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The Accounting Podcast
Internal Control Failures and Financial Problems in Baltimore
This chapter discusses the lack of internal controls in various organizations, including a case in Baltimore where bad accounting and bookkeeping led to problems with the city's water supply and schools. It also mentions issues with the rollout of the software Workday in a top 10 firm, and an accounting firm in the UK apologizing for paying a trainee below the minimum wage.
An embezzlement scheme at Aria Hotel costs MGM $770,000, an accounting firm apologizes for paying a staffer below minimum wage, problems with Workday ERP implementations for state and local governments, a spike in accounting enrollment at Purdue University, and tax migration trends between high-tax and low-tax states.
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Chapters
- (00:59) - Clarence Thomas and a questionable RV loan
- (07:03) - Trump trial updates
- (10:35) - Allen Weisselberg accused of perjury by Forbes
- (12:38) - Earmark presents a "Federal Tax Updates" webinar on the IRS withdrawal process for ERC claims
- (14:08) - The complicated way the IRS wants you to complete this process
- (17:32) - Do Millenials use voice assistants to pay bills?
- (19:33) - We got a new 5-star review!
- (21:39) - Roblox and forcing remote workers back to the office
- (24:58) - Checking in on the live chat
- (26:07) - Data shows people are relocating to states with lower taxes
- (29:48) - Liberty Tax loses suit against Better Call Saul
- (32:27) - All your bank feeds are about to break
- (33:06) - $770,000 embezzlement at the Aria in Vegas
- (36:18) - Maryland Department of Health lost track of over $1 billion in COVID funds
- (37:38) - The City of Baltimore blames Worday for AR problem
- (42:27) - Grant Thornton apologizes for paying trainee below minimum wage
- (46:31) - Latest AICPA MAP survey shows no gain in starting accountants' salaries
- (50:51) - Purdue University sees spike in accounting enrollment
- (55:02) - Seton Hall launches new master's program in accounting and analytics
- (57:13) - Thanks for listening!
Show Notes
Clarence Thomas Didn’t Fully Repay $267,230 Loan for Luxury Motor Home, Senate Report Says - WSJ
Accounting firm apologises for paying trainee below minimum wage
https://www.efinancialcareers.com/news/2023/10/pay-for-trainee-accountants
Audit of Maryland Health Department finds $1.4 billion accounting lapse - The Washington Post
Justice Thomas’s R.V. Loan Was Forgiven, Senate Inquiry Finds - The New York Times
Michael Cohen Testifies Trump Ordered Him to Inflate Wealth - WSJ
Purdue University sees spike in accounting enrollment | Accounting Today
https://www.accountingtoday.com/news/purdue-university-sees-spike-in-accounting-enrollment
Trump’s Longtime CFO Lied, Under Oath, About Trump Tower Penthouse
IRS announces withdrawal process for Employee Retention Credit claims
Donald Trump Watches as Witness Dismantles His Net Worth Calculations
https://www.newsweek.com/donald-trump-watches-witness-dismantles-his-net-worth-calculations-1835556
How an IRS contractor leaked tax data on Donald Trump, Jeff Bezos and Elon Musk | Accounting Today
Profits and Pay Lag Behind Revenue Gains at CPA Firms - CPA Trendlines
https://cpatrendlines.com/2023/10/11/cpa-firm-profits-and-pay-lag-as-revenue-tops-1-million/
'Better Call Saul' creators beat Liberty Tax's defamation, trademark lawsuit | Reuters
Crazy Embezzlement Case At Aria Las Vegas: Hotel Manager Refunds $770,000+ To His Debit Card - LoyaltyLobby
IRS Announces Special Process For Withdrawing Inappropriate ERC Claims
Roblox tells employees they have to come to office three days a week or take severance package
What do young accountants want to do with their lives?
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