Journal of Accountancy Podcast

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. As auditing continues to transform, Sue Coffey, CPA, CGMA, the Association’s CEO of public accounting, and Jennifer Burns, CPA, CGMA, the Association’s chief auditor, explain some of the drivers behind audit transformation — where it began and where it’s headed. What you’ll learn from this episode: An overview of the auditing landscape and why a transformation discussion is happening now. Insight into the key drivers of that transformation. The specific challenges the COVID-19 pandemic created for auditors. Details on the AICPA Auditing Standards Board’s work to update certain standards. New ways or new tools to approach auditing differently.

Business travel is on the way back, according to survey and anecdotal data, as well as the line at airport security. Donny Shimamoto, CPA/CITP, CGMA, is someone accustomed to regular travel, with set routines and preferences. That all changed when the COVID-19 pandemic took hold, and so Shimamoto had to adapt. He reflects on what he learned from being at home and from being back in airports and onsite with a client. Also, ENGAGE 2021 panelist Jeremy Bloom, a former world champion in skiing and NFL wide receiver, shares his views on sport specialization at a young age, why our view of failure should be reframed, and what kind of skiing he prefers these days.

The COVID-19 pandemic led many CPAs and their employers to think deeply about mental health in ways they may not have before. Amber Setter, a former accountant and an International Coaching Federation–accredited professional certified coach, talks about signs someone may need to consider speaking with a professional about their mental health and what you can do if you notice these signs in someone else. She also gives advice on finding a mental health professional and suggests ways employers can foster staff’s well-being.

The G7 announced a framework for a global minimum tax last week. In this episode, Amy Wang Miller, CPA, J.D., senior manager with the AICPA’s Tax Policy & Advocacy team, explains what the framework means, what accounting and finance professionals can expect next, and what the future of a global minimum tax looks like. Also, we explore the growing risks and cost of ransomware with Gerry Glombicki, CPA, a director with Fitch Ratings insurance group, and how organizations should be approaching ransomware.

Many of our meetings in 2021 look far different from the meetings we had in 2019 or early 2020. That doesn’t mean they can’t be improved with the help of technology. In this episode, Technology Q&A co-author Byron Patrick, CPA/CITP, CGMA, shares insight into the ways that automation tools can help meetings go smoothly. Also hear some of the advice new AICPA board Chair Bill Pirolli, CPA/CFF/PFS, CGMA, has for providing excellent client service.

Several factors are contributing to finance decision-makers’ growing optimism about the economy and their own businesses, according to a quarterly survey. Ken Witt, CPA, CGMA, shares insight into that positive sentiment, along with a look at hiring and the headwinds facing organizations. Also, hear the words of an AICPA & CIMA ENGAGE 2021 speaker on her path to becoming a sports agent and her advice on advocating for yourself.

In a letter to the IRS, the AICPA recently offered recommendations on six key areas of regulation of paid tax return preparers. A senior manager on the AICPA’s Tax Policy & Advocacy Team explains more about why the recommendations are needed. Also, learn more about a recent popular article on delivering and receiving feedback. What you’ll learn from this episode: Why it’s important for the IRS to address the issue of unregulated tax return preparers. Insight into preparer tax identification numbers (PTINs) and IRS authority over them. Why the current process to revoke a PTIN can be “time-consuming and costly.” An explanation of supervised, nonsigning return preparers. More on a recent JofA article about delivering and receiving feedback. News on the issuance of nonauthoritative guidance for auditing digital assets, and economic trends to watch.

Amobi Okugo, a pro soccer player, is scheduled to be part of a sports-themed panel discussion at AICPA & CIMA ENGAGE 2021. He has continued to pursue education and business opportunities off the field, and he hopes to be a role model as a “frugal athlete.” Hear more about Okugo’s history and his plans. Also, get a refresher on where the term “imposter syndrome” came from, how many of us it affects, and what we can do to beat it. What you’ll learn from this episode: Why Okugo says that mega-millionaire athletes are anomalies. How he approached spending money when he was first chosen in the Major League Soccer draft. The agreement he made with his parents about pursuing his college degree. Tips from a recent JofA article on defeating imposter syndrome. A summary of two recent articles related to the IRS.

May is Asian Pacific American Heritage Month, and the conversation in this podcast episode is meant to celebrate that and to offer organizations reminders on how they can support employees of Asian descent. The group is sometimes referred to as Asian American and Pacific Islander, or AAPI. Lisa M. Ong, CPA, is a DEI (diversity, equity, and inclusion) consultant who says that May is always her busy season because that’s when organizations most often seek an AAPI speaker. Ong shared specific advice and actions for individuals and organizations seeking to support AAPI talent. For more resources on this topic, visit the AICPA’s Diversity and Inclusion page. You can also learn more about Ong’s organization, Wishing Out Loud.

CPA firms are often more productive and profitable when owners work less, according to Brannon Poe, CPA, owner of Poe Group Advisors in Charleston, S.C. In this podcast episode, Poe, who has more than 15 years of experience buying and selling CPA firms, explains how delegating work can free owners to focus on what matters most. He also gives advice for determining which work you should delegate and how to do so with fewer worries.