6min chapter

Survey Says 80% of CPAs Support Alternatives to 150 Hours

The Accounting Podcast

notes

CHAPTER

Flaws in the current system of inspections and the 150-hour rule

The speakers discuss the difficulties of obtaining work experience and finding a CPA to sign off on the required hours, and suggest alternative options such as swapping education for more work experience. They also criticize the lack of requirement for business or accounting courses in some states.

00:00

Transcript

Episode notes

Blake and David mull over the Arizona CPA Society's survey revealing that 80% of Arizona CPAs support 150-hour-rule alternatives. They also examine the UK Post Office scandal that led to hundreds of criminal convictions of postmasters, as well as Deloitte's recent massive audit failures, and the impacts of the talent shortage illustrated by delayed government audits in Wyoming. Wrapping things up, some reflections on the need for major reforms in auditing and regulation of the accounting profession. All this and more, right here, right now!

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Chapters

(00:29) - Blake goes over the Arizona Society of CPA's survey results
(06:06) - Do 150-hour employees do better work?
(09:35) - Are firms facing an accounting shortage?
(14:42) - Did you know Nikki Haley was an accountant?
(16:28) - Deloitte audit failure in Nigeria
(29:35) - Certified Pastry Aficionado
(31:37) - Tsunami miracle baby, now 19, pursuing an accounting degree
(34:30) - Fujitsu, Horizon, and the disgusting postal worker prosecution failure by the UK government
(48:41) - Blake checks in on the live chat
(53:19) - Going Concern: Wyoming firm faces staffing shortage in critical government audits
(56:49) - Download Earmark. Earn free CPE for listening

Show Notes

Arizona CPA Society releases 150-hour survey results

https://www.ascpa.com/news/ddf50a1e-70cc-4d5b-9e00-cc9c5f82c17e:az-cpa-januaryfebruary-2024

How Deloitte missed a massive Nigerian company fraud

https://www.forbes.com/sites/brandonkochkodin/2024/01/10/how-auditor-deloitte-missed-a-nigerian-companys-massive-fraud/?sh=49b6cce059f4

Tsunami miracle baby now majoring in accounting

https://www.nst.com.my/news/nation/2023/12/994163/tsunami-miracle-baby-now-19-pursues-accounting-degree-nsttv

Only two firms in Wyoming can do government audits, and one can’t do its job

https://www.goingconcern.com/there-are-only-two-firms-in-wyoming-that-can-do-government-audits-and-one-cant-do-its-job-because-of-staff-shortages/

There Are Only Two Firms in Wyoming That Can Do Government Audits and One Can’t Do Its Job Because of Staff Shortages

https://www.goingconcern.com/there-are-only-two-firms-in-wyoming-that-can-do-government-audits-and-one-cant-do-its-job-because-of-staff-shortages/

Revealed: The Fujitsu fat cats who pocketed huge salaries while its flawed Horizon accounting system ruined...