Programmed to Chill
Premium Episode 78 - the Accounting Episode
Jun 8, 2024
The podcast delves into the history of accounting from renaissance Venice to the modern era, discussing moneylending, Shylock, and key accounting concepts. It explores the origins of banking, double-entry bookkeeping, and the importance of accurate financial records. The episode also covers the complexity of Shylock in the play, accounting concepts like depreciation and standardized reporting, and modern corporate structures. Additionally, creative ways to make accounting fun are highlighted, including accounting-themed songs and daily challenges.
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Quick takeaways
- Historical roots of accounting tied to violent crime and usury in Renaissance Venice.
- Ethical dilemmas faced by Big Four auditing firms due to conflicts of interest and global audit failure rates.
Deep dives
The Roots of Banking in Organized Crime
Banking has historical connections to violent organized crime, with examples like the Medicis starting a bank through bribes after being arrested for murders. Venetian merchants developed double-entry bookkeeping amidst crime and usury considered sinful by the Catholic Church.
