ChatGPT Was Set Up To Fail The CPA Exam
The Accounting Podcast
The Importance of Experience and Judgment in Accounting
The accounting rules for banks arguably need to change and KPMG is just going to work off what the current rules are. So people from KPMG do audits of banks and then they go work at the FASB and PCOB and they look out for their buddies. Like this is natural, but that's created the situation we're in now. And you know who bears the brunt of it? It's these young 20-something auditors who were on these engagementsthat are like, "Oh no, what have I done?"
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
Sponsors
ShareFile - https://cloudaccountingpodcast.promo/sharefile
CCH Axcess - https://cloudaccountingpodcast.promo/axcess
SuiteFiles - https://cloudaccountingpodcast.promo/suitefiles
Chapters
- (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
Need CPE?
Subscribe to the Earmark Accounting Podcast: https://podcast.earmarkcpe.com
Get CPE for listening to podcasts with Earmark CPE: https://earmarkcpe
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
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
Need Accounting Conference Info?
Check out our new website - accountingconferences.com
Limited edition shirts, stickers, and other necessities
TeePublic Store: http://cloudacctpod.link/merch
Subscribe
- Apple Podcasts: http://cloudacctpod.link/ApplePodcasts
- Podchaser: http://cloudacctpod.link/podchaser
- Spotify: ht...
The AI-powered Podcast Player
