The Accounting Podcast

SEC Charges Trump's Audit Firm with Massive Fraud

May 9, 2024

01:08:10

The SEC charged Trump's audit firm with a massive fraud – 1,500 fake filings over 2.5 years! Plus, hundreds of small US banks are at risk due to commercial real estate loan exposure. We're also talking about the potential of AI tools like Claude and ChatGPT to automate various accounting and business tasks, the controversial Corporate Transparency Act's beneficial ownership reporting requirements, and the possibility of its repeal. We wrap with fintech and crypto news, including Mercury Bank's rapid growth and potential regulatory issues.

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Chapters

(09:04) - Anthropic launches Claude for teams
(11:12) - More LLM models pass CPA exam
(18:28) - Blake demonstrates AI's abiity to help with emails
(32:56) - 28 AI prompts for small businesses
(36:39) - Oregon Senator going after TurboTax to issue refunds to Oregonians
(38:44) - The possibility of a regional banking crisis
(48:12) - The Corporate Transparency Act might be repealed
(54:15) - Tether claims they can't find a Big 4 firm to audit them
(56:54) - Mecurity Bank being looked at by FDIC
(01:02:05) - Square to allow users to transfer percent of daily sales to Bitcoin
(01:03:26) - Download and sign up for the Earmark app

Show Notes

Anthropic launches a free Claude iOS app and Team, its first enterprise plan | ZDNET

https://www.zdnet.com/article/anthropic-launches-a-free-claude-ios-app-and-team-its-first-enterprise-plan/

SEC.gov | SEC Charges Audit Firm BF Borgers and Its Owner with Massive Fraud Affecting More Than 1,500 SEC Filings

https://www.sec.gov/news/press-release/2024-51

Oregon senator demands refunds for TurboTax customers over glitch | Accounting Today

https://www.accountingtoday.com/news/oregon-senator-demands-refunds-for-turbotax-customers-over-glitch

Can LLMs Pass the CPA Exam? Evaluating Large Language Model Performance on the Certified Public Accountant Test by Will Zacher, Sanmukh Kuppannagari :: SSRN

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4788096

Sam Altman says helpful agents are poised to become AI’s killer function | MIT Technology Review

https://www.technologyreview.com/2024/05/01/1091979/sam-altman-says-helpful-agents-are-poised-to-become-ais-killer-function/

Why hundreds of U.S. banks may be at risk of failure

https://www.cnbc.com/2024/05/01/why-hundreds-of-us-banks-may-be-at-risk-of-failure.html

Tether CEO Says An Audit By A Big Four Giant Is Our Top Priority

https://coingape.com/tether-ceo-says-an-audit-by-a-big-four-giant-is-our-top-prioritterrestrial

Block lets Square merchants convert a part of their daily sales to bitcoin

https://techcrunch.com/2024/04/24/block-now-lets-square-merchants-convert-a-part-of-their-daily-sales-to-bitcoin/

The 28 best AI prompts for small businesses

https://www.sage.com/en-us/blog/the-28-best-ai-prompts-for-small-businesses/

Congress considers how to fix the Corporate Transparency Act

https://www.accountingtoday.com/news/congress-considers-how-to-fix-the-corporate-transparency-act

Article from www.congress.gov

https://www.congress.gov/bill/118th-congress/house-bill/8147/cosponsors

Binance founder Changpeng Zhao sentenced to 4 months in prison after plea deal

https://www.cnbc.com/2024/04/30/binance-founder-changpeng-zhao-cz-sentenced-to-four-months-in-prison-.html

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