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

https://fortune.com/2025/12/15/deloitte-cto-bill-briggs-what-really-scares-ceos-about-ai-human-resources/

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

https://www.usmint.gov/news/press-releases/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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