The Accounting Podcast

Survey Says 80% of CPAs Support Alternatives to 150 Hours

Jan 19, 2024

Blake and David discuss the Arizona CPA Society's survey on alternatives to the 150-hour rule, the UK Post Office scandal, Deloitte's audit failures, the talent shortage in auditing, and the need for major reforms in the accounting profession.

01:04:01

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Quick takeaways

81% of CPAs in Arizona support alternative pathways to CPA licensure beyond the traditional 150-hour education requirement.

Auditors are primarily focused on selling an unqualified opinion, leading to missed opportunities for detecting fraud.

Current financial incentives in the auditing profession discourage auditors from actively seeking out and reporting fraudulent activities.

Deep dives

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Introduction

2min

Discovery of Survey Results and Appreciation for Father's Involvement

2min

Survey Results: CPAs Support Alternative Pathways to Certification

9min

Evidence Supporting CPA Opposition and the Possibility of an Accountant President

2min

Accountants as Leaders in the White House

16min

Amusing Menu Item, Relay Sponsorship, and Tsunami Miracle Baby Pursuing Accounting Degree

2min

The Devastating Post Office Scandal

14min

Discussion on a Disturbing Article and the Possibility of Offering Bounties to Discover Fraud

2min

Flaws in the current system of inspections and the 150-hour rule

6min

10.

Earning Free CPE with Earmark and Support for the App

7min

Blake and David mull over the Arizona CPA Society's survey revealing that 80% of Arizona CPAs support 150-hour-rule alternatives. They also examine the UK Post Office scandal that led to hundreds of criminal convictions of postmasters, as well as Deloitte's recent massive audit failures, and the impacts of the talent shortage illustrated by delayed government audits in Wyoming. Wrapping things up, some reflections on the need for major reforms in auditing and regulation of the accounting profession. All this and more, right here, right now!

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Chapters

(00:29) - Blake goes over the Arizona Society of CPA's survey results
(06:06) - Do 150-hour employees do better work?
(09:35) - Are firms facing an accounting shortage?
(14:42) - Did you know Nikki Haley was an accountant?
(16:28) - Deloitte audit failure in Nigeria
(29:35) - Certified Pastry Aficionado
(31:37) - Tsunami miracle baby, now 19, pursuing an accounting degree
(34:30) - Fujitsu, Horizon, and the disgusting postal worker prosecution failure by the UK government
(48:41) - Blake checks in on the live chat
(53:19) - Going Concern: Wyoming firm faces staffing shortage in critical government audits
(56:49) - Download Earmark. Earn free CPE for listening

Show Notes

Arizona CPA Society releases 150-hour survey results

https://www.ascpa.com/news/ddf50a1e-70cc-4d5b-9e00-cc9c5f82c17e:az-cpa-januaryfebruary-2024

How Deloitte missed a massive Nigerian company fraud

https://www.forbes.com/sites/brandonkochkodin/2024/01/10/how-auditor-deloitte-missed-a-nigerian-companys-massive-fraud/?sh=49b6cce059f4

Tsunami miracle baby now majoring in accounting

https://www.nst.com.my/news/nation/2023/12/994163/tsunami-miracle-baby-now-19-pursues-accounting-degree-nsttv

Only two firms in Wyoming can do government audits, and one can’t do its job

https://www.goingconcern.com/there-are-only-two-firms-in-wyoming-that-can-do-government-audits-and-one-cant-do-its-job-because-of-staff-shortages/

There Are Only Two Firms in Wyoming That Can Do Government Audits and One Can’t Do Its Job Because of Staff Shortages

https://www.goingconcern.com/there-are-only-two-firms-in-wyoming-that-can-do-government-audits-and-one-cant-do-its-job-because-of-staff-shortages/

Revealed: The Fujitsu fat cats who pocketed huge salaries while its flawed Horizon accounting system ruined...