Blake and David discuss the impact of AI on accounting, efficiency gains, and pricing strategies. They review a recent Accounting Today survey on accountants' perceptions of AI. The conversation also touches on kind initiatives, gratitude in the workplace, and personal AI usage. Various AI tools and their benefits are highlighted, emphasizing the importance of integrating AI in accounting practices to boost productivity.

Professor Ed Ketz of Penn State discusses the relevance of audit opinions and their impact on investor understanding. The conversation covers the need for audit regulation improvement, overstandardization of reports, and the debate on the value of unqualified opinions. Professor Ketz sparks a discussion on how the existence of the opinion itself may create more value than its content.

Blake and David start with a discussion on Federal Reserve Chairman Jerome Powell's testimony regarding the failure of small and mid-sized banks due to exposure to the commercial real estate sector. They also get into Minnesota's CPA licensure bill for 150-hour requirement alternatives and KPMG's audit findings on the Department of Education and the cost of the federal student loan program. Rounding out the episode, they answer listener questions and comments on topics including the psychological challenges of CPA firm employment, NASBA's lack of customer service, and the high fees for taking the CPA exam internationally.SponsorsLiveFlow - http://accountingpodcast.promo/liveflowKeeper - http://accountingpodcast.promo/keeperClient Hub - http://accountingpodcast.promo/clienthubChapters(00:28) - Welcome to the show, how much trouble are small banks in? (06:49) - Minnesota CPA Society's Pathways CPA Licensure Bill advances in Senate (10:08) - Our listener plugs a security hole in tax client portal software (14:03) - The cultural issues that plague the accounting profession (20:57) - Fortune magazine article that CPAs need to tell their stories (24:48) - Should we have a federal CPA license? (27:54) - The government doesn't know the costs of student loans (35:03) - Christy shares a positive message (36:21) - Does starting your career at Big 4 lead to better industry jobs? (40:42) - Alex writes in about problems they had scheduling their CPA exam (45:55) - IRS inviting biggest ERC filers to learn the correct way to file them (50:34) - Tax preparer using basic Word doc to collect information (52:04) - Listener replies to Blake's Accounting Today article (54:27) - The international costs to take the CPA exam (57:45) - The firm and work culture issue (58:52) - Why students don't want to major in accounting (59:39) - Thanks for listening! The new Earmark app is coming soon!  Show NotesCould CPAs telling their stories be the key to attracting Gen Zers to accounting? A PwC vice chair thinks so   https://fortune.com/2023/11/15/cpa-attracting-gen-z-accounting-pwc/ Senate File 1660, the MNCPA-backed bill to broaden the pathways to CPA licensure, advanced in the Minnesota Senate on Thursday.     https://www.mncpa.org/about/press/releases/pathways-cpa-senate-bill-hearing/ Powell: ‘There will be bank failures’ caused by commercial real estate losseshttps://thehill.com/business/4516758-powell-there-will-be-bank-failures-caused-by-commercial-real-estate-losses/Need CPE?Get CPE for listening to podcasts with Earmark: https://earmarkcpe.comSubscribe to the Earmark Podcast: https://podcast.earmarkcpe.comGet in TouchThanks for listening and the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and Instagram. If you like what you hear, please do us a favor and write a review on Apple Podcasts or Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.SponsorshipsAre you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.Need Accounting Conference Info? Check out our new website - accountingconferences.comLimited edition shirts, stickers, and other necessitiesTeePublic Store: http://cloudacctpod.link/merchSubscribeApple Podcasts: http://cloudacctpod.link/ApplePodcastsYouTube: https://www.youtube.com/@TheAccountingPodcastSpotify: http://cloudacctpod.link/SpotifyPodchaser: http://cloudacctpod.link/podchaserStitcher: http://cloudacctpod.link/StitcherOvercast: http://cloudacctpod.link/OvercastClassifiedsFutureFirm - https://futurefirmaccelerate.com/capRoyalwise - https://royalwise.com/partnerForwardly - https://www.forwardly.com/ClassifiedsWant to get the word out about your newsletter, webinar, party, Facebook group, podcast, e-book, job posting, or that fancy Excel macro you just created? Let the listeners of The Accounting Podcast know by running a classified ad. Go here to create your classified ad: https://cloudacctpod.link/RunClassifiedAdTranscriptsThe full transcript for this episode is available by clicking on the Transcript tab at the top of this page

Explore the recent court ruling deeming the Corporate Transparency Act unconstitutional, legal challenges in Alabama and Arizona, debates on reporting requirements for small businesses, navigating compliance complexities, and discussions on challenges and loopholes in money laundering disclosure requirements.

AJ Yawn, partner at Armanino LLP, discusses Audit Ally, an AI tool for SOC 2 audits. They explore how tech companies are entering the audit space, and how AI can streamline audits. The podcast delves into using AI to verify employee training dates and the impact of technology on SOC 2 audits.

We're celebrating surpassing 10,000 YouTube subscribers! Thank you! Blake and David look into H&R Block's new reality show about teaching people life skills like doing their taxes. They also talk about workflow automation challenges for accounting firms, how the IRS is contacting wealthy non-filers, and the Trump Organization CFO pleading guilty to perjury. They also break down the SEC's extensive new climate disclosure rules and the job opportunities this could create for accountants.Sponsors FreshBooks - http://accountingpodcast.promo/freshbooksRelay - http://accountingpodcast.promo/relay Webgility - http://accountingpodcast.promo/webgilityChapters(03:04) - H&R Block is creating a reality TV show (08:51) - WSJ Op-Ed says IRS agents shouldn't work from home (12:21) - The Accountant 2 gets a big tax credit (14:42) - South Carolina finds $2 billion in bank account (20:49) - Bloomberg article on the lack of accountants (23:18) - Regional banks in trouble? (27:00) - Lyft being sued by their shareholders (29:39) - Is bad workflow automation the cause of bad work/life balances? (37:42) - CPA Trendlines: "Which Niche is the Best Niche?" (46:28) - TurboTax and H&R Block are using AI giving awful tax advice (50:12) - Blake shares new SEC rule's GPT he made (53:19) - AI and data privacy concerns (55:48) - Can AI predict when you'll die? (01:01:37) - Former Trump CFO Allen Weisselberg pleads guilty to perjury (01:03:56) - Thanks for listening and remember to subscribe  Show Notes2024 Report: The State of Accounting Workflow Automationhttps://financial-cents.com/resources/articles/2024-report-state-of-accounting-workflow-automation/ Gartner Survey Shows That a Third of Accountants Make Several Financial Errors Per Week due to Capacity Constraints       https://www.gartner.com/en/newsroom/press-releases/2024-02-21-gartner-survey-shows-that-a-third-of-accountants-make-several-error-per-weeo-due-to-capacity-constraints The U.S. is short 340,000 accountants-just look at the wave of earnings report mistakeshttps://fortune.com/2024/03/01/accounting-shortage-earnings-report-mistakes/ Intuit, H&R Block tax AIs critiqued on accuracyhttps://www.accountingtoday.com/news/intuit-h-r-block-tax-ais-critiqued-on-accuracy-of-answers-many-inaccurate SC accounting error gets renewed focus over $1.8B sitting in state bank accounthttps://www.southcarolinapublicradio.org/sc-news/2024-03-05/legis-treasurermoney Ex-Trump Org CFO Pleads Guilty to Perjury in Fraud Casehttps://www.cpapracticeadvisor.com/2024/03/05/ex-trump-org-cfo-pleads-guilty-to-perjury-in-fraud-case/102306/ H&R Block to Release Short Format Comedy Streaming Series, “Responsibility Island”https://www.cpapracticeadvisor.com/2024/02/29/hr-block-to-release-short-format-comedy-streaming-series-responsibility-island/102172/ Federal court holds Corporate Transparency Act unconstitutionalhttps://www.journalofaccountancy.com/news/2024/mar/federal-court-holds-corporate-transparency-act-unconstitutional.html Lyft earnings report error prompts shareholder lawsuit              https://finance.yahoo.com/news/lyft-earnings-report-error-prompts-150849490.htmlNeed CPE?Get CPE for listening to podcasts with Earmark: https://earmarkcpe.comSubscribe to the Earmark Podcast: https://podcast.earmarkcpe.comGet in TouchThanks for listening and the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and Instagram. If you like what you hear, please do us a favor and write a review on Apple Podcasts or Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.SponsorshipsAre you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.Need Accounting Conference Info? Check out our new website - accountingconferences.comLimited edition shirts, stickers, and other necessitiesTeePublic Store: http://cloudacctpod.link/merchSubscribeApple Podcasts: http://cloudacctpod.link/ApplePodcastsYouTube: https://www.youtube.com/@TheAccountingPodcastSpotify: http://cloudacctpod.link/SpotifyPodchaser: http://cloudacctpod.link/podchaserStitcher: http://cloudacctpod.link/StitcherOvercast: http://cloudacctpod.link/OvercastClassifiedsFutureFirm - https://futurefirmaccelerate.com/capRoyalwise - https://royalwise.com/partnerForwardly - https://www.forwardly.com/ClassifiedsWant to get the word out about your newsletter, webinar, party, Facebook group, podcast, e-book, job posting, or that fancy Excel ma...

Discussing Withum's $2M fine for poor audit quality on SPAC audits, the podcast explores workload issues with overworked teams and partners clocking 100+ hour weeks. Delving into resource management challenges, the episode debates whether fines are enough to bring about change or just seen as a cost of business.

Exploring surge pricing in tax returns to boost revenue, new AI tools from Sage and Xero, Zoho's practice management suite, FTC vs. H&R Block, can AI teach accounting, listener survey results, AI generating average listener image

Aaron Harris joins Blake and David to discuss Sage's new AI offering, Sage Copilot, which brings generative intelligence into Sage Intacct to eliminate routine accounting work. They discuss specific use cases Copilot handles, like chasing people for approvals/documents, drafting emails, and answering ad hoc questions without running reports. Aaron also shares his perspective on AI’s impact on the accounting profession and why increased automation will make human review and trust even more essential.Meet Our Guest, Aaron Harris, CTO, SageLinkedIn: https://www.linkedin.com/in/aaron-harris-7407b2/Twitter: https://twitter.com/i/flow/login?redirect_after_login=%2FAaronRHarrisLearn more about Sagehttp://www.sage.comListener SurveyPlease take our listener survey: https://accounting.show/surveyNeed CPE?Get CPE for listening to podcasts with Earmark: https://earmarkcpe.comSubscribe to the Earmark Podcast: https://podcast.earmarkcpe.comGet in TouchThanks for listening and the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and Instagram. If you like what you hear, please do us a favor and write a review on Apple Podcasts or Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.SponsorshipsAre you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.Need Accounting Conference Info? Check out our new website - accountingconferences.comLimited edition shirts, stickers, and other necessitiesTeePublic Store: http://cloudacctpod.link/merchSubscribeApple Podcasts: http://cloudacctpod.link/ApplePodcastsYouTube: https://www.youtube.com/@TheAccountingPodcastSpotify: http://cloudacctpod.link/SpotifyPodchaser: http://cloudacctpod.link/podchaserStitcher: http://cloudacctpod.link/StitcherOvercast: http://cloudacctpod.link/OvercastClassifiedsWant to get the word out about your newsletter, webinar, party, Facebook group, podcast, e-book, job posting, or that fancy Excel macro you just created? Let the listeners of The Accounting Podcast know by running a classified ad. Go here to create your classified ad: https://cloudacctpod.link/RunClassifiedAdTranscriptsThe full transcript for this episode is available by clicking on the Transcript tab at the top of this page

The podcast discusses Lyft's stock price surge due to a financial typo, AI in customer service, alternatives to the 150-hour rule. They also cover commercial real estate taxes, AI monitoring of employee communications, and IRS plans to collect $500 billion more in taxes.