The Accounting Podcast

Intuit Launches ERP, China Fines PwC, OpenAI's New Model

Sep 20, 2024

Discover the launch of Intuit's new Enterprise Suite, designed to transform mid-market operations and stack up against competitors like NetSuite. Dive into the shocking audit failure of PwC in China, linked to the Evergrande scandal, raising ethical questions in the industry. Delve into the unfortunate realities of overwork in accounting, highlighted by a tragic case in India. Finally, explore how OpenAI's latest model is changing the game, outperforming humans in IQ tests and hinting at a future where AI and accounting professions intersect.

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Episode notes

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Quick takeaways

Intuit's new Enterprise Suite aims to enhance mid-market financial management with AI-driven tools, directly challenging established competitors like NetSuite.

PwC faces substantial fines for major audit failures in China, highlighting serious ethical concerns and raising alarms about audit quality at large firms.

The tragic death of a young EY accountant underscores the urgent need for improved mental health practices amidst the high-pressure environments of major accounting firms.

Deep dives

Liveflow Recognition in 2024

Liveflow has gained notable recognition as one of the best accounting and finance software products for 2024 by G2. This recognition highlights its status as one of the 100 fastest-growing products, largely due to positive support from its users. Additionally, G2 has awarded Liveflow as the most implementable software for winter 2024, indicating its effectiveness and ease of integration. These accolades suggest that Liveflow is establishing itself as a significant player within the finance and accounting software landscape.

Intro

2min

Intuit's Enterprise Suite Launch and Market Strategy

14min

Intuit Product Debates and Significant Audit Failures

3min

The Evergrande Audit Scandal

9min

The Profit of Sham Audits and the Path to Career Advancement

3min

Investigating Toxicity in Accounting

5min

Addressing Leadership Silence and Mental Health in Accounting

5min

Advancements in AI and Accounting

12min

Challenges in CPA Licensure and Transportation Technology

8min

10.

Navigating Competency Requirements and Solutions for Accountants

3min

Blake and David explore Intuit's new Enterprise Suite, a product that appears to compete with NetSuite in the mid-market ERP space. They also
discuss a major audit failure by PwC in China related to Evergrande, raising concerns about the ethics and integrity at large accounting firms.
They also discuss the tragic death of a young accountant at EY in India due to overwork and explore the implications of OpenAI's latest model
outperforming humans on IQ tests.

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Chapters

(01:32) - Intuit's New ERP System
(03:43) - Target Market and Pricing Concerns
(06:11) - Comparing to Competitors
(18:18) - PwC's Massive Fine in China
(19:04) - Evergrande's Financial Collapse
(26:59) - The Bigger Picture of Audit Quality
(30:08) - Australian Accountants and the PwC Debacle
(31:05) - Tragic Death of EY Employee in India
(33:16) - The Hypocrisy of Overwork in the Big Four
(40:42) - OpenAI's New Model: A Game Changer
(49:43) - Driverless Cars: The Future of Transportation
(53:15) - NASBA's New Competency-Based CPA Pathway
(01:01:23) - Conclusion and Farewell

Show Notes

Intuit Introduces Intuit Enterprise Suite to Help Businesses Grow, Streamline Operations, and Scale

https://investors.intuit.com/news-events/press-releases/detail/1213/intuit-introduces-intuit-enterprise-suite-to-help-businesses-grow-streamline-operations-and-scale

PwC faces record fine over Evergrande audit in China

https://finance.yahoo.com/news/pwc-faces-record-fine-over-131518742.html

Death of young Ernst & Young employee raises questions about workplace culture

https://www.nbcnews.com/news/world/death-young-ernst-young-employee-raises-questions-workplace-culture-rcna171945

Comparison of Models: Quality, Performance & Price Analysis

https://artificialanalysis.ai/models

Waymo significantly outperforms comparable human benchmarks over 7+ million miles of rider-only driving

https://waymo.com/blog/2023/12/waymo-significantly-outperforms-comparable-human-benchmarks-over-7-million

AICPA, NASBA propose a new pathway to CPA licensure

https://www.journalofaccountancy.com/news/2024/sep/cpa-competency-based-licensure-pathway.html

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Transcripts

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

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The Accounting Podcast

Intuit Launches ERP, China Fines PwC, OpenAI's New Model

Podcast summary created with Snipd AI

Quick takeaways

Deep dives

Liveflow Recognition in 2024

PwC's Audit Failure with Evergrande

Intuit's New ERP Offering

OpenAI's New Model and its Impact

Employee Well-Being in Accounting Firms

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podcast app

AI-powered
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The Accounting Podcast

Intuit Launches ERP, China Fines PwC, OpenAI's New Model

Podcast summary created with Snipd AI

Quick takeaways

Deep dives

Liveflow Recognition in 2024

PwC's Audit Failure with Evergrande

Intuit's New ERP Offering

OpenAI's New Model and its Impact

Employee Well-Being in Accounting Firms

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