The Accounting Podcast

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Accounting Professor Bills Trump $900,000 for Expert Testimony Dec 28, 2023

Show notes

Just in time for the holidays, Blake and David examine the accounting professor from NYU who charged Trump nearly $900,000 for expert testimony. They also tackle issues around accountant retention and turnover, tax updates, the financial operations of Hamas, as well as Hunter Biden's indictment on tax charges, and tips for using spreadsheets in filmmaking and other creative projects. All this and more to keep you entertained while you wrap those last-minute gifts!

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Chapters

(00:38) - Who knew being an expert witness paid so well
(05:46) - Former Wall Street accountant leaves profession to become an escort and exotic dancer
(08:40) - Illinois retention survey
(16:24) - Has AI job replacement theory reached mainstream?
(17:34) - Why employees resign
(18:54) - Accounting rules and the supply of accountants
(22:52) - FASB announces new rules for cryptocurrencies
(24:06) - IRS expanding their modernization efforts for technology
(25:47) - FinCEN updates a new service opportunity for accountants
(32:19) - Former Jaguars employee accused of stealing over $22 million
(36:16) - Nikola founder sentenced to prison for fraud
(40:03) - 64% of employees waste time due to lack of deadlines
(42:13) - EY laying off US partners
(43:50) - EY names Janet Truncale first female global CEO of big 4 firm
(44:42) - The IRS plans reorg at the highest leadership levels
(45:24) - Israel and the US knew of Hamas bank account
(49:22) - Hunter Biden's indictment
(53:44) - All Sorts director demonstrates how he uses spreadsheets
(57:29) - Wrap up and where to reach us

Show Notes

Trump PAC paid for expert witness testimony in NY civil fraud trial

https://www.nbcnews.com/politics/donald-trump/trump-pac-paid-expert-witness-testimony-ny-civil-fraud-trial-rcna128804

EY Is Laying Off U.S. Partners Amid Tough Economic Conditions – WSJ

https://www.wsj.com/articles/ey-is-laying-off-u-s-partners-amid-tough-economic-conditions-9efc4aa6

Accounting Rules and the Supply of Accountants by Anthony Le :: SSRN

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4666335

Righting Retention - Insight Special Feature

https://www.icpas.org/information/professional-issues/talent-retention

Stripper and escort rakes in $34k per week catering to Wall Street

https://nypost.com/2023/12/18/business/stripper-and-escort-rakes-in-34k-per-week-catering-to-wall-street/

FinCEN ramps up guidance as beneficial ownership requirements looms | Accounting Today

https://www.accountingtoday.com/opinion/fincen-ramps-up-guidance-as-beneficial-ownership-requirements-fast-approach

Trevor Milton Gets Four Years in Prison for Deceptions on Zero-Emission Trucks

https://www.wsj.com/us-news/law/trevor-milton-lied-about-nikolas-zero-emission-trucks-is-that-worth-a-decade-in-prison-ae35ce40

64% of Employees Waste Hours Due to Lack of Deadlines | CFO

https://www.cfo.com/news/64-of-employees-waste-hours-due-to-lack-of-deadlines/702774/

IRS Expands Business Tax Account Tool To Include S Corps And Partnerships

https://www.forbes.com/sites/kellyphillipserb/2023/12/18/irs-expands-business-tax-account-tool-to-include-s-corps-and-partnerships/

Israel Found the Hamas Money Machine Years Ago. Nobody Turned It Off.

https://www.nytimes.com/2023/12/16/world/europe/israel-hamas-money-finance-turkey-intelligence-attacks.html?smid=nytcore-ios-share&referringSource=articleShare

Hunter Biden Charged With Evading Taxes on Millions From Foreign Firms

https://www.nytimes.com/2023/12/07/us/politics/hunter-biden-indictment.html

Former Jaguars employee accused of stealing over $22 million – ESPN

https://www.espn.com/nfl/story/_/id/39059710/former-jaguars-employee-accused-stealing-22-million

EY names Janet Truncale as first female global CEO of Big Four firm | Accounting Today

https://www.accountingtoday.com/articles/ey-names-janet-truncale-as-first-female-global-ceo-of-big-four-firm

NY AG disputes Trump expert’s GAAP analysis

https://www.cfodive.com/news/gaap-holds-spotlight-final-stretch-250m-trump-civil-fraud/702327/

Hunter Biden Indicted On Criminal Tax Charges In California

https://www.forbes.com/sites/kellyphillipserb/2023/12/08/hunter-biden-indicted-on-criminal-tax-charges-in-california/

Hunter Biden Charged with Tax Crimes in Los Angeles

https://www.cpapracticeadvisor.com/2023/12/11/hunter-biden-charged-with-tax-crimes-in-los-angeles/98977/

Trump's accounting expert trashes NY's 'absurd' fraud case

https://www.accountingtoday.com/articles/trumps-expert-accounting-witness-trashes-nys-absurd-fraud-case-in-court-clash

Donald Trump returns to court, lauds his defense expert who sees no evidence of accounting fraud

Building a Firm to the Right Size with Keila Hill-Trawick, CPA Dec 22, 2023

Show notes

Keila Hill-Trawick joins Blake and David to discuss her philosophy on intentionally building a firm to the "right" size, rather than pursuing endless revenue growth. She also explains how her firm narrowed its service offerings to focus on core recurring services like tax planning and fractional CFO work. Blake and David examine research on how much money Americans think they need annually to be happy, with millennials citing much higher targets. They also talk about an accounting reference in the new Trolls movie and the need for more diverse and positive CPA portrayals in media.

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Chapters

(00:31) - Keila Hill-Trawick joins the show
(06:35) - How did you decide to cut back on services your firm offered?
(08:47) - What core services do you offer?
(11:07) - Do you help clients set up the services you don't offer?
(12:27) - What does your current team look like and how did you build it?
(16:07) - What are you charging clients?
(18:31) - How many clients does each employee handle and will that change with technology?
(21:17) - What's the ultimate goal?
(26:24) - Berkshire Hathaway lawsuit
(35:44) - SmileDirectClub declares bankruptcy
(42:30) - Thoughts on accountants doing IT audits
(46:25) - How much money do Americans need to be happy?
(59:46) - Accounting reference in the newest Trolls movie
(01:02:53) - Wrap up and how to reach Keila

Show Notes

What’s Behind Warren Buffett’s Fight With a Truck-Stop Mogul – WSJ

https://www.wsj.com/business/warren-buffett-berkshire-hathaway-jimmy-haslam-pilot-lawsuit-70ef0413

Trolls movie CPA

https://www.linkedin.com/posts/jacob-g-5819b780_went-to-see-the-new-trolls-movie-with-my-activity-7134882587042320384-RC32

Warren Buffett's Berkshire Hathaway sued by Haslam family over Pilot truckstop chain takeover

https://cdllife.com/2023/haslam-family-sues-pilot-majority-owner-berkshire-hathaway-over-accounting-practices/

Bankrupt SmileDirectClub shuts down, says its ‘Lifetime Smile Guarantee’ is canceled - but Smile Pay users are expected to keep paying https://fortune.com/2023/12/11/bankrupt-smiledirectclub-shutting-down/

Meet our Guest, Keila Hill-Trawick

Website: http://www.littlefishaccounting.com/
LinkedIn: https://www.linkedin.com/in/keilahilltrawick
Twitter: https://twitter.com/littlefishcpa
Instagram: https://www.instagram.com/littlefishaccounting/

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Get 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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Transcripts

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

Solving the CPA Pipeline Problem: An Interview with AICPA's National Pipeline Advisory Group Dec 21, 2023

Show notes

Lexy Kessler, National Pipeline Advisory Group (NPAG) chair and Sue Coffey, Chief Executive Officer – Public Accounting with AICPA join us for a special bonus episode to address the accounting talent crisis and talk about how we can improve the CPA pipeline. Along with these issues, they also emphasize the importance of working together as a profession, being data-driven in their approach, and looking at the broader ecosystem of accounting, with updates and more comprehensive strategies expected to be detailed in the NPAG draft national strategy plan in May 2024.

Meet Our Guests

Lexy Kessler, Chair - National Pipeline Advisory Group (NPAG)

Website: https://www.accountingpipeline.org/
LinkedIn: https://www.linkedin.com/in/lexykessleraprio/

Susan S. Coffey, CPA, CGMA - CEO – Public Accounting at the Association of International Certified Professional Accountants
Website: https://www.aicpa-cima.com/resources/article/susan-s-coffey-cpa-cgma

Learn more about the National Pipeline Advisory Group (NPAG)

https://www.accountingpipeline.org/

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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

QuickBooks Desktop Is Dead. Long Live Online! Dec 13, 2023

Show notes

Blake and David discuss Intuit's announcement that QuickBooks Desktop will no longer be sold as new subscriptions after July 2024. They also talk about the need for changes in the accounting profession, such as simplifying financial reporting requirements and revising the 150-hour rule. In other news, they cover sanctions against China-based accounting firms, incorrect IRC claims by businesses, and the Adidas-Kanye West fallout. They also explore how AI can help explain complex concepts to clients clearly and accurately.

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Chapters

(01:13) - Accounting has been in the news a lot recently
(03:00) - QuickBooks Desktop is dead
(10:29) - Blake's thoughts from The Digital CPA Conference
(15:21) - CPA Journal - eliminate the 150-hour rule
(17:29) - The Accountant 2 film confirmed
(19:03) - Blake went to Kentucky
(20:38) - The PCAOB sanctioned 3 China-based firms
(23:32) - The IRS sends 20,000 letters regarding ERC claims
(28:01) - Kanye West and Adidas fallout
(35:23) - Earmark updates and the IRS releasing taxpayer business accounts
(37:30) - CFO.com: 61% of finance executives are not using AI
(40:05) - Can AI trim years off of the partner path?
(41:36) - The traditional CPA firm structure
(45:21) - Blake asks AI to explain basis to a non-accountant
(51:38) - AccountingWeb tricks to help detect AI-written articles
(54:20) - Wrap up and how to reach us

Show Notes

Twitter: Any good plain-English way to explain basis?

https://x.com/wtfoote/status/1725193933410668755?s=12

61% of Finance Execs Not Using AI Yet: Weekly Stat | CFO

https://www.cfo.com/news/artificial-intelligence-implementation-adoption-gartner-survey/699082/

The Yeezy standard for accounting | Financial Times

https://www.ft.com/content/8b094370-f7e7-492b-b56d-6c0096be7784

BST & Co. Got Sick of Hounding Rudy Giuliani to Pay His Bill So Now They’re Suing Him

https://www.goingconcern.com/bst-co-got-sick-of-hounding-rudy-giuliani-to-pay-his-bill-so-now-theyre-suing-him/

PCAOB sanctions three Chinese firms, including PwC affiliates

https://www.accountingtoday.com/news/pcaob-sanctions-three-chinese-firms-including-pwc-affiliates

The Accounting Profession Is in Crisis

https://www.cpajournal.com/2023/12/01/the-accounting-profession-is-in-crisis/

BREAKING NEWS: QuickBooks Desktop Product Changes

https://insightfulaccountant.com/accounting-tech/general-ledger/breaking-news-quickbooks-desktop-product-changes/

What Can the Profession Do?

https://www.cpajournal.com/2023/12/04/what-can-the-profession-do/

Supreme Court could make massive tax impact — or none at all

https://www.accountingtoday.com/news/supreme-court-to-hear-arguments-in-moore-v-u-s

Billionaire Tax Rests on a Disputed $14,729 Refund at the Supreme Court

https://www.cpapracticeadvisor.com/2023/12/04/billionaire-tax-rests-on-a-disputed-14729-refund-at-the-supreme-court/98782/

Some of the Big 4 consulting giants already think AI could trim years off the path to partner

https://fortune.com/2023/12/04/big-4-consulting-giants-pwc-kpmg-ai-trim-years-path-partner/

Opioid trust transparency questioned after accounting firm choice

https://www.thecentersquare.com/pennsylvania/article_c7977d42-9515-11ee-8bd6-3b90276d4b6b.html

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...

AICPA Blames Boring Accounting Professors for Pipeline Problem Dec 06, 2023

Show notes

Blake and David discuss updates from the AICPA's Talent Pipeline Committee, including surprises about the high dropout rate of accounting majors in college. They also explore new custom AI capabilities in ChatGPT that allow users to create specialist bots and speculate on applications for accounting firms. They also cover lawsuits alleging Hollywood accounting tricks used by Disney to deprive financial partners of profits. Grab some snacks and enjoy!

Sponsors
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Chapters

(01:34) - NASBA is hiring a new COO
(04:30) - What we'll cover on this week's show
(06:16) - AICPA talks about the pipline issues on Accounting Today's podcast
(12:31) - Blake checks in on the live chat
(20:07) - Two vastly different articles on CPAjournal.com about how to solve the accountant shortage
(28:58) - Making the CPA more accessible
(38:58) - Blake demonstrates OpenAI's new custom GPT maker
(49:54) - Disney sued for "Hollywood Accounting" methods
(56:29) - Thanks for listening and how to reach us

Show Notes

NASBA Begins Search for New President and CEO | NASBA

https://nasba.org/blog/2023/11/28/nasba-begins-search-for-new-president-and-ceo/

Rethinking the 150-Hour Requirement for CPA Licensure - The CPA Journal

https://www.cpajournal.com/2023/11/27/rethinking-the-150-hour-requirement-for-cpa-licensure/

The Accounting Pipeline - The CPA Journal

https://www.cpajournal.com/2023/11/22/the-accounting-pipeline/

Disney sued over accounting by film financiers

https://www.cfobrew.com/stories/2023/08/29/disney-sued-by-film-financiers

A pipeline progress report

https://www.accountingtoday.com/podcast/a-progress-report-on-accountings-pipeline-problem

Rethinking the 150-Hour Requirement for CPA Licensure

https://www.cpajournal.com/2023/11/27/rethinking-the-150-hour-requirement-for-cpa-licensure/

Accounting Education Disrupted

https://www.cpajournal.com/2023/11/21/accounting-education-disrupted/

KPMG, Deloitte Ask Staff to Use Burner Phones for HK Visits: FT

https://news.bloombergtax.com/financial-accounting/kpmg-deloitte-ask-staff-to-use-burner-phones-for-hk-visits-ft

Deloitte and KPMG encourage use of burner phones in Hong Kong

https://uk.finance.yahoo.com/news/deloitte-kpmg-encourage-burner-phones-101802848.html

NASBA starts search for CEO successor

https://www.accountingtoday.com/news/nasba-starts-search-for-ceo-successor

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Need Accounting Conference Info?

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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

Listener Mail: Compilations, Talent Crisis, ESOPs, 120 v. 150, TurboTax Nov 29, 2023

Show notes

Blake and David sort through the listener mailbag to find out what you think! Amongst the letters, we’ve got opinions on accounting without assurance and the industry talent crisis, as well as potential unethical practices by some tax experts, and the need for accrediting standards for accounting programs. Blake and David also address the complex nature of the taxation system and emphasize the need for industry-wide changes to address ethical dilemmas. Join us to hear all this and so much more!

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Chapters

(00:30) - Welcome to the show and what we'll cover
(06:17) - Trump's legal team again blaming accountants for faulty financial statements
(07:57) - Anthony writes in about compilations
(12:54) - Nathan writes in to suggest more people contract audit work
(15:06) - Chris asks some questions about the BDO ESOP episode
(18:32) - Cheryl writes in about the 150-hour requirement
(21:07) - Kurt asks about the disparity between accounting graduate programs
(26:20) - Ryan tells a story of a client getting awful advice from a TurboTax Live employee
(32:40) - Digitial Accountants asks why so many tax clients want to push the envelope too far with tax returns and the IRS
(35:22) - Listener gives some insights on why academia is filled with the professors it has
(50:54) - A UK accounting firm has client data leaked after being hacked
(56:13) - The University of Arionza is missing $240 million
(01:00:12) - QuickBooks ProAdvisor badges and changes
(01:07:19) - Wrap up and remember you can earn free CPE from listening to this podcast

Show Notes

A cyberattack on a U.K. accounting firm wound up leaking U.S. ...
https://www.databreaches.net/a-cyberattack-on-a-u-k-accounting-firm-wound-up-leaking-u-s-patient-data-now-what/

Reimagined ProAdvisor Program Goes Live Today
https://insightfulaccountant.com/accounting-tech/general-ledger/reimagined-proadvisor-program-goes-live-today/

Always Something University and UofA $240-million accounting mistake
https://sports360az.com/always-something-university-and-uofa-240-million-accounting-mistake/

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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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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

What's New in QuickBooks from Connect | Firms Turning Away Work Due to Staffing Shortages Nov 21, 2023

Show notes

We're back from QuickBooks Connect 2023 with announcements, updates, new features, and improvements in QuickBooks Online. Also, EY got fined $3 million for cheating on ethics exams, and 42 percent of firms are turning away work due to staff shortages. Finally, we discuss the disruption of Alphabet's main search business by Microsoft, Amazon, and Apple in the AI-powered assistant space.

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Chapters

(00:32) - Blake and David are back from QuickBooks Connect
(01:06) - 31 Wrap up and thanks for listening
(05:41) - New QuickBooks features announced at QuickBooks Connect
(06:28) - QuickBooks Ledger
(08:50) - Expanded roles and permissions in QBO
(09:19) - QuickBooks Payroll cost allocations
(10:26) - Chart of Accounts templates
(11:29) - Changes to ProAdvisor Program
(12:11) - Now you can copy QBO files to a sandbox
(15:23) - Blake's AI session at QuickBooks Connect
(22:46) - Blake will be giving a webinar on AI on Earmark's Webinars+
(25:32) - EY Texas gets a $3 million penalty for cheating on ethics exams
(31:19) - 46% of EY audits in 2022 had flaws
(34:31) - What numbers do investors care about?
(38:24) - PCAOB says they have doubled their fines in recent years
(40:19) - More cities are struggling with ERP rollouts
(41:41) - Zoho introduces practice management software for accountants
(43:29) - Tech Radar's top laptops for accountants
(44:48) - Intuit updates their tax software and shuts down Mint
(50:42) - 42% of accountants turn down work over staff shortages
(53:04) - ClientHub introduces AI-enabled email integration
(54:37) - 3 AI-based accounting companies raise a lot of money
(01:04:01) - Is Google/Alphabet in trouble?

Show Notes

Intuit rolls out bevy of new features for the next tax season | Accounting Today

https://www.accountingtoday.com/news/intuit-rolls-out-bevy-of-new-features-for-the-next-tax-year

New product innovations at announced at QuickBooks Connect help accountants drive small business growth

https://www.firmofthefuture.com/quickbooks-connect/new-product-innovations/

PCAOB fines doubled in recent years | Accounting Today

https://www.accountingtoday.com/news/pcaob-fines-doubled-in-recent-years

Accounting firms hit with record US fines over audit failures

https://www.ft.com/content/25a65a49-4b94-4a80-82d8-435616a78f27

SURVEY: 42% of Accountants Turn Away Work Over Staff Shortages - CPA Trendlines

https://cpatrendlines.com/2023/11/09/survey-48-of-accountants-turn-away-work-over-staff-shortages/

Black Ore Emerges from Stealth with $60 Million in Funding to Bring AI to Financial Services

https://www.blackore.ai/articles/black-ore-emerges-from-stealth-with-60-million-funding

Launching Zoho Practice: The Ultimate Practice Management Software

https://www.zoho.com/blog/general/launching-zoho-practice.html

Bill Holdings Is Said to Near $1.95 Billion Deal for Melio

https://www.bloomberg.com/news/articles/2023-11-08/bill-holdings-is-said-to-near-1-95-billion-deal-for-melio

Bill Holdings stock sinks amid report of $1.95B deal talks for Melio ...

https://seekingalpha.com/news/4033680-bill-holdings-sinks-amid-report-of-195b-deal-talks-for-melio-payments

Bill Holdings denies media report on Melio deal

https://www.reuters.com/markets/deals/bill-holdings-nears-195-billion-payments-deal-melio-bloomberg-news-2023-11-08/

Puzzle secures $30m for revolutionary AI-powered accounting ...

https://fintech.global/2023/11/15/puzzle-secures-30m-for-revolutionary-ai-powered-accounting-platform/

EY Gets $3 Million Penalty by Texas Board of Public Accountancy

https://www.cpapracticeadvisor.com/2023/11/13/ey-gets-3-million-penalty-by-texas-board-of-public-accountancy/97576/

Bill's stock bounces after denial of report it was pursuing a $2 billion ...

https://www.marketwatch.com/story/bills-stock-bounces-after-denial-of-report-it-was-pursuing-a-2-billion-cash-and-stock-buyout-of-melio-payments-7562580b

Black Ore Raises $60 Million and Debuts AI Tool for Accountants

https://www.pymnts.com/news/investment-tracker/2023/black-ore-raises-60-million-dollars-debuts-artificial-intelligence-tool-accountants/

New Products at QuickBooks Connect Help Accountants Drive Small ...

https://www.cpapracticeadvisor.com/2023/11/14/new-products-at-quickbooks-connect-help-accountants-drive-small-business-growth/97644/

St. Louis comptroller said prior mayor wanted new accounting ...

https://www.stltoday.com/news/local/government-politics/st-louis-comptroller-said-prior-mayor-wanted-new-accounting-system-but-she-voted-for-it/article_8afa54ca-8275-11ee-9673-efc459761629.html

Intuit QuickBooks Unveils New Product Innovations at QuickBooks Connect that Help Accountants Drive Small Business Growth

How to Survive Public Accounting and the CPA Exam Nov 17, 2023

Show notes

CPA Exam prep rockstars Peter Olinto and Roger Philipp join Blake and David to discuss the evolution of the CPA Exam over time, the importance of making studying entertaining, and challenges facing the accounting profession like public accounting burnout. Both Olinto and Philipp believe competition between CPA review courses drives innovation and helps students pass the exam, and they aim to make studying engaging through humor, memory techniques, and technology.

Sponsors
LiveFlow - http://accountingpodcast.promo/liveflow

Chapters

(00:38) - Where did you learn to make CPA exam prep entertaining?
(04:15) - Do you have any nightmare CPA exam stories?
(09:42) - What does the current CPA exam look like and what's changing in 2024?
(13:30) - Do you think the CPA exam changes will help the pipeline?
(16:15) - Have CPA exam pass rates gone up with the 5th-year requirement?
(17:57) - How did you both get involved with UWorld?
(20:57) - Advice for accountants struggling to balance studying with their work and lives
(27:22) - How are you dealing with reduced attention spans
(34:29) - Do you tell students to diet and exercise as part of exam prep?
(39:02) - Peter's famous coffee offer
(39:58) - Why do you think young accountants are leaving the profession?
(47:03) - The problem with work-life balance versus billable hours
(54:59) - Wrap up and where to find out more about UWorld

Meet Our Guests:
Peter Olinto
LinkedIn
: https://www.linkedin.com/in/peter-olinto-5966586b/
Twitter: https://twitter.com/peterolinto?lang=en

Roger Philipp, CPA, CGMA
LinkedIn: https://www.linkedin.com/in/rogerphilipp/
Twitter: https://twitter.com/rogercpa?lang=en

Show Notes
https://newsroom.uworld.com/story/uworld-launches-all-new-cpa-exam-review-product-to-prepare-candidates-for-the-2024-cpa-evolution/

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Classifieds

Transcripts

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

What is QuickBooks Ledger? (from the Unofficial QuickBooks Accountants Podcast) Nov 10, 2023

Show notes

Listen to the full Unofficial QuickBooks Accountants Podcast here: https://share.transistor.fm/s/5586a16e

Earmark Media Presents a bonus episode of Unofficial QuickBooks Accountants Podcast.

Hector and Alicia dig into all the details and speculation around Intuit's newest cloud accounting product QuickBooks Ledger. Is it an affordable option for write-up clients or an over-hyped limited edition QBO?

Listen to the full Unofficial QuickBooks Accountants Podcast here: https://share.transistor.fm/s/5586a16e

Send your Questions/Comments (we could read/answer them on air) ask@uqapodcast.com

Links/Apps Mentioned in this episode:

Hector's App - RightTool www.righttool.app
Alicia's Training - RoyalWise http://royl.ws/uqapodcast
QuickBooks Connect Conference:www.quickbooksconnect.com
Firm of the Future: www.firmofthefuture.com

Can AI Become An Accounting Expert? Nov 08, 2023

Show notes

Blake and David examine the downfall of FTX and founder Sam Bankman-Fried and look at some controversies around Deloitte auditors backdating audit paperwork in Canada, receiving only a minor fine. They also marvel at Donald Trump's attempt to blame accountants for alleged financial statement fraud in his organization. All this, and other news including NASBA's CEO's upcoming retirement, IRS budget cut updates, and generational differences around public accounting work environments.

Sponsors
LiveFlow - http://accountingpodcast.promo/liveflow
Relay - https://cloudaccountingpodcast.promo/relay
Keeper - https://cloudaccountingpodcast.promo/keeper

Chapters

(00:39) - Blake is back from Maryland where he gave a talk on AI and accounting
(03:02) - CPA Journal uses bad AI to draw conclusions on AI's future in accounting
(09:18) - Guinness Stout might not exist without taxes
(12:30) - Jeff Bezos is moving to Miami
(16:09) - Over 2/3 of Ohio CPAs are 50 or older
(20:37) - Sam Bankman-Fried found guilty
(22:09) - WeWork files for bankruptcy
(28:07) - Trump trial updates: Donald Trump takes the stand
(37:41) - CPA Ontario fines Deloitte
(43:56) - IRS budget cut again
(47:59) - NASBA CEO Ken Bishop plans to retire
(49:27) - BDO and other firms becoming ESOPs
(51:18) - Expensify closes their longue in SF
(55:20) - We're going to QuickBooks Connect
(56:08) - Blakes shares Instagram clip of street CPA interview
(58:02) - Wrap up and how to earn free CPE for listening to this podcast