Cloud Accounting AI and Check Fraud

Accounting Today said ChatGPT failed the CPA Exam — here's why that's misleading; a WSJ reporter clones herself with AI and tricks her bank and family; TurboTax tops the TV ads for tax year 2022; Audit firms remove partners who fault clients' internal controls; 80 percent of BDO Alliance partners vote to eliminate or modify the 150-hour rule

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• (00:00) - ChatGPT Was Set Up To Fail The CPA Exam
• (00:30) - Does the accounting profession give your life meaning?
• (01:00) - Welcome to the show, David is on the road this week
• (04:49) - Accounting Today says ChatGPT completely failed CPA exam
• (07:48) - Blake ran some of his own tests with GPT-4 and takeaways people should get from this article
• (13:23) - WSJ article on the potential of AI and fraud
• (15:09) - Blake plays clips of Joanna's voice cloned compared to her actual voice
• (18:28) - TechCrunch article on Intuit's AI journey
• (23:35) - Accounting Today article on firms removing audit partners from engagements where they found internal control problems
• (28:41) - Accounting Today: PCAOB turns up the heat on auditing firms
• (32:20) - Three failed banks all had KPMG in common
• (38:26) - Which brands spent the most money on ads around tax day 2023?
• (41:30) - TurboTax starts sending out checks as part of "free free free" settlement
• (42:58) - Listener email about the 150 hour rule and underpaid CPAs
• (46:57) - BDO Alliance poll results on the 150 hour requirement
• (50:29) - Blake buys MedEvac insurance for the first time
• (53:09) - Some quick app news roundup
• (58:33) - Wrap up and where to reach us

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Show Notes

KPMG pens deal with MindBridge to apply AI to digital audits | Accounting Today

https://www.accountingtoday.com/news/kpmg-pens-deal-with-mindbridge-to-apply-ai-to-digital-audits

We ran the CPA exam through ChatGPT and it failed miserably | Accounting Today

https://www.accountingtoday.com/news/we-ran-the-cpa-exam-through-chatgpt-and-it-failed-miserably

I Cloned Myself With AI. She Fooled My Bank and My Family.        

https://www.wsj.com/articles/i-cloned-myself-with-ai-she-fooled-my-bank-and-my-family-356bd1a3

Audit firms remove partners who fault clients' internal controls | Accounting Today

https://www.accountingtoday.com/news/audit-firms-remove-partners-who-fault-clients-internal-controls

BDO Alliance poll of managing partners on 150-hour rule

https://twitter.com/BlakeTOliver/status/1654553693830914048

TurboTax customers to receive checks for $141M settlement        

https://apnews.com/article/turbotax-inuit-settlement-checks-mail-0c01cf25aa34693163886d135f7a6560

Accounting automation developer Gappify scores $10m

https://fintech.global/2023/05/02/accounting-automation-developer-gappify-scores-10m/            

Intuit’s shift

https://techcrunch.com/2023/04/27/intuit-ai-shift/

Hundreds Of Tax Prep Services Hit The Airwaves Before April https://www.insideradio.com/free/hundreds-of-tax-prep-services-hit-the-airwaves-before-april-18/article_b59beb46-e5a2-11ed-a08f-d7b730e240b8.html

We had ChatGPT take the CPA exam — and it failed           

https://www.accountingtoday.com/news/we-ran-the-cpa-exam-through-chatgpt-and-it-failed-miserably

ChatGPT Just Failed This Accounting Exam

https://www.digitalinformationworld.com/2023/04/chatgpt-just-failed-this-accounting-exam.html

Accounting clerk created original art on billing statements to help a patient heal

https://www.cbsnews.com/video/accounting-clerk-created-original-art-on-billing-statements-to-help-a-patient-heal/

Get in Touch

Thanks for listening and for the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and, if you like what you hear, please do us a favor and write a review on iTunes, or Podchaser. Interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus, and NOW, you can see our smiling faces on Instagram! You can now call us and leave a voicemail, maybe we'll play it on the show. DIAL (202) 695-1040

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