$95 Million Missing—and Still a Clean Audit?
The Accounting Podcast
Why SOC Reports and Controls Fell Short
David and Blake question SOC 1/2 effectiveness and how documentation can mask failing operational controls.
How does $95 million go missing at a bank—and still get a clean audit? Blake and David unpack the Evolve Bank/Synapse meltdown, what auditors missed, and how SOC reports fall short. Plus: the penny shortage pushing cash rounding at the register, the shocking stat that even 29% of partners don’t know partner pay, and the case for semiannual reporting. Walk away with practical takeaways for clients, staff, and your own firm.
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Chapters
- (00:44) - The Penny Shortage Crisis
- (03:52) - Evolve Bank's $95 Million Scandal
- (17:12) - Earmark CPE and Other Podcast Recommendations
- (22:00) - Partner Salaries and Compensation Transparency
- (28:27) - Data Breach at SAX Accounting Firm
- (33:28) - Semi-Annual Reporting Debate
- (36:25) - Debating Semi-Annual Reporting
- (37:38) - Quarterly Reporting Games
- (38:25) - LinkedIn Comment: The Case for Quarterly Reports
- (39:11) - The Value of Financial Statements
- (39:58) - Challenges in Modern Accounting
- (46:57) - 2026 Accounting Predictions
- (52:01) - AI's Impact on Bookkeeping
- (01:09:08) - Closing Thoughts and Farewell
Show Notes
Square Enables Penny Rounding
https://squareup.com/us/en/press/penny-rounding
CFPB Allocates $46 Million To Synapse/Evolve Victims In First-Ever Fintech Bailout
https://fintechbusinessweekly.substack.com/p/cfpb-allocates-46-million-to-synapseevolve
The 2025 Accounting Today Salary Survey
https://www.accountingtoday.com/list/the-2025-accounting-today-salary-survey
The Ultimate 2026 Accounting Salary Guide
https://blog.workday.com/en-us/ultimate-2026-accounting-salary-guide.html
Deloitte's CTO: companies are spending 93% on tech and only 7% on people and that has to change
Accounting firm waited 18 months to announce breach
https://cybernews.com/security/sax-data-breach-quarter-million-exposed/
Should Public Companies Move to Semi-Annual Reporting?
https://www.cpajournal.com/2025/12/19/should-public-companies-move-to-semi-annual-reporting/
United States Mint Hosts Historic Ceremonial Strike for Final Production of the Circulating One-Cent Coin
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Transcripts
The full transcript for this episode is available by clicking on the Transcript tab at the top of this page
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