
American productivity still leads the world
https://www.economist.com/special-report/2024/10/14/american-productivity-still-leads-the-world
Public sector talent shortage: Unique challenges require unique solutions
https://www.journalofaccountancy.com/news/2024/oct/public-sector-accounting-challenges.html
Intuit asked us to delete part of this Decoder episode
https://www.theverge.com/2024/10/21/24273820/intuit-ceo-sasan-goodarzi-turbotax-irs-quickbooks-ai-software-decoder-interview
Buffett's Berkshire Trims BofA Stake Closer to 10%
https://www.wsj.com/livecoverage/stock-market-today-dow-sp500-nasdaq-live-10-08-2024/card/buffett-s-berkshire-trims-bofa-stake-closer-to-10--EQHbm5iLN4LTvbgNW29W
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Thanks for listening and the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and Instagram. If you like what you hear, please do us a favor and write a review on Apple Podcasts or Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.
Sponsorships
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Transcripts
The full transcript for this episode is available by clicking on the Transcript tab at the top of this page
-
Blake and David touch on several hot topics in the accounting world, including the fallout from Intuit's controversial TurboTax ad, and the National Association of Tax Preparers cutting ties with the company. They also examine Trump Jr.'s threats against Deloitte, KPMG's support for alternative pathways to CPA licensure, and rapper Fat Joe's recent experiences with BDO.
Sponsors
LiveFlow - http://accountingpodcast.promo/liveflow
Ignition - http://accountingpodcast.promo/ignition
Mercury - http://accountingpodcast.promo/mercury
Chapters
(01:16) - Controversial Intuit Ad Campaign(03:29) - Blake's Grand Canyon Adventure(04:49) - Intuit's Industry Fallout(09:58) - Tax Preparation Fee Calculator(14:34) - NATP's AI Transition(22:01) - Trump Jr. vs. Deloitte(24:17) - Trump's Tax Policy for Expats(28:08) - Popular Tax Proposals(34:42) - App News: Numeric's Big Funding Round(35:46) - Understanding Flux Analysis(37:11) - AI in Accounting: Real-World Applications(40:38) - Tax Season Tips and Client Management(43:27) - CPA Licensure and Industry Challenges(53:33) - Auditor Misconduct and SEC Rulings(57:54) - Celebrity Financial Scandals: Fat Joe's Case(01:13:59) - Closing Remarks and Upcoming AdventuresShow Notes
TurboTax ‘Breakup’ Ad Draws Ire From Tax Pro Org
https://tax.thomsonreuters.com/news/turbotax-breakup-ad-draws-ire-from-tax-pro-org/
Deloitte takes fire from Trump-Vance allies over leaked employee messages
https://thehill.com/business/4919910-deloitte-employee-trump-criticism/
Trump supports ending double taxation on Americans living abroad: ‘Let’s put America First’
https://nypost.com/2024/10/14/business/former-president-donald-trump-supports-ending-double-taxation-on-americans-living-abroad/
KPMG Supports Alternative CPA Paths to Address Accountant Shortage
https://tax.thomsonreuters.com/news/kpmg-supports-alternative-cpa-paths-to-address-accountant-shortage
SEC Drops Auditor Misconduct Cases After In-House Judges Ruling
https://news.bloombergtax.com/financial-accounting/sec-drops-auditor-misconduct-cases-after-in-house-judges-ruling
Fat Joe Suing Accountants Over Fraud Activity
https://www.bet.com/article/dh3bcc/fat-joe-suing-accountants-over-fraud-activity
Numeric grabs $28M Series A to automate accounting using AI
https://techcrunch.com/2024/10/10/numeric-grabs-28m-series-a-for-automating-accounting-with-ai/
Ex-Tingo Auditor Aided, Concealed ‘Massive Fraud,’ SEC Claims
https://news.bloombergtax.com/financial-accounting/ex-tingo-auditor-aided-concealed-massive-fraud-sec-claims
Fat Joe On Getting Robbed By Accountants, Using The N-Word, BET Hip Hop Awards + More
https://www.youtube.com/watch?v=xL3RV6SHY4ENeed CPE?
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Subscribe to the Earmark Podcast: https://podcast.earmarkcpe.comGet in Touch
Thanks for listening and the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and Instagram. If you like what you hear, please do us a favor and write a review on Apple Podcasts or Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.
Sponsorships
Are you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.
Need Accounting Conference Info?
Check out our new website - accountingconferences.com
Limited edition shirts, stickers, and other necessities
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Transcripts
The full transcript for this episode is available by clicking on the Transcript tab at the top of this page
-
Blake and David look into OpenAI's complex entity structure and potential conversion from nonprofit to for-profit, highlighting the significant financial implications. They also discuss the challenges facing FreshBooks amid recent layoffs and shifting market dynamics and then explore the journey of Vuori's CEO Joe Kudla, emphasizing how his accounting background contributed to the company's success. Wrapping things up, we’ve got listener questions about the value of CPA licenses and growing advisory services in accounting firms.
Sponsors
Relay - http://accountingpodcast.promo/relay
Ignition - http://accountingpodcast.promo/ignition
Mercury - http://accountingpodcast.promo/mercury
Chapters
(02:15) - OpenAI's Nonprofit to For-Profit Dilemma(05:44) - Understanding OpenAI's Complex Structure(13:28) - The Financial Implications of OpenAI's Transition(27:34) - Vuori's CEO: From Accounting to Fashion(34:44) - The Power of Pricing: Vuori's Success Story(35:09) - The Importance of Accounting in Entrepreneurship(36:48) - FreshBooks' Struggles and Market Position(39:42) - The Future of FreshBooks and Industry Trends(46:02) - Listener Mail: CPA Value and Audit Challenges(53:34) - Exploring Advisory Services and Technology Solutions(59:22) - Closing Thoughts and Community EngagementShow Notes
OpenAI closes $6.6 billion funding haul with investment from Microsoft and Nvidia
https://www.reuters.com/technology/artificial-intelligence/openai-closes-66-billion-funding-haul-valuation-157-billion-with-investment-2024-10-02/
How Vuori’s Joe Kudla went from accountant to fashion industry success
https://www.goldmansachs.com/insights/goldman-sachs-talks/joe-kudla
FreshBooks lays off 140
https://www.accountingtoday.com/news/freshbooks-lays-off-140-staff-cites-challenging-18-months
SEC Charges Olayinka Oyebola and His Accounting Firm With Aiding and Abetting Massive Fraud
https://www.sec.gov/newsroom/press-releases/2024-157
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Subscribe to the Earmark Podcast: https://podcast.earmarkcpe.comGet in Touch
Thanks for listening and the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and Instagram. If you like what you hear, please do us a favor and write a review on Apple Podcasts or Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.
Sponsorships
Are you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.
Need Accounting Conference Info?
Check out our new website - accountingconferences.com
Limited edition shirts, stickers, and other necessities
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Transcripts
The full transcript for this episode is available by clicking on the Transcript tab at the top of this page
-
Blake and David discuss a controversial TurboTax ad campaign encouraging people to "break up" with their tax professionals, analyze survey data on AI adoption in accounting firms, and critically examine proposed changes to CPA licensure requirements. They also explore NASBA's influence on the profession end debate the merits of automatic mobility for CPAs across states.
Sponsors
OnPay - http://accountingpodcast.promo/onpay
Ignition - http://accountingpodcast.promo/ignition
WorkflowCon - http://accountingpodcast.promo/workflowcon
interVal - http://accountingpodcast.promo/interval
Chapters
(01:32) - Intuit's Controversial NFL Commercial(03:52) - TurboTax's Pricing Strategy(06:32) - Intuit's Market Strategy and Tax Pro Reactions(12:55) - IRS Audit Rates and Challenges(20:25) - EY India Tragedy and Work Culture(27:18) - AI in Accounting: Adoption and Applications(34:02) - Introduction to Perplexity(37:09) - Empowering Your Team with AI(39:11) - Challenges in CPA Firms(42:30) - WorkflowCon 2024 Announcement(44:15) - Changes to CPA Licensure(49:06) - Critique of NASBA and AICPA(57:02) - The Future of CPA Mobility(01:10:44) - Conclusion and Call to ActionShow Notes
TurboTax 2024 Beat Your Price Commercial "Tax Break-Up" (Official TV Ad :30)
https://www.youtube.com/watch?v=GW7rfwO6_is
Intuit Hosts Investor Day, Reaffirms First-Quarter and Fiscal 2025 Guidance
https://investors.intuit.com/news-events/press-releases/detail/1215/intuit-hosts-investor-day-reaffirms-first-quarter-and-fiscal-2025-guidance
The State of AI in Accounting Report 2024
https://karbonhq.com/resources/state-of-ai-accounting-report-2024/
AICPA, NASBA propose a new pathway to CPA licensure
https://www.journalofaccountancy.com/news/2024/sep/cpa-competency-based-licensure-pathway.html
AICPA and NASBA Propose Changes to the Uniform Accountancy Act
https://www.masscpas.org/news/f339a29a-f278-4bc3-bf30-b1e10d198ca2:aicpa-and-nasba-propose-changes-to-the-uniform-accountancy-act
The Hazards of Redefining Mobility
https://nasba.org/blog/2024/09/19/the-hazards-of-redefining-mobility/
How Accounting Firms Can Overcome the Profit Plateau
https://www.accountingtoday.com/opinion/how-accounting-firms-can-overcome-the-profit-plateau
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Thanks for listening and the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and Instagram. If you like what you hear, please do us a favor and write a review on Apple Podcasts or Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.
Sponsorships
Are you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.
Need Accounting Conference Info?
Check out our new website - accountingconferences.com
Limited edition shirts, stickers, and other necessities
TeePublic Store: http://cloudacctpod.link/merch
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Transcripts
The full transcript for this episode is available by clicking on the Transcript tab at the top of this page
-
Blake and David meet with Natalie Lennon, the Australian accountant known as the "Queen of TikTok" in accounting circles. Natalie shares her experiences at Xerocon Nashville, discusses the differences between Australian and American accounting practices, and explains how she leveraged TikTok to grow her accounting business. She also outlines implementing a four-day workweek, embracing fixed-fee pricing, and her upcoming projects, including a TikTok course for accountants.
Meet Our Guest, Natalie Lennon
LinkedIn: https://www.linkedin.com/in/natalielennon/
TikTok: https://www.tiktok.com/@natlennoLearn more about Two Sides Accounting
Website: https://www.twosides.com.au/
Need CPE?
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Subscribe to the Earmark Podcast: https://podcast.earmarkcpe.comGet in Touch
Thanks for listening and the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and Instagram. If you like what you hear, please do us a favor and write a review on Apple Podcasts or Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.
Sponsorships
Are you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.
Need Accounting Conference Info?
Check out our new website - accountingconferences.com
Limited edition shirts, stickers, and other necessities
TeePublic Store: http://cloudacctpod.link/merch
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Transcripts
The full transcript for this episode is available by clicking on the Transcript tab at the top of this page
-
Blake and David examine the evolving landscape of remote work, discussing recent trends and their impact on productivity and employee well-being. They also explore the commercial real estate market's challenges due to the shift towards remote work and its potential implications for the banking sector. Moving on, they take a look at recent audit failures, particularly the FTX case and discuss the controversial Beneficial Ownership Information reporting requirements and some potential issues for small businesses.
Sponsors
Zoho - http://accountingpodcast.promo/zoho
Relay - http://accountingpodcast.promo/relay
SafeSend - http://accountingpodcast.promo/safesend
interVal - http://accountingpodcast.promo/interval
Chapters
(00:49) - Blake's Fitness Journey with Apple Watch(03:16) - Impact of Remote Work on Health and Productivity(06:25) - Amazon's Return to Office Policy(11:36) - CEO Perspectives on Remote Work(24:14) - Commercial Real Estate Crisis(28:07) - Accounting Standards and Bank Balance Sheets(31:25) - Listener Questions and Comments(45:06) - The Sunk Cost Fallacy in Real Estate(45:41) - The Looming Commercial Real Estate Bust(47:51) - The Role of Intangible Assets in Modern Accounting(51:24) - The CPA Journey: Is It Worth It?(52:09) - The Kenneth CPA Hack (01:01:54) - The BOI Reporting ControversyShow Notes
How Remote Work Is Impacting Accounting Firms
https://cpatrendlines.com/2024/09/22/how-remote-work-is-impacting-accounting-firms/
2024 KPMG U.S. CEO Outlook Pulse Survey
https://kpmg.com/us/en/articles/2024/kpmg-2024-ceo-outlook-pulse-survey.html
Amazon tells employees to return to office five days a week
https://www.cnbc.com/2024/09/16/amazon-jassy-tells-employees-to-return-to-office-five-days-a-week.html
Wells Fargo employee found dead at her desk days after she last clocked into work, authorities say
https://www.cnn.com/2024/08/31/us/wells-fargo-employee-desk-arizona/index.html
Eric Schmidt Calls Remote Work a Mistake for Google in Disappearing Video
https://nationalcioreview.com/articles-insights/news/eric-schmidt-calls-remote-work-a-mistake-for-google-in-disappearing-video/
Audit Firm Prager Metis Settles SEC Charges for Negligence in FTX Audits and for Violating Auditor Independence Requirements
https://www.sec.gov/newsroom/press-releases/2024-133
Beneficial Ownership Reporting Outreach and Education Toolkit
https://www.fincen.gov/boi/toolkit
BOI requirements roll along despite concerns about too little outreach
https://www.journalofaccountancy.com/news/2024/aug/boi-reporting-requirements.html
Property Fraud Allegations Snowball as Commercial Real Estate Values Fall
https://www.wsj.com/real-estate/property-fraud-allegations-snowball-as-commercial-real-estate-values-fall-492d964c
Nearly a Quarter of Office Space in the U.S. Will Be Empty by 2026
https://www.cpapracticeadvisor.com/2024/07/01/nearly-a-quarter-of-office-space-in-the-u-s-will-be-empty-by-2026/107376/
Big Banks are Taking Hits from Commercial Real Estate
https://www.wsj.com/finance/banking/commercial-property-loans-real-estate-banks-249a43b9
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Subscribe to the Earmark Podcast: https://podcast.earmarkcpe.comGet in Touch
Thanks for listening and the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and Instagram. If you like what you hear, please do us a favor and write a review on Apple Podcasts or Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.
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Blake and David explore Intuit's new Enterprise Suite, a product that appears to compete with NetSuite in the mid-market ERP space. They also
discuss a major audit failure by PwC in China related to Evergrande, raising concerns about the ethics and integrity at large accounting firms.
They also discuss the tragic death of a young accountant at EY in India due to overwork and explore the implications of OpenAI's latest model
outperforming humans on IQ tests.Sponsors
LiveFlow - http://accountingpodcast.promo/liveflow
The Small Business Research Institute - http://accountingpodcast.promo/ceanow
SafeSend - http://accountingpodcast.promo/safesend
Chapters
(01:32) - Intuit's New ERP System(03:43) - Target Market and Pricing Concerns(06:11) - Comparing to Competitors(18:18) - PwC's Massive Fine in China(19:04) - Evergrande's Financial Collapse(26:59) - The Bigger Picture of Audit Quality(30:08) - Australian Accountants and the PwC Debacle(31:05) - Tragic Death of EY Employee in India(33:16) - The Hypocrisy of Overwork in the Big Four(40:42) - OpenAI's New Model: A Game Changer(49:43) - Driverless Cars: The Future of Transportation(53:15) - NASBA's New Competency-Based CPA Pathway(01:01:23) - Conclusion and FarewellShow Notes
Intuit Introduces Intuit Enterprise Suite to Help Businesses Grow, Streamline Operations, and Scale
https://investors.intuit.com/news-events/press-releases/detail/1213/intuit-introduces-intuit-enterprise-suite-to-help-businesses-grow-streamline-operations-and-scale
PwC faces record fine over Evergrande audit in China
https://finance.yahoo.com/news/pwc-faces-record-fine-over-131518742.html
Death of young Ernst & Young employee raises questions about workplace culture
https://www.nbcnews.com/news/world/death-young-ernst-young-employee-raises-questions-workplace-culture-rcna171945
Comparison of Models: Quality, Performance & Price Analysis
https://artificialanalysis.ai/models
Waymo significantly outperforms comparable human benchmarks over 7+ million miles of rider-only driving
https://waymo.com/blog/2023/12/waymo-significantly-outperforms-comparable-human-benchmarks-over-7-million
AICPA, NASBA propose a new pathway to CPA licensure
https://www.journalofaccountancy.com/news/2024/sep/cpa-competency-based-licensure-pathway.html
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Thanks for listening and the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and Instagram. If you like what you hear, please do us a favor and write a review on Apple Podcasts or Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.
Sponsorships
Are you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.
Need Accounting Conference Info?
Check out our new website - accountingconferences.com
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Transcripts
The full transcript for this episode is available by clicking on the Transcript tab at the top of this page
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Blake and David meet with Kenyth Holdefer, who shares his unconventional path to becoming a CPA. Kenyth details how he obtained his bachelor's and master's degrees in just over four months through Western Governors University's competency-based education model, followed by passing all four CPA exams within six months. Kenyth highlights his transition from a successful career in mortgages to public accounting, emphasizing the potential for alternative educational paths in addressing the accounting profession's talent shortage.
Meet Our Guest, Kenyth Holdefer
LinkedIn: https://www.linkedin.com/in/ken-holdefer-101745105/
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Thanks for listening and the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and Instagram. If you like what you hear, please do us a favor and write a review on Apple Podcasts or Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.
Sponsorships
Are you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.
Need Accounting Conference Info?
Check out our new website - accountingconferences.com
Limited edition shirts, stickers, and other necessities
TeePublic Store: http://cloudacctpod.link/merch
Subscribe
Apple Podcasts: http://cloudacctpod.link/ApplePodcastsYouTube: https://www.youtube.com/@TheAccountingPodcastSpotify: http://cloudacctpod.link/SpotifyPodchaser: http://cloudacctpod.link/podchaserStitcher: http://cloudacctpod.link/StitcherOvercast: http://cloudacctpod.link/OvercastClassifieds
Want to get the word out about your newsletter, webinar, party, Facebook group, podcast, e-book, job posting, or that fancy Excel macro you just created? Let the listeners of The Accounting Podcast know by running a classified ad. Go here to create your classified ad: https://cloudacctpod.link/RunClassifiedAd
Transcripts
The full transcript for this episode is available by clicking on the Transcript tab at the top of this page
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Back from SuiteWorld, Blake and David discuss key takeaways from Oracle NetSuite's conference, including product updates and the event's growing scale. They also examine recent fundraising in the accounting-tech space, notably bookkeeping startup Finally's $200 million Series B round. Moving on, there's Big Four firm news, including PwC's layoffs and return-to-office policies, as well as a viral TikTok trend exploiting a Chase Bank ATM glitch.
Sponsors
LiveFlow - http://accountingpodcast.promo/liveflow
The Small Business Research Institute - http://accountingpodcast.promo/ceanow
SafeSend - http://accountingpodcast.promo/safesend
Chapters
(00:46) - Recap of Oracle SuiteWorld Conference(02:26) - NetSuite's Growth and Market Position(12:48) - Product Announcements and AI Integration(18:56) - Listener Questions and Career Advice(26:03) - Bookkeeping Startup Raises $200 Million(29:13) - Exploring All-in-One Bookkeeping Services(30:03) - The Future of Accounting Software Market(31:31) - Mercury Bank Acquires Teal(32:12) - Challenges in Automated Bookkeeping(35:39) - Consolidation in the Financial Services Industry(38:44) - Viral TikTok ATM Glitch Exploits(42:18) - PwC Layoffs and Office Policies(50:09) - Deloitte's Olympic Gold Medalist(54:58) - Career Advice for Tech and Accounting ProfessionalsShow Notes
Oracle NetSuite – SuiteWorld
https://www.netsuitesuiteworld.com/
Accounting Software Market Size With Growing Demand and Forecast to 2032
https://www.linkedin.com/pulse/accounting-software-market-size-growing-demand-qsgic/
Mercury acquires Teal
https://mercury.com/blog/inside-mercury/mercury-acquires-teal
Revolut Business Adds Bill Pay Feature
https://www.pymnts.com/news/b2b-payments/2024/revolut-business-adds-bill-pay-feature
Paylocity Announces Definitive Agreement to Acquire Airbase Inc., a Leading Spend Management Software Solution Provider
https://www.airbase.com/press-release/paylocity-announces-definitive-agreement-to-acquire-airbase-inc-a-leading-spend-management-software-solution-provider
The Chase ATM 'glitch' that went viral is likely check fraud, bank says
https://www.usatoday.com/story/money/2024/09/03/chase-bank-atm-glitch-fraud/75058813007/
PwC Laying Off 1,800 Employees in First Formal Cuts Since 2009
https://www.wsj.com/articles/pwc-laying-off-1-800-employees-plans-restructuring-of-products-business-b5dfe7c1
PwC tells employees it will use location data to police 'back-to-office' rule
https://www.ctvnews.ca/business/pwc-tells-employees-it-will-use-location-data-to-police-back-to-office-rule-1.7031968
PwC Isn’t Used to Being Called Desperate But Here We Are
https://www.goingconcern.com/pwc-isnt-used-to-being-called-desperate-but-here-we-are/
Deloitte rower earned gold at Paris Olympics
https://www.accountingtoday.com/news/deloitte-rower-earned-gold-medal-at-paris-olympics
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Thanks for listening and the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and Instagram. If you like what you hear, please do us a favor and write a review on Apple Podcasts or Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.
Sponsorships
Are you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.
Need Accounting Conference Info?
Check out our new website - accountingconferences.com
Limited edition shirts, stickers, and other necessities
TeePublic Store: http://cloudacctpod.link/merch
Subscribe
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Transcripts
The full transcript for this episode is available by clicking on the Transcript tab at the top of this page
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In our 400th episode, Blake and David dive into the controversial world of audit quality and Big Four accounting firms. They also discuss a listener's critical email about their audit coverage, explore recent audit failures and deficiencies, and debate the underlying incentives in the audit industry. The discussion turns to workplace culture issues at major firms and potential solutions to improve audit quality.
Sponsors
OnPay - http://accountingpodcast.promo/onpay
Zoho - http://accountingpodcast.promo/zoho
Makers Hub - http://accountingpodcast.promo/makershub
Chapters
(01:05) - Listener Email: Criticism of Audit Discussions(01:59) - Reading and Responding to Connor's Email(05:19) - Understanding Audit Deficiencies(07:46) - Audit Quality and Deficiency Rates(13:26) - EY's Audit Deficiency and Industry Comparison(15:28) - The Business Model of Big Four Firms(19:13) - Challenges in the Audit Profession(19:39) - Listener Feedback and Commentary(35:33) - Super Micro Accounting Scandal(43:53) - AI's Impact on Auditing(44:11) - The Tipping Point: Media Coverage and Reactions(44:40) - Audit Issues and Historical Context(46:10) - The Role of Consulting in Audit Firms(48:04) - Materiality and Audit Quality(51:32) - The Future of Auditing and AI(53:16) - EY's Secret Drinking Club Controversy(01:15:35) - Addressing the CPA Crisis(01:19:10) - Listener Mail and Final ThoughtsShow Notes
PCAOB Posts 2023 Annual Inspection Reports Alongside Staff Observations and New Charts To Boost Transparency
https://pcaobus.org/news-events/news-releases/news-release-detail/pcaob-posts-2023-annual-inspection-reports-alongside-staff-observations-new-charts-to-boost-transparency
Super Micro: Fresh Evidence Of Accounting Manipulation, Sibling Self-Dealing And Sanctions Evasion At This AI High Flyer
https://hindenburgresearch.com/smci/
AI Spotted Super Micro Risks Two Years Before Filing Fiasco
https://www.forbes.com/sites/noahbarsky/2024/08/30/ai-spotted-super-micro-risks-two-years-before-filing-fiasco/
EY's PR nightmare: A ‘secret drinking club’, misconduct allegations and resignations
https://www.stuff.co.nz/nz-news/350292387/eys-pr-nightmare-secret-drinking-club-misconduct-allegations-and-resignations
Super Micro shares fall 19% on filing delay, Hindenburg Research report
https://www.cnbc.com/2024/08/28/super-micro-shares-fall-23percent-on-filing-delay-hindenburg-research-report.html
Who Wants to See How Much Big 4 Revenue by Service Line Has Changed Since SOX?
https://www.goingconcern.com/who-wants-to-see-how-much-big-4-revenue-by-service-line-has-changed-since-sox/
PCAOB releases two new, divergent inspection reports for Canadian accounting firms
https://www.canadian-accountant.com/content/practice/pcaob-inspection-reports-deloitte-kreston-gta
Rethinking Rankings: The Top 100 Firms — Adjusted
https://www.vision.cpa/blog/Rethinking%20Rankings:%20Revenue%20Per%20Employee
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Thanks for listening and the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and Instagram. If you like what you hear, please do us a favor and write a review on Apple Podcasts or Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.
Sponsorships
Are you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.
Need Accounting Conference Info?
Check out our new website - accountingconferences.com
Limited edition shirts, stickers, and other necessities
TeePublic Store: http://cloudacctpod.link/merch
Subscribe
Apple Podcasts: http://cloudacctpod.link/ApplePodcastsYouTube: https://www.youtube.com/@TheAccountingPodcastSpotify: http://cloudacctpod.link/SpotifyPodchaser: http://cloudacctpod.link/podchaserStitcher: http://cloudacctpod.link/StitcherOvercast: http://cloudacctpod.link/OvercastClassifieds
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Transcripts
The full transcript for this episode is available by clicking on the Transcript tab at the top of this page
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In this episode, Blake and David dive into Intuit's strategic shift towards enterprise solutions, discussing the potential impact on the accounting industry. They also examine some recent economic trends, including the U.S. debt situation and its comparison to historical empires. They then get into audit deficiency rates reported by the PCAOB, highlighting the need for transparency and reform in the auditing profession. There's also talk AI applications in education, recent accounting scandals, and more challenges facing the accounting industry.
Sponsors
OnPay - http://accountingpodcast.promo/onpay
Relay - http://accountingpodcast.promo/relay
Makers Hub - http://accountingpodcast.promo/makershub
Chapters
(01:50) - Intuit's Strategic Shift to Enterprise(04:42) - Intuit's Pricing and Market Position(13:11) - Economic Outlook and Accountants' Perspectives(21:45) - China's Debt and Bankruptcy System(28:52) - Listener Mail and Industry Insights(35:56) - A Compromise Between Hourly Billing and Subscription Pricing(45:33) - AI as a Personal Tutor(46:34) - Understanding SAFE Notes(54:24) - AI in Retail and Business(01:01:47) - Audit Deficiencies and Industry Issues(01:25:34) - Conclusion and Final ThoughtsShow Notes
Intuit (INTU) Q4 2024 Earnings Call Transcript
https://www.fool.com/earnings/call-transcripts/2024/08/22/intuit-intu-q4-2024-earnings-call-transcript/
6 podcast episodes CFOs should listen to before summer ends
https://www.cfo.com/news/6-podcast-episodes-cfos-should-listen-to-accounting-podcast-strategic-cfo-360-rockstar-cfo/723667/
Accountants bearish, mostly
https://www.accountingtoday.com/news/accountants-bearish-mostly-save-for-their-own-firm-and-clients
Goldman Sachs Lowers Probability of US Recession
https://www.investopedia.com/goldman-sachs-lowers-probability-of-us-recession-8697194
China’s Punishment for People With Bad Debts: No Fast Trains or Nice Hotels
https://www.wsj.com/world/china/chinas-punishment-for-people-with-bad-debts-no-fast-trains-or-nice-hotels-bde24da2
Target to Roll Out Transformative GenAI Technology to its Store Team Members Chainwide
https://corporate.target.com/press/release/2024/06/target-to-roll-out-transformative-genai-technology-to-its-store-team-members-chainwide
N.J. Accounting Professor Convicted of Tax Evasion
https://www.cpapracticeadvisor.com/2024/08/19/n-j-accounting-professor-convicted-of-tax-evasion/109210/
Everyone from the sunken yacht off Sicily has now been accounted for
https://www.npr.org/2024/08/22/g-s1-18939/tech-mogul-mike-lynchs-body-is-found-as-the-search-goes-on-for-1-more-yacht-passenger
PCAOB Posts 2023 Annual Inspection Reports Alongside Staff Observations and New Charts To Boost Transparency
https://pcaobus.org/news-events/news-releases/news-release-detail/pcaob-posts-2023-annual-inspection-reports-alongside-staff-observations-new-charts-to-boost-transparency
EY Sheds U.S. Audit Clients in Response to Shortfalls
https://www.wsj.com/articles/ey-sheds-u-s-audit-clients-in-response-to-shortfalls-2ba1172e
Regulator Explores Naming Companies Tied to Auditing Deficiencies Amid Investor Pushback
https://www.wsj.com/articles/regulator-explores-naming-companies-tied-to-auditing-deficiencies-amid-investor-pushback-8ee1d1f3
Auditors failed to raise alarm before 75% of UK corporate collapses
https://www.ft.com/content/14a63c36-ba27-495c-96c0-3d34460d73cc
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Thanks for listening and the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and Instagram. If you like what you hear, please do us a favor and write a review on Apple Podcasts or Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.
Sponsorships
Are you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.
Need Accounting Conference Info?
Check out our new website - accountingconferences.com
Limited edition shirts, stickers, and other necessities
TeePublic Store: http://cloudacctpod.link/merch
Subscribe
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Blake and David leap into the latest updates from Xerocon, including new features like traditional bank reconciliations, embedded bill pay with BILL and AI capabilities through JAX (Just Ask Xero). They look at Xero's strategy to double and how it compares to Intuit's mid-market growth focus. They also touch on the potential impact of QuickBooks' pricing strategy.
Sponsors
Lendflow - http://accountingpodcast.promo/lendflow
The Small Business Research Institute - http://accountingpodcast.promo/ceanow
Keeper - http://accountingpodcast.promo/keeper
Chapters
(01:01) - Xerocon Highlights and New Features(01:18) - Deep Dive into Xero's Bank Reconciliation(06:13) - Xero's Strategic Focus: The Three by Three Initiative(10:18) - Xero's Market Share and Competitive Strategy(17:52) - Listener Questions and Advice for Aspiring Accountants(21:37) - Xero's Upcoming Features and Integrations(40:46) - Alternative Career Paths in Accounting(41:16) - Xero's New AI Features and Bill Payments Experience(45:53) - Exploring Xero's JAX AI and Its Functionalities(54:04) - Xero's Market Strategy and Competition with QuickBooks(01:01:51) - Xerocon Highlights and Nashville Adventures(01:07:44) - The Mysterious Case of Mike Lynch(01:14:27) - Closing Remarks and Upcoming EventsShow Notes
New features announced at Xerocon Nashville
https://blog.xero.com/product-updates/new-features-xerocon-nashville/
Intuit cut to Equal-Weight at Morgan Stanley, citing reliance on pricing lever
https://seekingalpha.com/news/4139926-intuit-cut-to-equal-weight-at-morgan-stanley-citing-reliance-on-pricing-lever
British entrepreneur Mike Lynch among missing after luxury yacht sinks off Sicily
https://www.reuters.com/world/europe/seven-missing-15-rescued-after-sailboat-sinks-off-sicily-2024-08-19/
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Thanks for listening and the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and Instagram. If you like what you hear, please do us a favor and write a review on Apple Podcasts or Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.
Sponsorships
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Need Accounting Conference Info?
Check out our new website - accountingconferences.com
Limited edition shirts, stickers, and other necessities
TeePublic Store: http://cloudacctpod.link/merch
Subscribe
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Transcripts
The full transcript for this episode is available by clicking on the Transcript tab at the top of this page
- もっと表示する
