Markham's $13 Million Fine Is a Systemic Thing

The market saw more than 860 SPACs, complete IPOs from 2020 through 2021. Markham audited nearly half of them. And I think it's because the Big Four wasn't touching these SPACs. The Big Four had their own audit quality issues. They were dealing with a bunch of other companies and didn't need to help out with this.

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In this episode of the Accounting Podcast, Blake and David talk to CPA Roger Knecht about how much CPAs should charge for business tax returns. They also touch on the latest news, including Hunter Biden's plea deal for tax charges, the Pentagon overestimating supplies sent to Ukraine by $6.2 billion, and the SEC charging Marcum with quality control failures. They also dig into sports gamblers losing more money as parlays gain popularity, Roger's five pricing strategies, and AI in accounting.

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Chapters

(00:23) - Preview: CPAs are pricing themselves too low
(01:13) - Welcome Roger to the show and a little background on what he does
(03:20) - What topics we'll cover in this episode
(04:25) - Hunter Biden takes plea deal in tax charges
(09:20) - Pentagon overestimates supplies sent to Ukraine by $6.2 billion
(12:27) - Who will win: Elon Musk vs Mark Zuckerberg
(16:07) - CPA Ontario and CPA Quebec sever ties with CPA Canada
(20:56) - The SEC charges Marcum with quality control failures
(31:52) - Yahoo Finance article on how much people should expect to pay for a CPA
(38:33) - Sports bettors losing more money as parlays gain popularity
(43:59) - Roger's 5 pricing strategies
(48:53) - Some updates on AI in accounting
(57:18) - Wrap up and where to reach Roger

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Meet Our Guest, Roger Knecht:
Website: https://universalaccounting.com/
LinkedIn: https://www.linkedin.com/in/rogerknecht/
Twitter: https://twitter.com/universalacct
Facebook: https://www.facebook.com/universalaccountingschool
Instagram: https://www.instagram.com/rogerknecht/

Show Notes

Even by the standards of billionaire-versus-billionaire tiffs, the proposed cage fight between Elon Musk and Mark Zuckerberg stands out

https://www.wsj.com/articles/elon-musk-mark-zuckerberg-cage-fight-b71fa4ff

Marcum, the SEC said, audited nearly half of the roughly 860 SPAC IPOs in 2020 and 2021. The firm agreed to pay the SEC $10 million in fines for widespread failures in its audits.

https://www.wsj.com/articles/marcum-to-settle-sec-pcaob-claims-over-widespread-failures-in-spac-audits-bb8f3d48

Accounting Mistake Caused Pentagon to Overestimate Cost of Weapons Sent to Ukraine by $6.2B - CPA Practice Advisor

https://www.cpapracticeadvisor.com/2023/06/21/accounting-error-caused-pentagon-to-overestimate-cost-of-weapons-sent-to-ukraine-by-6-2b/81322/

I'm a Small Business Owner. How Much Will a CPA Cost Me?

https://finance.yahoo.com/news/im-small-business-owner-much-130149992.html

4 in 5 Australians want PwC banned from new government work | Accountants Daily

https://www.accountantsdaily.com.au/regulation/18685-four-in-five-australians-want-pwc-banned-from-new-government-work

CPA Quebec, Ontario bodies sever ties with national organization

https://financialpost.com/fp-finance/cpa-quebec-ontario-sever-ties-national-organization

Hunter Biden expected to plead guilty to tax-related misdemeanor crimes as part of a plea agreement

https://www.nbcnews.com/news/amp/rcna90144

How much did Congress lose by defunding the IRS