Why EY Has The Worst Big Four PCAOB Deficiency Rate

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 LennonLinkedIn: https://www.linkedin.com/in/natalielennon/TikTok: https://www.tiktok.com/@natlennoLearn more about Two Sides AccountingWebsite: https://www.twosides.com.au/Need CPE?Get CPE for listening to podcasts with Earmark: https://earmarkcpe.comSubscribe to the Earmark Podcast: https://podcast.earmarkcpe.comGet in TouchThanks 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.SponsorshipsAre you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.Need Accounting Conference Info? Check out our new website - accountingconferences.comLimited edition shirts, stickers, and other necessitiesTeePublic Store: http://cloudacctpod.link/merchSubscribeApple 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/OvercastClassifiedsWant 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/RunClassifiedAdTranscriptsThe 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.SponsorsZoho - http://accountingpodcast.promo/zohoRelay - http://accountingpodcast.promo/relaySafeSend - http://accountingpodcast.promo/safesendinterVal - http://accountingpodcast.promo/intervalChapters(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 Controversy  Show NotesHow Remote Work Is Impacting Accounting Firmshttps://cpatrendlines.com/2024/09/22/how-remote-work-is-impacting-accounting-firms/ 2024 KPMG U.S. CEO Outlook Pulse Surveyhttps://kpmg.com/us/en/articles/2024/kpmg-2024-ceo-outlook-pulse-survey.html Amazon tells employees to return to office five days a weekhttps://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 sayhttps://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 Videohttps://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 Requirementshttps://www.sec.gov/newsroom/press-releases/2024-133 Beneficial Ownership Reporting Outreach and Education Toolkithttps://www.fincen.gov/boi/toolkit BOI requirements roll along despite concerns about too little outreachhttps://www.journalofaccountancy.com/news/2024/aug/boi-reporting-requirements.html Property Fraud Allegations Snowball as Commercial Real Estate Values Fallhttps://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 2026https://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 Estatehttps://www.wsj.com/finance/banking/commercial-property-loans-real-estate-banks-249a43b9Need CPE?Get CPE for listening to podcasts with Earmark: https://earmarkcpe.comSubscribe to the Earmark Podcast: https://podcast.earmarkcpe.comGet in TouchThanks 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.SponsorshipsAre you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.Need Accounting Conference Info? Check out our new website - accountingconferences.comLimited edition shirts, stickers, and other necessitiesTeePublic Store: http://cloudacctpod.link/merchSubscribeApple 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 Forwardly - https://www.forwardly.com/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 cr...

Blake and David explore Intuit's new Enterprise Suite, a product that appears to compete with NetSuite in the mid-market ERP space. They alsodiscuss 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 modeloutperforming humans on IQ tests.SponsorsLiveFlow - http://accountingpodcast.promo/liveflowThe Small Business Research Institute - http://accountingpodcast.promo/ceanowSafeSend - http://accountingpodcast.promo/safesendChapters(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 Farewell  Show NotesIntuit Introduces Intuit Enterprise Suite to Help Businesses Grow, Streamline Operations, and Scalehttps://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 Chinahttps://finance.yahoo.com/news/pwc-faces-record-fine-over-131518742.html Death of young Ernst & Young employee raises questions about workplace culturehttps://www.nbcnews.com/news/world/death-young-ernst-young-employee-raises-questions-workplace-culture-rcna171945 Comparison of Models: Quality, Performance & Price Analysishttps://artificialanalysis.ai/modelsWaymo significantly outperforms comparable human benchmarks over 7+ million miles of rider-only drivinghttps://waymo.com/blog/2023/12/waymo-significantly-outperforms-comparable-human-benchmarks-over-7-million AICPA, NASBA propose a new pathway to CPA licensurehttps://www.journalofaccountancy.com/news/2024/sep/cpa-competency-based-licensure-pathway.htmlNeed CPE?Get CPE for listening to podcasts with Earmark: https://earmarkcpe.comSubscribe to the Earmark Podcast: https://podcast.earmarkcpe.comGet in TouchThanks 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.SponsorshipsAre you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.Need Accounting Conference Info? Check out our new website - accountingconferences.comLimited edition shirts, stickers, and other necessitiesTeePublic Store: http://cloudacctpod.link/merchSubscribeApple 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 Forwardly - https://www.forwardly.com/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/RunClassifiedAdTranscriptsThe full transcript for this episode is available by clicking on the Transcript tab at the top of this page

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 HoldeferLinkedIn: https://www.linkedin.com/in/ken-holdefer-101745105/Need CPE?Get CPE for listening to podcasts with Earmark: https://earmarkcpe.comSubscribe to the Earmark Podcast: https://podcast.earmarkcpe.comGet in TouchThanks 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.SponsorshipsAre you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.Need Accounting Conference Info? Check out our new website - accountingconferences.comLimited edition shirts, stickers, and other necessitiesTeePublic Store: http://cloudacctpod.link/merchSubscribeApple 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/OvercastClassifiedsWant 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/RunClassifiedAdTranscriptsThe full transcript for this episode is available by clicking on the Transcript tab at the top of this page

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.SponsorsLiveFlow - http://accountingpodcast.promo/liveflowThe Small Business Research Institute - http://accountingpodcast.promo/ceanowSafeSend - http://accountingpodcast.promo/safesendChapters(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 Professionals  Show NotesOracle NetSuite – SuiteWorldhttps://www.netsuitesuiteworld.com/ Accounting Software Market Size With Growing Demand and Forecast to 2032https://www.linkedin.com/pulse/accounting-software-market-size-growing-demand-qsgic/ Mercury acquires Tealhttps://mercury.com/blog/inside-mercury/mercury-acquires-teal Revolut Business Adds Bill Pay Featurehttps://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 Providerhttps://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 sayshttps://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 2009https://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' rulehttps://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 Arehttps://www.goingconcern.com/pwc-isnt-used-to-being-called-desperate-but-here-we-are/ Deloitte rower earned gold at Paris Olympicshttps://www.accountingtoday.com/news/deloitte-rower-earned-gold-medal-at-paris-olympicsNeed CPE?Get CPE for listening to podcasts with Earmark: https://earmarkcpe.comSubscribe to the Earmark Podcast: https://podcast.earmarkcpe.comGet in TouchThanks 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.SponsorshipsAre you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.Need Accounting Conference Info? Check out our new website - accountingconferences.comLimited edition shirts, stickers, and other necessitiesTeePublic Store: http://cloudacctpod.link/merchSubscribeApple 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 Forwardly - https://www.forwardly.com/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/RunClassifiedAdTranscriptsThe full transcript for this episode is available by clicking on the Transcript tab at the top of this page

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. SponsorsOnPay - http://accountingpodcast.promo/onpay Zoho - http://accountingpodcast.promo/zohoMakers Hub - http://accountingpodcast.promo/makershubChapters(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 Thoughts  Show NotesPCAOB Posts 2023 Annual Inspection Reports Alongside Staff Observations and New Charts To Boost Transparencyhttps://pcaobus.org/news-events/news-releases/news-release-detail/pcaob-posts-2023-annual-inspection-reports-alongside-staff-observations-new-charts-to-boost-transparencySuper Micro: Fresh Evidence Of Accounting Manipulation, Sibling Self-Dealing And Sanctions Evasion At This AI High Flyerhttps://hindenburgresearch.com/smci/AI Spotted Super Micro Risks Two Years Before Filing Fiascohttps://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 resignationshttps://www.stuff.co.nz/nz-news/350292387/eys-pr-nightmare-secret-drinking-club-misconduct-allegations-and-resignationsSuper Micro shares fall 19% on filing delay, Hindenburg Research reporthttps://www.cnbc.com/2024/08/28/super-micro-shares-fall-23percent-on-filing-delay-hindenburg-research-report.htmlWho 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 firmshttps://www.canadian-accountant.com/content/practice/pcaob-inspection-reports-deloitte-kreston-gtaRethinking Rankings: The Top 100 Firms — Adjustedhttps://www.vision.cpa/blog/Rethinking%20Rankings:%20Revenue%20Per%20EmployeeNeed CPE?Get CPE for listening to podcasts with Earmark: https://earmarkcpe.comSubscribe to the Earmark Podcast: https://podcast.earmarkcpe.comGet in TouchThanks 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.SponsorshipsAre you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.Need Accounting Conference Info? Check out our new website - accountingconferences.comLimited edition shirts, stickers, and other necessitiesTeePublic Store: http://cloudacctpod.link/merchSubscribeApple 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/OvercastClassifiedsClient Hub - https://clienthub.app/Forwardly - https://www.forwardly.com/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/RunClassifiedAdTranscriptsThe full transcript for this episode is available by clicking on the Transcript tab at the top of this page

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.SponsorsOnPay - http://accountingpodcast.promo/onpay Relay - http://accountingpodcast.promo/relayMakers Hub - http://accountingpodcast.promo/makershubChapters(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 Thoughts  Show NotesIntuit (INTU) Q4 2024 Earnings Call Transcripthttps://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 endshttps://www.cfo.com/news/6-podcast-episodes-cfos-should-listen-to-accounting-podcast-strategic-cfo-360-rockstar-cfo/723667/ Accountants bearish, mostlyhttps://www.accountingtoday.com/news/accountants-bearish-mostly-save-for-their-own-firm-and-clients Goldman Sachs Lowers Probability of US Recessionhttps://www.investopedia.com/goldman-sachs-lowers-probability-of-us-recession-8697194 China’s Punishment for People With Bad Debts: No Fast Trains or Nice Hotelshttps://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 Chainwidehttps://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 Evasionhttps://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 forhttps://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 Transparencyhttps://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 Shortfallshttps://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 Pushbackhttps://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 collapseshttps://www.ft.com/content/14a63c36-ba27-495c-96c0-3d34460d73ccNeed CPE?Get CPE for listening to podcasts with Earmark: https://earmarkcpe.comSubscribe to the Earmark Podcast: https://podcast.earmarkcpe.comGet in TouchThanks 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.SponsorshipsAre you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.Need Accounting Conference Info? Check out our new website - accountingconferences.comLimited edition shirts, stickers, and other necessitiesTeePublic Store: http://cloudacctpod.link/merchSubscribeApple Podcasts: http://cloudacctpod.link/ApplePodcastsYouTube: https://www.youtube.com/@TheAccountingPodcastSpotify: http://cloudacctpod.link/SpotifyPodchaser: http://cloudacctpod.link/podchaserStitcher: http://cloudacctpod.link/Stitcher

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.SponsorsLendflow - http://accountingpodcast.promo/lendflowThe Small Business Research Institute - http://accountingpodcast.promo/ceanowKeeper - http://accountingpodcast.promo/keeperChapters(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 Events  Show NotesNew features announced at Xerocon Nashvillehttps://blog.xero.com/product-updates/new-features-xerocon-nashville/Intuit cut to Equal-Weight at Morgan Stanley, citing reliance on pricing leverhttps://seekingalpha.com/news/4139926-intuit-cut-to-equal-weight-at-morgan-stanley-citing-reliance-on-pricing-leverBritish entrepreneur Mike Lynch among missing after luxury yacht sinks off Sicilyhttps://www.reuters.com/world/europe/seven-missing-15-rescued-after-sailboat-sinks-off-sicily-2024-08-19/Need CPE?Get CPE for listening to podcasts with Earmark: https://earmarkcpe.comSubscribe to the Earmark Podcast: https://podcast.earmarkcpe.comGet in TouchThanks 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.SponsorshipsAre you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.Need Accounting Conference Info? Check out our new website - accountingconferences.comLimited edition shirts, stickers, and other necessitiesTeePublic Store: http://cloudacctpod.link/merchSubscribeApple 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/OvercastClassifiedsClient Hub - https://clienthub.app/ Forwardly - https://www.forwardly.com/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/RunClassifiedAdTranscriptsThe full transcript for this episode is available by clicking on the Transcript tab at the top of this page

Blake Oliver meets with Josh Poresky, a recent college graduate working in audit at RSM. Josh describes his innovative AI project that uses retrieval augmented generation (RAG) to query PCAOB audit guidelines instantly. They explore how this technology could potentially automate up to 99% of staff work for internal controls testing in SOX audits and also highlight some of the challenges and future possibilities of implementing AI in auditing processes.Meet Our Guest, Josh PoreskyLinkedIn: https://www.linkedin.com/in/josh-poresky956/Need CPE?Get CPE for listening to podcasts with Earmark: https://earmarkcpe.comSubscribe to the Earmark Podcast: https://podcast.earmarkcpe.comGet in TouchThanks 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.SponsorshipsAre you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.Need Accounting Conference Info? Check out our new website - accountingconferences.comLimited edition shirts, stickers, and other necessitiesTeePublic Store: http://cloudacctpod.link/merchSubscribeApple 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/OvercastClassifiedsWant 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/RunClassifiedAdTranscriptsThe full transcript for this episode is available by clicking on the Transcript tab at the top of this page

Blake and David discuss the slow adoption of AI tools in accounting firms, with a recent study showing low usage rates. They also explore the potential of AI to streamline tasks like email writing and fraud detection, highlighting tools like Superwhisper. Moving on, there are political discussions around tax exemptions for tips and their potential consequences, updates on the Wirecard fraud case, and insights from a study linking corporate ethics language to negative outcomes.SponsorsLendflow - http://accountingpodcast.promo/lendflow The Small Business Research Institute - http://accountingpodcast.promo/ceanowBookkeeping Biz Workshops - http://accountingpodcast.promo/bbworkshopPractice Protect - http://accountingpodcast.promo/protectChapters(00:00) - Introduction and Welcome (00:59) - AI Tools for Accountants (01:21) - CPA Pathway Discussion (03:21) - SuperWhisper Demo (05:30) - Email Efficiency with AI (29:20) - Savannah Bananas Business Model (36:54) - LegalZoom Layoffs and Restructuring (38:35) - Challenges of Software in Service Businesses (38:51) - QuickBooks Live and Bookkeeping Models (42:19) - AI in Accounting: JPMorgan Chase's New Tool (44:33) - IRS Free File Expansion (48:26) - Debate on Taxing Tips (54:08) - Wirecard Scandal Update (55:15) - Ethical Companies and Investor Skepticism (01:00:16) - Listener Feedback and Career Advice (01:13:14) - The Accountant 2 Movie Announcement  Show NotesStudy finds accountants slow to adopt gen AIhttps://www.accountingtoday.com/news/study-finds-accountants-slow-to-adopt-gen-ai-tools Why Trump and Harris’s ‘no tax on tips’ plans may not help tipped workershttps://www.washingtonpost.com/business/2024/08/13/trump-harris-tax-free-tips/ Beware When a Company Says It Is Trustworthyhttps://www.wsj.com/finance/investing/ethics-companies-trust-b182f2b5?mod=itp_wsj Two more Wirecard executives charged over accounting scandalhttps://www.reuters.com/technology/two-more-wirecard-executives-charged-over-accounting-scandal-2024-08-06/ LegalZoom Announces Leadership Transitionhttps://investors.legalzoom.com/news-releases/news-release-details/legalzoom-announces-leadership-transition JPMorgan Launches AI Assistant for 60,000 Employeeshttps://www.investopedia.com/jpmorgan-launches-ai-assistant-for-60000-employees-8693103 Eligible taxpayers in 12 states can file for free with IRS Direct Filehttps://www.irs.gov/newsroom/eligible-taxpayers-in-12-states-can-file-for-free-with-irs-direct-file The Accountant 2: Official release date revealed, here’s when new episodes will air https://economictimes.indiatimes.com/news/international/us/the-accountant-2-official-release-date-revealed-heres-when-new-episodes-will-air/articleshow/112474832.cms?from=mdrNeed CPE?Get CPE for listening to podcasts with Earmark: https://earmarkcpe.comSubscribe to the Earmark Podcast: https://podcast.earmarkcpe.comGet in TouchThanks 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.SponsorshipsAre you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.Need Accounting Conference Info? Check out our new website - accountingconferences.comLimited edition shirts, stickers, and other necessitiesTeePublic Store: http://cloudacctpod.link/merchSubscribeApple 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 Forwardly - https://www.forwardly.com/ 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/RunClassifiedAdTranscriptsThe full transcript for this episode is available by clicking on the Transcript tab at the top of this page