$95 Million Missing—and Still a Clean Audit?

Jan 5, 2026

A staggering $95 million vanished at Evolve Bank, raising serious questions about audit effectiveness. The hosts dissect the failures of auditors who missed critical red flags. Meanwhile, a penny shortage is causing cash-rounding issues for retailers. They also explore eye-opening stats on partner pay transparency, revealing that nearly a third of partners are in the dark about their compensation. The debate over semiannual reporting heats up, weighing its benefits against the need for timely investor information, and predictions about AI's future in bookkeeping add an intriguing twist.

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INSIGHT

Penny Shortage Forces Cash Rounding

The penny shortage has forced retailers and POS providers to adopt cash rounding and workaround tactics.
Square is piloting cash-rounding features because many merchants lack pennies and seek standardized handling.

ADVICE

Push For Partner Compensation Transparency

If you lack clarity on partner comp or the path to partner, demand transparency and a roadmap from your firm.
Push for concrete timelines and variables used in compensation calculations before committing long-term.

ADVICE

Verify SOC Controls, Don’t Trust The Badge

Don’t assume SOC reports equal ongoing control effectiveness; verify controls and testing frequency.
Ask vendors how controls are tested and how often, not just for a SOC badge.

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