Journal of Accountancy Podcast

John Garrett is rarely at a loss for words. A former CPA turned stand-up comic, Garrett these days is a speaker, podcast host, and author, and he’s a repeat guest on the Journal of Accountancy podcast for good reason. This episode puts a 2022 spin on two previous discussion topics: advice for presenting to groups and the tie-in between outside passions and work. And make sure to listen to Garrett’s wardrobe story before packing for that in-person work meeting or conference. Also, hear a summary of news from the IRS commissioner’s testimony at a Senate Finance Committee hearing.

Floyd Amuchie, CPA, has been the corporate controller at Virgin Galactic, the space travel company, for about a year. In this episode, Amuchie discusses his early fascination with astronomy, why the phrase “lift as you climb” is meaningful to him, what parenting a newborn was like during the pandemic, and why “invest” is part of his career advice to aspiring CPAs. Also, hear a summary of two recent news items related to the IRS: The IRS has eased the application process for U.S. residency certification. The IRS issued proposed regulations that would revise the premium tax credit’s affordability test.

CFOs and other finance leaders “are all on the same quest” to transform finance into more of a value partner, according to Tom Hood, CPA/CITP, CGMA, executive vice president–Business Engagement and Growth for the Association of International Certified Professional Accountants. Hood’s 2021 conversations with finance leaders led to the formation of the Future of Finance Leadership Advisory Group, which continues to grow in numbers and share knowledge about what it will take to upskill its talent and transform the finance function. In this podcast episode, Hood shares insights coming from the group’s recent virtual meeting and explains the vision for 2025 and beyond.

Chris Ortega is speaking on multiple topics at AICPA & CIMA ENGAGE in June. One topic is a guide for CFOs on people and process optimization. Ortega, CEO of the consulting firm Fresh FP&A and a regular speaker at financial planning and analysis events, delves into the critical role CFOs played at the start of the pandemic and why he says FP&A practices are evolving. Also, hear his advice about vulnerability and taking chances and more. Plus, get a summary of recent JofA news coverage on these topics: What companies are doing to recruit and retain employees. A closer look at how “SECURE 2.0” would expand retirement savings options. The obstacles faced by the Biden administration’s proposed billionaire minimum tax. New SEC rules proposed to help investors better understand SPACs.

Transformation of the audit goes beyond simply automating rote tasks, as Amy Pawlicki, vice president–Assurance and Advisory Innovation at the Association of International Certified Professional Accountants, explains in this episode.   She details some of the ways that audits can be more data driven while still complying with standards. The interview with Pawlicki is part four of a series on audit evolution in action. Here are links to the previous three parts: An introduction to the topic, including the key drivers of the transformation. A closer look at audit data analytics with two firm leaders. The importance of “digital mindset” in audit transformation.

In the midst of the Great Resignation, organizations need continued vigilance when it comes to recruiting job candidates. As it relates to the hiring of CPAs, this episode touches on advice and a new program that can help businesses cast a wider net for talent. Beth Berk, CPA, CGMA, writes in a recent Journal of Accountancy article that “hiring professionals need to go about their recruiting efforts differently than they did in years past.” The article offers reminders and strategies for identifying accounting candidates. And, there’s a new program that can help organizations get a head start on linking up with candidates. Joanne Fiore, an AICPA & CIMA vice president, explains the benefits of the Registered Apprenticeship for Finance Business Partners program, an effort recently approved by the U.S. Department of Labor.

Steven Harris was not always the outgoing firm leader he is today. Harris, the subject of The Last Word in the March issue of the Journal of Accountancy, said he struggled to connect with other professionals early in his career, but once he learned to be vulnerable and to listen, he was able to form strong bonds. Harris calls that connection breakthrough “magical.” He shares advice on emphasizing collaboration in a hybrid work environment and discusses the talent development tie-in to bringing work back into the office. Harris also explained his affinity for OneNote and the movie The Godfather.

A rapid shift to auditing remotely was especially challenging for CPAs who audited not-for-profit entities. Those NFPs might not have had top-of-the-line technology when the COVID-19 pandemic changed so much about the world two years ago, including the ability of auditors to visit client sites. To learn more about the state of remote auditing of NFPs, hear insight from accounting firm principals Kelly Rancourt, CPA, and Deetra Watson, CPA, CGMA. Rancourt works for Clark Nuber, a firm in the Seattle area, and Watson is employed by the North Carolina firm Blackman & Sloop.

K-2 — isn’t that a mountain? K2 is, but to tax professionals and with the hyphen, it’s Partners’ Distributive Share Items — International (and, for S corporations, a similar form), the new schedule filed with the returns of passthrough entities with “items of international tax relevance” and partners in foreign partnerships. Along with its “twin peak” of Schedule K-3, Partner’s [or Shareholder’s] Share of Income, Deductions, Credits, etc. — International, these formidable forms have been much discussed by CPAs and other tax practitioners lately. Here to help us better understand them is John Samtoy, CPA, who has written about Schedules K-2 and K-3 for the Tax Insider newsletter recently.

Some issues facing small CPA firms are the same as those facing large firms or other organizations — talent retention, change management, and more. But there are some issues that are specific to small firms, and potentially more acute, as explained in this Journal of Accountancy podcast episode with Carl Peterson, CPA, CGMA, the AICPA’s vice president–Small Firm Interests.   Also, learn about recent JofA coverage of criticism of the updated Form 1099-K reporting threshold.