Journal of Accountancy Podcast

Latest Episodes:

Bots emerge as cyber threat for accounting firms May 25, 2023

Show notes

ChatGPT and other generative artificial intelligence bots have made a big splash this year, with ChatGPT even passing the CPA Exam earlier this month, but there is another kind of bot accountants need to know about.

Cybercriminals have started using bots to identify zero-day vulnerabilities in routers, servers, smartphones, Windows, web browsers, and antivirus software. Once the hackers discover a vulnerability, they send out their bots to exploit it in as many places as possible, with CPA firms and finance departments among the potential targets.

What can CPAs do to shore up their cyberdefenses? The latest episode of the Journal of Accountancy podcast, produced in partnership with the Small Firm Philosophy podcast, addresses that question with Roman Kepczyk, CPA/CITP, CGMA, director of firm technology strategy for Right Networks and author of the AICPA Private Companies Practice Section's CPA cybersecurity checklist.

What you'll learn from this episode:

· What a zero-day vulnerability is and why patching is so important.

· The latest in strong password rules and tools.

· Key cybersecurity risks and mitigation strategies for remote workers.

· The technology trend Kepczyk is most excited about.

Tech roundtable: Getting your data in order May 18, 2023

Show notes

Technology experts in the accounting space have plenty to say about the assets that organizations should protect from cybercriminals, what Web 3.0 could mean for the profession, and what skills future CPAs will need.

This is part two of a two-part conversation with:

n Amanda Wilkie of Boomer Consulting;

n Wesley Hartman of Kirsch Kohn & Bridge LLP; and

n Donny Shimamoto, CPA/CITP, CGMA, of IntrapriseTechKnowlogies.

The conversation also was turned into a JofA article. The podcast episode of the first part of the conversation was posted May 11. The speakers are scheduled to present at AICPA & CIMA ENGAGE in Las Vegas the week of June 5.

Resources

n Previous podcast conversation with Hartman about RPA.

n The 2020 podcast episode that featured tech roundtable participants Wilkie and Shimamoto.

Tech roundtable: Tapping into automation and tools of the future May 11, 2023

Show notes

Technology experts in the accounting industry have plenty to say about ChatGPT, staffing issues and a push toward more automation, and how organizations can decide which projects are done in house or through outsourcing.

This is part one of a two-part conversation with:

n Amanda Wilkie of Boomer Consulting;

n Wesley Hartman of Kirsch Kohn & Bridge LLP; and

n Donny Shimamoto, CPA/CITP, CGMA, of IntrapriseTechKnowlogies.

The conversation also was turned into a JofA article. The second part will be published in podcast form on May 18 on the JofA's podcast page.

Resources

n Previous podcast conversation with Hartman about RPA.

n The 2020 podcast episode that featured tech roundtable participants Wilkie and Shimamoto.

Learning to be a leader: Grab a mirror and a book May 04, 2023

Show notes

For Dan Griffiths, CPA, CGMA, the president at Lume, a deodorant company headquartered in Utah, taking a rigorous approach to analysis – whether it be marketing spending or performance management – is critical.

The human side of running a business is also important. In a conversation more than seven years ago, Griffiths spoke about emotional intelligence, a skill that has served him well in a fully remote company.

"We have to be paying much closer attention to what cues we're getting from different members of the team," he said.

In this Journal of Accountancy podcast episode, Griffiths offers leadership tips, reflects on what he did and didn't know in making a move from a CPA firm to a retail company, and uses a baseball analogy to explain how performance management should work.

Griffiths is scheduled to speak at next week's AICPA & CIMA CFO Conference on the topic of performance management.

Accounting student masters second chance at life Apr 27, 2023

Show notes

Terrell Williams is about to graduate with a master's degree in accounting. That's something he never would have considered after dropping out of college nearly 10 years ago.

A chance event in his hometown of Louisville, Ky., changed everything for Williams. He nearly died outside a convenience store one March afternoon. "My time was ticking," he said.

In this episode of the Journal of Accountancy podcast, Williams explains what happened, how he viewed it as the "start of a new life," how he found accounting, and why he's living life with more purpose.

What you'll learn from this episode:

Williams' recount of the life-changing events of March 29, 2017, in Louisville, Ky.
Why he said his first attempt at attending college didn't go well.
The volunteer work Williams does in his hometown.
Some of Williams' mentors, outside of the family that he says "raised me right."
What's next for Williams after graduation from the master's in accounting program at N.C. State.

How one firm transformed its partner compensation model Apr 20, 2023

Show notes

Incentivize the behaviors you want. That was the theory behind GRF CPAs & Advisors' decision to change its partner compensation model several years ago. Firm leaders knew that if they wanted their partners to operate as a cohesive team, they needed to stop paying partners in ways that drove individualistic behaviors.

More than five years later, GRF President and Managing Partner Jackie Cardello, CPA, says that while the process was a lot of work, the results "absolutely" have been worth it.

What did GRF change, and how have the firm's fortunes improved? Find out from Cardello and GRF partner Elinor Litwack, CPA, in this episode, produced in partnership with the Small Firm Philosophy podcast.

Prestige and value: A CPA career coach's view on education requirements Apr 13, 2023

Show notes

Nikki Winston, CPA, can recall a time when, for her, it might have been easy to give up on pursuing CPA licensure. Now, she receives messages from CPA candidates and advises them on how to continue to the journey.

Winston, a career coach and CPA Exam strategist, shares in this episode the common questions she gets from students and why she believes that the 150-hour educational requirement for CPA licensure should not change.

Resources:

"Understanding the Top Challenges to Becoming a CPA";
A video on how mobility for CPAs would be hampered by changing educational requirements for licensure; and
Advice for adding the hours required beyond those of a four-year college degree.

What you'll learn from this episode:

Winston's advice to approach educational requirements as if going through a buffet line.
Why knowledge in areas such as securitization and tax can end up being valuable.
The types of messages Winston often receives from accounting candidates seeking coaching or CPA Exam preparation.
Why Winston said that the profession should be trying to reach students well before they enter high school.
The personal example that applies to Winston's words: "Don't be intimidated by other people's exam experiences."

'Status quo is the riskiest option': One leader's proven approach Apr 06, 2023

Show notes

It's obvious that change is happening rapidly these days, but is the accounting profession moving quickly enough to adapt to that change? It's a question Joey Havens, CPA, has pondered often in his career at the firm Horne LLP.

Havens joined the Journal of Accountancy podcast to discuss the building of organizational culture, why the word "enduring" has been a strand running through his career, and why he likes to ask the question "Are we moving fast enough?"

Havens is a speaker at AICPA & CIMA ENGAGE in June in Las Vegas.

Of high interest: What rising rates mean for everyone Mar 30, 2023

Show notes

As consumers, the current environment of higher interest rates affects us in several ways. One of the obvious ways is for potential homebuyers, who are keenly aware of 30-year mortgage rates that are far higher now than several years ago. But how do higher rates affect accounting practitioners and their business clients?

Bob Durak, CPA, CGMA, has a few answers in the latest episode of the Journal of Accountancy podcast. Durak, director–Audit and Accounting Technical Services at AICPA & CIMA, together as the Association of International Certified Professional Accountants, also explains the role that the Center for Plain English Accounting (CPEA) plays in assisting small to midsize firms with new or less obvious risks related to interest rates.

Hear more about why fraud could rise along with interest rates, what high rates might have to do with revenue recognition, and more about a recent CPEA report that details the current rate environment.

Managing vs. leading: Why that distinction matters in the modern workplace Mar 23, 2023

Show notes

Hamza Khan had just spoken at a TEDx event in 2016 when he got a message from his boss: See me in my office, first thing in the morning.

Khan, an author and speaker who will deliver the May 10 keynote address at the AICPA & CIMA CFO Conference in Salt Lake City, recounts the initial reaction to his talk about management of people — it was not all positive. But the content was prescient, a pre-pandemic look at flexible work.

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