Journal of Accountancy Podcast

Darryl Bonner of Connecticut-based Liberty Bank is part of a pioneering finance apprenticeship program. He’s in the midst of a rotation through several departments at the bank, and he’s taking steps to receive the CGMA designation as well. Bonner is one of the first apprentices in the AICPA’s Professional Apprenticeship for Finance Business Partners program, which in 2022 was approved by the U.S. Department of Labor. On this podcast episode, Bonner discusses why he was drawn to Liberty Bank, how he mixes his day job with the CGMA Finance Leadership Program, and what title he seeks to achieve in his career. Resources: n  Liberty Bank’s CFO, Paul Young, CPA, CGMA, joined the JofA podcast 13 months ago to discuss why the bank was interested in taking part in the program and how adding apprentices could help to address a talent gap. n  A short video on the impact of the apprenticeship program: https://www.aicpa-cima.com/resources/video/professional-apprenticeships-are-making-an-impact What you’ll learn from this episode: ·         How Bonner first heard about the finance apprenticeship program. ·         Why he considered his interview process with Liberty Bank to be unique. ·         An explanation of the departmental rotation program at Liberty Bank. ·         Why Bonner says “everyone can’t be coached the same.”

The practice of accounting is increasingly tied to technology, the T in the acronym STEM (science, technology, engineering, math). That tie-in is one reason the AICPA is advocating for accounting to be federally recognized as a STEM education field.  Two AICPA leaders join this episode of the JofA podcast to discuss the STEM topic: Jan Taylor, CPA, CGMA, academic in residence and senior director–Academic & Student Engagement, and Lauren Pfingstag-Vahey, director–Congressional & Political Affairs. Resources AICPA & CIMA resource page, Accounting is STEM JofA coverage of AICPA support for STEM-focused legislation in fall 2023 What you’ll learn from this episode: ·         Tracing STEM’s history to the 1950s space race. ·         The educator who came up with the acronym used today. ·         Why accounting should be considered a STEM education field. ·         How a STEM designation could help grow the accounting talent pipeline. ·         The number of co-sponsors for a House bill focused on accounting as STEM. ·         How members can support advocacy efforts.

Dan Crumb, CPA (inactive), CGMA, is a repeat guest on the JofA podcast, because, as CFO and executive vice president of the Kansas City Chiefs, his team is back in the Super Bowl for the second year in a row and the fourth time in five seasons. It’s a run he’d like to see continue and one that has presented the franchise with expanded revenue opportunities. In this episode, Crumb discusses the NFL’s first online-only playoff game, how the team’s finance function uses artificial intelligence (AI), and how he maintains balance in his life. And, of course, we asked him about Taylor Swift. Super Bowl LVIII is Sunday in Las Vegas. Below are Crumb’s previous podcast interviews: Journal of Accountancy episode in February 2023 FM episode in February 2020 What you’ll learn from this episode: ·         Steps taken to guide fans on staying warm during a recent game that was the coldest in stadium history. ·         Some of the AI-aided ways the franchise learns about fan demographics and attendance. ·         The impact of the team’s recent success on season-ticket renewals. ·         How Crumb addresses his spiritual, physical, and mental health. ·         A quick franchise history lesson — and why he tells staff to “enjoy the moment.” ·         His thoughts on suggesting a play to coach Andy Reid.

Mike Westervelt, CPA, is chair of the AICPA Accounting and Review Services Committee (ARSC), and he joins this episode of the JofA podcast to discuss the committee’s role in assisting members. In 2023, ARSC released a decision tree to guide practitioners in eliminating confusion related to the applicability of AR-C Section 70, Preparation of Financial Statements. He compares the decision tree, an interactive PDF, to the Choose Your Own Adventure book series. Resources: ·         ARSC homepage ·         Analytical Procedures in a Review Engagement ·         Guide to financial statement services   What you’ll learn from this episode: ·         An introduction to ARSC and its main roles. ·         An explanation of preparation services and related guidance. ·         What Westervelt means by saying: “You cannot trip into a standard anymore.” ·         A guide to ARSC’s decision tree and how it can eliminate confusion for practitioners about the applicability of AR-C Section 70. ·         Other resources for members and areas of focus for ARSC in the future.

Melanie Lauridsen, vice president–Tax Policy & Advocacy for the AICPA, joins the JofA podcast to review 2023’s tax advocacy highlights and look ahead to key issues this year and beyond. Her team’s focus areas include the employee retention credit claims, beneficial ownership information reporting requirements, along with numerous other issues of concern to tax practitioners. Resources: n  JofA article on BOI and what it means for CPA firms n  FinCEN news from December on BOI final rule n  Tax Section landing page, with extensive resource library on topics mentioned, including resources specific to the employee retention credit What you’ll learn from this episode: ·         The number of AICPA comment letters sent to legislators in 2023. ·         Where things stand regarding e-signature relief. ·         Lauridsen’s explanation of why beneficial ownership information requirements, while not specifically related to tax, are applicable to tax practitioners. ·         A summary of topics included in the resources section of the Tax Section’s landing page   ·         Lauridsen’s closing message to members.

Jennifer Wilson is passionate about the accounting pipeline and the work being done by the National Pipeline Advisory Group (NPAG). Wilson, the CEO of Convergence Coaching and independent facilitator for NPAG, joined the JofA podcast this week to update listeners on progress in addressing talent concerns. Wilson details the timeline for delivering a draft report to AICPA Council, themes that are emerging in discussions so far, and how entities but also individuals can play a vital role in attracting talent to the profession. Resources The main NPAG page, AccountingPipeline.org March 2023 JofA podcast episode with Avani Desai, CPA August 2023 JofA podcast episode with NPAG chair Lexy Kessler, CPA, CGMA Last week’s episode with Kimberly Ellison-Taylor, CPA, CGMA What you’ll learn from this episode: ·         An explanation of the National Pipeline Advisory Group (NPAG) and Wilson’s work with the group. ·         Some key factors that contribute to “pipeline leaks.” ·         The core value proposition of the profession, in Wilson’s words. ·         The role of individual responsibility in helping to address accounting talent concerns. ·         A timeline for some of NPAG’s key initiatives. ·         The small changes that can lead to big ripples in the pipeline, according to Wilson.

Kimberly Ellison-Taylor, CPA, CGMA, the founder and CEO of KET Solutions and a former AICPA board chair, is energized by people she met and words she heard at recent events. Ellison-Taylor recaps some of the highlights in this episode of the JofA podcast, focusing on a session at the Future of Finance Summit in December on how finance professionals, and women in particular, can turn dreams of serving on a corporate board into reality. Also, get caught up on recent articles in the JofA, including a recap of a session on generative AI at Digital CPA, the start of tax season according to the IRS, how auditors can handle questionable employee retention credit claims, and when some accountants are completing work. What you’ll learn from this episode: ·         A roundup of several JofA articles in a busy news week. ·         Ellison-Taylor’s key takeaways from the Women’s Global Leadership Summit and Digital CPA events. ·         The networking opportunities provided by those events and the Future of Finance Summit. ·         Her thoughts on technology being “unleashed” and future talent being “unlocked.” ·         What Ellison-Taylor means when saying “Together, we’re unstoppable.” ·         Why she says that budding leaders should spend time in an office instead of being fully remote.

Barry Melancon, CPA, CGMA, the CEO of AICPA & CIMA, explains why the accounting profession has to embrace generative artificial intelligence (Gen AI) instead of running from it. And that’s not all he’s talking about in this episode of the JofA podcast. Melancon shares insights on the effect of AI on audit and assurance, how private equity’s entry into accounting is changing firms, how business models themselves are changing, and why he says the world needs accountants more than ever. This is the second of a two-part conversation. The first part was published in December. What you’ll learn from this episode: The importance and value of a recently published toolkit on Gen AI. Why accountants and accounting firms have to embrace Gen AI and understand its risks. Potential uses for AI in auditing and assurance. The shifts Melancon sees in the business model of firms. Skills that CPAs should be prepared to learn, unlearn, and relearn.   Melancon’s explanation of the “trust equation” as it relates to CPAs.

Steve Saah, executive director of the finance and accounting permanent placement practice at Robert Half, joined the JofA podcast last week at the Future of Finance Summit in Orlando, Fla. In the interview, he shares recent data that seems positive related to hiring trends.  He also offers insights into the future of in-office work, analyzes the role that inflation plays in that dynamic, and discusses the advantages organizations have with multiple generations in the workforce. What you’ll learn from this episode: §  How organizations are approaching hiring in 2024, according to recent Robert Half data. §  The reasons for the significant gap between supply and demand in the finance industry. §  The one word Saah used to describe the 2023 economy. §  What Saah thinks about the future of in-office work. §  The hiring advantages of hybrid work models for organizations. §  The relationship between age, career level, and coachability.

The JofA podcast took a road trip last week to the Future of Finance Summit, catching up with several leaders on highlights from the event and reflections on its growth since the first event in Nashville, Tenn., in 2021. Tom Hood, CPA/CITP, CGMA, executive vice president–Business Growth and Engagement at AICPA & CIMA, leads off this compilation episode, sharing a favorite quote and how it applies to the summit’s themes. He and other speakers explain how a growing community of leaders is applying the knowledge of the crowd to guide their organizations in transformative times. Other speakers in this episode: n  Carrie Kruse, CPA, CGMA, economic development administrator for the city of Des Moines, Iowa; n  Scott Spiegel, CPA, CGMA, COO for AICPA & CIMA; and n  Kelly Lorenz, AICPA & CIMA’s associate director–Business Growth and Engagement.  The episode is the first of several that will focus on Future of Finance speakers and sessions, so be on the lookout for more, starting Thursday and continuing into 2024. What you’ll learn from this episode: ·         Hood’s summary of the event’s growth over the years. ·         Why Cruse considers the event the “top professional development opportunity of the year.” ·         The reasons Spiegel is more energized now about a new finance apprenticeship program. ·         Why the summit’s idea-sharing has been a “gold mine of opportunity” for finance leaders, according to Lorenz.