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PayPal is reportedly developing its own stablecoin as part of its cryptocurrency push. This stablecoin would allow users to transact on the PayPal platform without converting funds into US dollars until necessary, enabling quicker transfers of funds.
LinkedIn is set to launch events, an audio and video platform that will compete with the likes of Zoom and Microsoft Teams. The platform will initially offer audio-only events, similar to Clubhouse, and later roll out beta features for video events. The aim is to create a comprehensive end-to-end platform for hosting virtual events and conferences.
According to a survey conducted by the Ohio Society of CPAs, a significant number of accounting firms are still in the early stages of technology adoption. Approximately one-third of firms reported being just getting started or not using any cloud accounting, robotic process automation, artificial intelligence, or cryptocurrency tools. This highlights the ongoing opportunity for firms to embrace technology and its benefits.
In this podcast episode, the hosts discuss two main topics. First, they analyze the Theranos scandal and its implications for the auditing industry. They highlight the need for a separation between audits and other financial services to mitigate conflicts of interest and improve public protection. They also emphasize the responsibility of investors and the broken nature of the system that allowed such a fraud to continue for years. Secondly, they explore the ongoing challenges faced by the State of California in developing their own accounting system. Despite spending $1 billion, the project remains incomplete, causing financial and operational issues. The hosts question the viability of the project and discuss the management of such initiatives by government authorities.
In addition to the main topics, the podcast briefly touches on other noteworthy events. It mentions the accidental deposit of 130 pounds, equivalent to $176 million, into people's bank accounts by Santander due to a processing glitch. The hosts discuss the consequences of withdrawing the money and the challenges faced by affected individuals. They also highlight the ongoing ransomware attack on Chronos, a timekeeping and payroll company, which has disrupted their operations and affected major employers such as transportation authorities and government agencies. The hosts delve into the complexities of recovering from a ransomware attack, including the targeting of backups, and the potential impact on affected organizations.
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Oh My Fraud: A True Crime Podcast for Accountants: ohmyfraud.com
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Show Notes
01:47 – Another reconciliation issue for David
03:56 – Shortbread | Encyclopedia.com
https://www.encyclopedia.com/places/asia/indian-political-geography/shortbread
06:03 – Accounting firms face the Great Resignation | Accounting Today
https://www.accountingtoday.com/news/accounting-firms-face-the-great-resignation
06:37 – Tips for recruiting and retention in a 'Great Resignation' world | Accounting Today
https://www.accountingtoday.com/list/tips-for-recruiting-and-retention-in-a-great-resignation-world
10:18 – You guys weren’t joking about busy season. : Accounting
https://www.reddit.com/r/Accounting/comments/rxudnu/you_guys_werent_joking_about_busy_season/
16:48 – 50 Accounting Puns for CPAs, Accountants, and Anyone Who Needs a Laugh During Tax Season
https://parade.com/1316855/jessicasager/accounting-puns/
19:29 – Elizabeth Holmes and her Big 4 audit firm buddies at Theranos
https://thedig.substack.com/p/elizabeth-holmes-and-her-big-4-audit
Timing of auditor firings raises questions | Accounting Today
https://www.accountingtoday.com/news/timing-of-auditor-firings-raises-questions
27:15 – California’s $1 billion accounting program delayed again, could affect state’s credit
https://www.sacbee.com/news/politics-government/the-state-worker/article257054247.html
30:01 – Bank accidentally deposits $176 million into people's accounts on Christmas Day
31:03 – Kronos outage latest: Attackers crippled backup access
https://thestack.technology/kronos-outage-latest-ransomware-backups/
Kronos outage latest: back-ups hit; Log4j not involved.
https://thestack.technology/kronos-outage-latest-ransomware-backups/
34:32 – Confessions of an ex-partner | Accounting Today
https://www.accountingtoday.com/opinion/confessions-of-an-ex-partner
38:34 – QuickBooks to air first Super Bowl spot for its own brand
40:04 – PayPal Explores Launch of Own Stablecoin in Crypto Push
43:23 – LinkedIn is taking on Zoom and Microsoft Teams with a new audio and video events platform
45:08 – Ready for Tech Transformation?
https://cpatrendlines.com/2022/01/06/are-cpas-ready-for-accounting-to-transform/
48:08 – Ted on Tech: Time for a home office update? | Accounting Today
https://www.accountingtoday.com/news/ted-on-tech-time-for-a-home-office-update
54:26 – The 2021 Controller Awards: Call for Applicants
https://controllerscouncil.org/the-2021-controller-awards-call-for-applicants/
55:56 – Controller and Corporate Accounting/Finance Statistics
https://controllerscouncil.org/controller-and-corporate-accounting-finance-statistics/
57:59 – Accounting Firms Scoop Up Virtual Land in the Metaverse
https://www.wsj.com/articles/accounting-firms-scoop-up-virtual-land-in-the-metaverse-11641599590
61:25 – Tax pros should prepare for ‘grueling’ year: NATP | Accounting Today
https://www.accountingtoday.com/news/tax-pros-should-prepare-for-grueling-year-natp
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 u...
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