The Accounting Podcast Blake Oliver & David Leary

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 LiveFlow - http://accountingpodcast.promo/liveflowEarmark - https://earmarkcpe.promo/EarmarkMediaKit Keeper - https://cloudaccountingpodcast.promo/keeper
Chapters
(01:34) - NASBA is hiring a new COO

(05:27) - What we'll cover on this week's show

(07:13) - AICPA talks about the pipline issues on Accounting Today's podcast

(13:28) - Blake checks in on the live chat

(22:08) - Two vastly different articles on CPAjournal.com about how to solve the accountant shortage

(30:59) - Making the CPA more accessible

(42:05) - Blake demonstrates OpenAI's new custom GPT maker

(54:32) - Disney sued for "Hollywood Accounting" methods

(01:01:07) - 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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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.

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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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!

Sponsors OnPay - https://cloudaccountingpodcast.promo/onpayZoho - http://accountingpodcast.promo/zoho Keeper - https://cloudaccountingpodcast.promo/keeper
Chapters
(00:30) - Welcome to the show and what we'll cover

(07:14) - Trump's legal team again blaming accountants for faulty financial statements

(08:54) - Anthony writes in about compilations

(13:51) - Nathan writes in to suggest more people contract audit work

(16:03) - Chris asks some questions about the BDO ESOP episode

(19:29) - Cheryl writes in about the 150-hour requirement

(23:27) - Kurt asks about the disparity between accounting graduate programs

(28:40) - Ryan tells a story of a client getting awful advice from a TurboTax Live employee

(35:00) - Digitial Accountants asks why so many tax clients want to push the envelope too far with tax returns and the IRS

(38:57) - Listener gives some insights on why academia is filled with the professors it has

(56:00) - A UK accounting firm has client data leaked after being hacked

(01:01:19) - The University of Arionza is missing $240 million

(01:05:18) - QuickBooks ProAdvisor badges and changes

(01:12:25) - 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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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.

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/ApplePodcasts

YouTube: https://www.youtube.com/@TheAccountingPodcast

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Podchaser: http://cloudacctpod.link/podchaser

Stitcher: http://cloudacctpod.link/Stitcher

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Classifieds
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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

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.

Sponsors LiveFlow - http://accountingpodcast.promo/liveflowZoho - https://cloudaccountingpodcast.promo/zoho Keeper - https://cloudaccountingpodcast.promo/keeper
Chapters
(00:32) - Blake and David are back from QuickBooks Connect

(06:38) - New QuickBooks features announced at QuickBooks Connect

(07:25) - QuickBooks Ledger

(09:47) - Expanded roles and permissions in QBO

(10:16) - QuickBooks Payroll cost allocations

(11:23) - Chart of Accounts templates

(12:26) - Changes to ProAdvisor Program

(13:08) - Now you can copy QBO files to a sandbox

(16:20) - Blake's AI session at QuickBooks Connect

(24:47) - Blake will be giving a webinar on AI on Earmark's Webinars+

(27:33) - EY Texas gets a $3 million penalty for cheating on ethics exams

(34:35) - 46% of EY audits in 2022 had flaws

(37:47) - What numbers do investors care about?

(41:40) - PCAOB says they have doubled their fines in recent years

(43:35) - More cities are struggling with ERP rollouts

(44:57) - Zoho introduces practice management software for accountants

(46:45) - Tech Radar's top laptops for accountants

(48:04) - Intuit updates their tax software and shuts down Mint

(55:29) - 42% of accountants turn down work over staff shortages

(57:51) - ClientHub introduces AI-enabled email integration

(59:24) - 3 AI-based accounting companies raise a lot of money

(01:08:48) - Is Google/Alphabet in trouble?

(02:03) - 31 Wrap up and thanks for listening

 
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-repor

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?

(05:12) - Do you have any nightmare CPA exam stories?

(10:39) - What does the current CPA exam look like and what's changing in 2024?

(14:27) - Do you think the CPA exam changes will help the pipeline?

(17:12) - Have CPA exam pass rates gone up with the 5th-year requirement?

(19:58) - How did you both get involved with UWorld?

(22:58) - Advice for accountants struggling to balance studying with their work and lives

(29:23) - How are you dealing with reduced attention spans

(36:30) - Do you tell students to diet and exercise as part of exam prep?

(42:04) - Peter's famous coffee offer

(43:00) - Why do you think young accountants are leaving the profession?

(51:12) - The problem with work-life balance versus billable hours

(59:08) - 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=enRoger Philipp, CPA, CGMALinkedIn: https://www.linkedin.com/in/rogerphilipp/Twitter: https://twitter.com/rogercpa?lang=en
Show Noteshttps://newsroom.uworld.com/story/uworld-launches-all-new-cpa-exam-review-product-to-prepare-candidates-for-the-2024-cpa-evolution/

Need CPE?
Get CPE for listening to podcasts with Earmark: https://earmarkcpe.comSubscribe to the Earmark Podcast: https://podcast.earmarkcpe.com

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.

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/ApplePodcasts

YouTube: https://www.youtube.com/@TheAccountingPodcast

Spotify: http://cloudacctpod.link/Spotify

Podchaser: http://cloudacctpod.link/podchaser

Stitcher: http://cloudacctpod.link/Stitcher

Overcast: http://cloudacctpod.link/Overcast


Classifieds Forwardly - https://www.forwardly.com/
Classifieds
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

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.comLinks/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

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/liveflowRelay - 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

(03:59) - CPA Journal uses bad AI to draw conclusions on AI's future in accounting

(10:15) - Guinness Stout might not exist without taxes

(13:27) - Jeff Bezos is moving to Miami

(17:06) - Over 2/3 of Ohio CPAs are 50 or older

(22:41) - Sam Bankman-Fried found guilty

(24:13) - WeWork files for bankruptcy

(30:11) - Trump trial updates: Donald Trump takes the stand

(41:01) - CPA Ontario fines Deloitte

(47:16) - IRS budget cut again

(52:50) - NASBA CEO Ken Bishop plans to retire

(54:18) - BDO and other firms becoming ESOPs

(56:09) - Expensify closes their longue in SF

(01:00:11) - We're going to QuickBooks Connect

(01:00:59) - Blakes shares Instagram clip of street CPA interview

(01:02:53) - Wrap up and how to earn free CPE for listening to this podcast
 Show Notes
House passes Israel aid tied to IRS cuts, triggering Biden clash | Accounting Today
https://www.accountingtoday.com/articles/house-passes-israel-aid-tied-to-irs-cuts-triggering-biden-clash
 
New York accounting firm Grassi announces ESOP | Accounting Today
https://www.accountingtoday.com/news/new-york-accounting-firm-grassi-announces-esop
 
Trump’s Sons Cast the Blame for Fraud on Their Company’s Accountants
https://www.nytimes.com/2023/11/02/nyregion/eric-trump-donald-jr-fraud-trial.html?smid=nytcore-ios-share&referringSource=articleShare
 
NASBA CEO Ken Bishop plans to retire | Accounting Today
https://www.accountingtoday.com/news/nasba-ceo-ken-bishop-plans-to-retire
 
IG reel: Good salary BUT don’t become a CPA
https://www.instagram.com/reel/CzCgptfpjmv/
 
Can Artificial Intelligence Become an Accounting Expert? - The CPA Journal
https://www.cpajournal.com/2023/10/24/can-artificial-intelligence-become-an-accounting-expert-2/
Deloitte Auditors Got Caught Changing Their Computer Clocks to Backdate Workpapers
https://www.goingconcern.com/deloitte-auditors-got-caught-changing-their-computer-clocks-to-backdate-workpapers/
 
Ohio floats plan to recruit more CPAs      
https://www.accountingtoday.com/news/ohio-floats-plan-to-recruit-more-cpas
 
WeWork, once valued at $47 billion, files for bankruptcy 
https://www.cnbc.com/2023/11/07/wework-files-for-bankruptcy.html
 
Here's how much WeWork co-founder Adam Neumann made before the company's bankruptcy
https://www.cnbc.com/2023/11/07/heres-how-much-wework-founder-adam-neumann-got-before-bankruptcy.html
 
Sam Bankman-Fried found guilty on all seven criminal fraud counts
https://www.cnbc.com/2023/11/02/sam-bankman-fried-found-guilty-on-all-seven-criminal-fraud-counts.html
 
Amazon founder Jeff Bezos is leaving Seattle for Miami    
https://www.cnbc.com/2023/11/03/amazon-founder-jeff-bezos-is-leaving-seattle-for-miami.html
 
Ohio Society of CPAs Develops Action Plan Aimed at Talent Shortage
https://www.cpapracticeadvisor.com/2023/11/06/ohio-society-of-cpas-develops-action-plan-aimed-at-talent-shortage/97271/
 
Billions still lost through bad accounting, says auditor general       
https://mg.co.za/business/2023-11-03-billions-still-lost-through-bad-accounting-says-auditor-general/
 
Eric Trump testified over and over again he had nothing to do with his dad’s accounting. Then he was shown his own emails   
https://fortune.com/2023/11/03/eric-trump-tes