Journal of Accountancy Podcast

There are two committees working on developing new quality management standards for auditors. Neil Amato talks to Sara Lord, CPA, the chair of one of those committees, about the feedback they are receiving, how the new standards incorporate a risk-based approach, and the next steps in the process. Also, Drew Adamek reviews a new study about ESG assurance opportunities and explores the potential tax implications of LIFO inventory interruptions due to COVID-19.

The Senate recently passed a $1 trillion infrastructure bill, which includes several tax provisions being monitored by the AICPA. Ed Karl, CPA, CGMA, the AICPA’s vice president–Tax Policy & Advocacy, details several provisions in recently proposed legislation that would affect CPAs. Also, the episode mentions recent coverage in the Journal of Accountancy on updated single audit guidance included in the Office of Management and Budget’s 2021 Compliance Supplement. And it tries to answer a question posed in a recent CPA Insider article: Will sweatpants come to the office when we return?

In the July issue of the Journal of Accountancy, Carrie Kruse, CPA, CGMA, the economic development administrator for the city of Des Moines, Iowa, wrote about how her organization improved its process for interviewing job candidates remotely. In this podcast episode, Kruse goes into detail about the types of questions asked and how the revamped process can be applied to future interviews. Also, hear about news items related to the employee retention credit, cryptoasset reporting, and more.

Businesses’ approach to fraud and internal controls has undergone drastic change as a result of the pandemic. Danielle Supkis Cheek, CPA/CITP, CGMA, the director of entrepreneurial advisory services at the firm PKF Texas, says that rules around things such as on-time payment of payroll taxes now have to be reconsidered. She shares more about the unintended consequences of pandemic-related relief, advice for applying technology to limit fraud, and more. Also, hear more about recent articles and an AICPA & CIMA ENGAGE 2021 session on the topic of client advisory services.

This week’s podcast episode brings together the voices of three presenters at AICPA & CIMA ENGAGE 2021. One common theme in their interviews is the talent pipeline — how more candidates can be drawn to the profession, how existing talent can be retained and trained in a more tech-driven business environment, and more. Hear from AICPA board Chair Bill Pirolli, CPA/CFF/PFS, CGMA; Tom Hood, CPA/CITP, CGMA, executive vice president of business engagement and growth for the Association of International Certified Professional Accountants; and former AICPA board Chair Kimberly Ellison-Taylor, CPA, CGMA.

The auditing profession was already in the midst of transformation, thanks to technological advances and other factors. Then, the COVID-19 pandemic came along and accelerated those changes, further challenging auditors and their view of business as usual. Part 1 was an overview of the audit landscape. In part 2, speakers Carolyn Newman and Jon Cardiello, CPA, share insight into the topic of audit data analytics and how the tools can help to continue the transformation of auditing.

Cybersecurity is a rapidly expanding opportunity for firms to offer advisory services. In a preview of an ENGAGE 2021 panel, Journal of Accountancy senior editor Neil Amato speaks with Steven Ursillo, CPA/CITP, CGMA, partner, risk assurance and advisory national leader at Cherry Bekaert, about how firms of any size can identify, prepare for, and take advantage of cyber advisory opportunities. Also, Drew Adamek covers the IRS’s new Tax Pro Account and recent changes to FASB lease accounting standards.

CFOs have reasons to be positive, but they also have several reasons to be concerned. Ways of working are changing, with employees seeking to continue the flexible arrangements that became the norm during the COVID-19 pandemic. Steve Gallucci, national managing partner for Deloitte’s U.S. CFO Program, shares insights into the minds of CFOs in the latest episode of the Journal of Accountancy podcast. Also, hear more about a recent FM magazine series that focused on the top skills finance professionals need for the future, along with coverage of recent U.S. Small Business Administration news on the Restaurant Revitalization Fund and the Paycheck Protection Program, and a quality management proposal by the AICPA Auditing Standards Board.

The number of organizations needing single audits has risen dramatically in the past year. Why? Deetra Watson, CPA, CGMA, an accounting firm principal, explains some of the intricacies of single audits and why demand is increasing for such specialized services. Also, Ed Karl, CPA, CGMA, the AICPA’s vice president–Tax Policy & Advocacy, shares an update on the Taxpayer Protection and Preparer Proficiency Act.

The AICPA supports proposed legislation that would categorize accounting as a STEM career, with STEM standing for science, technology, engineering, and mathematics. Diana Deem, CPA, CGMA, an AICPA director of congressional and political affairs, shares more about the thinking behind and the AICPA’s support for the bill. Also, hear from the JofA’s editor-in-chief, tax, about the annual IRS list of “Dirty Dozen” tax scams. What you’ll learn from this episode: More about the Accounting STEM Pursuit Act, recently introduced in Congress. Examples of how accounting has transformed since one of Deem’s early roles. Insight into the annual IRS list of “Dirty Dozen” tax scams and why this year’s release of the list is different. The reasons that stimulus payments are one focus of scammers. Summaries of JofA articles on business continuity planning as a tool to fight fraud, and Supreme Court news related to taxation of remote workers.