Journal of Accountancy Podcast

Sara Lord, CPA, is chair of the Auditing Standards Board (ASB), which recently issued a new standard that completes the suite of quality management standards ahead of an important implementation deadline in late 2025. Lord, who discussed advice for firms on implementing the standards on a JofA podcast episode in 2022, joined the show again last week to talk about the end of a journey. In this episode, Lord details the terminology changes made official by the ASB's May 14 vote. In the conversation, there is a mention of the standard being available sometime in June. Since recording, the link has gone live and is available here: Statement on Standards for Attestation Engagements No. 23. What you'll learn from this episode: · An explanation of the changes implemented by the ASB in a May vote. · Why the May vote marks "the end of a standard-setting journey." · Why Dec. 15, 2025, is an important date for implementation of the standards. · Implementation guidance, including where to find resources. · The sense of "rejuvenation" Lord feels each year at ENGAGE.

Ken Witt, CPA, CGMA, AICPA & CIMA associate director–Management Accounting Research and Development, explains in this JofA podcast episode why finance decision-makers in the second-quarter Business and Industry Economic Outlook Survey are less optimistic now compared with the first quarter. Witt summarizes the survey results, including CPA decision-makers' expectations for revenue and profit increases and the top challenges facing them and their businesses. What you'll learn from this episode: · Why Witt says the outlook this quarter is "mixed." · An overview of respondents' sentiment about the domestic and global economies. · The "signs of strength" in KPIs, including revenue and profit projections for the next 12 months. · One metric that Witt will monitor in the third-quarter survey results.

Anoop Mehta, CPA, CGMA, is the chair of the selection committee that will choose the next AICPA & CIMA CEO. Mehta, a former AICPA chair and Association of International Certified Professional Accountants chair, discussed the qualities the organization seeks in its next leader, a planned timeline for the selection committee, and the importance of knowledge transfer. The CEO chosen will replace Barry Melancon, CPA, CGMA, who on May 22 announced his retirement, effective at the end of the year. Mehta, who recorded the episode at AICPA & CIMA ENGAGE, also shared why he thinks prospective CPAs should attend the annual event in Las Vegas and why he expects to continue meeting with accounting students. Resource: AICPA & CIMA CEO job description What you'll learn from this episode: · A planned timeline for hiring the next CEO. · The qualities being sought in the next leader. · Mehta's explanation of how a strong leader can balance openness to hearing others' perspectives with making an unpopular decision. · The importance of the Association chair and co-chair in the selection process. · The state of talent development and why Mehta says he gets "energized."

Trisha Nomura, CPA, CGMA, and Abel Soares III, CPA/PFS, don't live far from each other, but they didn't know the other's story until Soares was featured in an AICPA & CIMA Member Spotlight Series video. They joined the JofA podcast recently to discuss how connecting has led to mutual admiration — and opened up new ideas for mentoring. The episode is in recognition of Asian American Native Hawaiian/Pacific Islander (AANHPI) Heritage Month and intended to celebrate the diverse voices of the profession. Resources n AICPA & CIMA home page for diversity, equity, and inclusion n Full index of the Member Spotlight Series focused on diverse voices: What you'll learn from this episode: · How Nomura and Soares learned that they were essentially neighbors. · The background of each CPA and why it matters — particularly this month. · Their advice for fellow accountants on being more entrepreneurial. · The inspirational emails Nomura has received after speaking to students about accounting. · Why Soares wanted to go "beyond the numbers" with his firm's focus. · Their ideas for helping to grow the profession.

Marty Finn, CPA/PFS, J.D., LL.M., is an ENGAGE co-chair, focusing on tax, personal financial planning, and estate planning topics for the event, which begins June 3. Finn got his start on conference committees after meeting Sid Kess, a legendary tax practitioner and mentor who died in September at age 97. The advice of Kess has stuck with Finn, and Finn believes that an emphasis on top-notch speakers and topics is what has made ENGAGE and its predecessor events valuable to CPAs for years. Resources: ENGAGE registration information and agenda A remembrance of Sid Kess, by Andrea Millar, CPA/PFS "Summing Up Sid" podcast episode from September Longtime AICPA CEO Barry Melancon announces his retirement What you'll learn from this episode: First, a word on the news of the week: AICPA CEO Barry Melancon announces plan to retire. Melancon is scheduled to be at ENGAGE, a signature AICPA event that Finn looks forward to each year. Finn's explanation of the Sid Kess Rule. The topics that are expected to be addressed in a panel discussion that Finn will moderate. The importance of, and timeline for, the sunset of several key provisions of the legislation known as the Tax Cuts and Jobs Act. Why Finn says that the opportunities for tax-focused CPAs in the area of advisory services will continue to grow. One last bit of Kess advice for getting the most out of conference attendance.

Ami Beers, CPA, CGMA, senior director–Assurance & Advisory Innovation for AICPA & CIMA, joins the JofA podcast for this episode to guide CPAs on how to approach the new SEC rule on climate-related disclosures. The SEC adopted the rule March 6. But, about a month later, it put a stay on the rule's implementation, in response to multiple legal challenges to the rule. Some argued that the SEC overstepped its authority, and others said the SEC didn't do enough. Either way, it's likely the rule will affect corporate reporting going forward, despite the lack of clarity now. Beers explains that and more, underscoring the importance of not waiting to understand the rule. Resources n May 23 webinar mentioned by Beers n AICPA and Center for Audit Quality summary document n JofA March 6 article on rule adoption n JofA March 14 need-to-know summary What you'll learn from this episode: · Ami Beers' rundown of the recent timeline of sustainability reporting and the SEC's adoption of its rule on climate-related disclosures. · What the data, in multiple surveys from the AICPA and the International Federation of Accountants, shows about companies' reporting on climate information. · What's next regarding the legal challenges affecting the rule. · Why Beers said "there's a lot to unpack" regarding the rule. · Why, despite legal hurdles, Beers believes the rule should remain on CPAs' radar. · The importance of legislation in the European Union and California on climate-related reporting.

Tax filing season can be a marathon, or it can be a sprint to the finish. Either way, the collective sigh of relief is real. Melanie Lauridsen, vice president–Tax Policy & Advocacy for the AICPA, reflected on the last filing season and addressed advocacy items to watch in this episode of the Journal of Accountancy podcast. Lauridsen, in her third tax advocacy update of 2024, discussed the latest on employee retention credit (ERC) claims, including an eye-popping cost estimate. She also shared advocacy updates and looked ahead to the rest of 2024. In her previous podcast update, Lauridsen focused on clearing up confusion related to beneficial ownership information reporting. What you'll learn from this episode: · The comparison of tax season to a two-hour marathon. · Why this was the first tax season in many years with "a smooth runway" for filing. · Lauridsen's reaction to the comment by IRS Commissioner Danny Werfel about receiving 20,000 ERC claims per week. · Advocacy topics of note for this year and beyond. · Lauridsen's analysis of a tax bill now in the Senate. · Why it is nearly guaranteed that tax changes are coming, even if the current bill never makes it out of committee.

Roger Kenyanya, vice president of finance at home improvement store Lowe's, took part in the inaugural AICPA and CPA.com AI Symposium about three months ago in New York. Why did he refer to the event as a "humbling, full-circle moment" in a LinkedIn post? Find out on this episode of the JofA podcast. Kenyanya, a member of the Future of Finance Leadership Advisory Group, shares how both the finance function and overall business are harnessing the power of AI. He also details his career journey and notes how the skill sets of next-generation finance employees will change. What you'll learn from this episode: · The "significant milestone" in Kenyanya's career — in his junior year of college. · Kenyanya's path to his current role as a finance leader at Lowe's. · His takeaways from a January symposium about AI. · Some of the ways AI is being harnessed at Lowe's. · How the skill set for tomorrow's finance employees is changing and the three-pronged focus of that shift for Kenyanya and Lowe's. · The peer "platform to collaborate" that Kenyanya said is valuable.

Danielle Supkis Cheek, CPA, vice president and head of Analytics & AI for Caseware, had an interesting way to continue her exploration of the ethics of using AI tools in accounting: She asked ChatGPT to give her an answer. The response helped in her assessment of such tools. She shared more about that result — and answered our questions — in this episode of the JofA podcast. What you'll learn from this episode: · What a well-known generative AI tool had to say about the risks of using large language models in accounting. · The surprising thing an early version of ChatGPT said about Supkis Cheek. · The top-of-mind AI ethics concerns for the accounting profession. · How the development of smaller-scale language models, with accounting specifics, can improve confidence in large language models. · An explanation of the MAYA principle as it relates to AI. · Thoughts on taking a "measured approach" when it comes to AI auditing.

To Jen Croneberger, it's easy for many in society to spend a lot of time planning to do big things but not always carrying out those plans. Taking an "if/then response approach" to life prevents accomplishing big goals, and so Croneberger advises people to take big leaps, even if they're uncertain about having a safety net. That's one of several leadership concepts discussed on this JofA podcast episode. Croneberger, an author and consultant, is the keynote speaker June 17 at the AICPA & CIMA Not-for-Profit Industry Conference. In this conversation, she previews that session, explains the words behind the acronym BRAVE, and shares the importance of human-focused leadership in an AI-driven world. Croneberger also responds to the topic of a JofA episode from April 2022 about how belief differs from arrogance. What you'll learn from this episode: · A preview of Croneberger's keynote session at the AICPA & CIMA Not-for-Profit Industry Conference in June. · Why leadership is "a behavior, not a title." · Some of the ways she applies a sports background to her role as a consultant. · Why Croneberger likes the leadership advice "Go before you're ready." · How we can use digital devices to improve self-care. · The importance, in Croneberger's mind, of speaking openly about topics such as depression.

In the first part of a two-part podcast discussion, Hamza Khan detailed how he was affected by a severe case of burnout about 10 years ago. In this episode, Khan, an author and keynote speaker, shares more about his battle with burnout today. Khan explained some of the reasons burnout can affect women in particular and shared some of the knowledge gleaned from attending two AICPA & CIMA Women's Global Leadership Summits. He also discussed why having relatively few one-on-one meetings with his boss became a bad thing — and how leaders can make those meetings better. What you'll learn from this episode: · Why Khan wanted to emulate Jay-Z. · The CASTLE acronym and it's tie-in to burnout. · Why Khan took one-on-one meetings for granted earlier in his career. · The tough questions managers should ask employees in one-on-one meetings. · Why the technological disruption in business today is "a time of danger but also a time of opportunity."

Hamza Khan believes the four-day workweek to be "an inevitability." It is the sort of workplace trend that could help to diminish burnout, which is the main topic of this JofA podcast episode with Khan, an author and entrepreneur. This episode is the first of a two-part conversation with Khan, who has given keynote presentations at several AICPA & CIMA events, including the Global Women's Leadership Summit and the CFO Conference. Khan spoke last year on the JofA podcast about the difference between managing and leading, and he'll talk on the next episode about how strong leadership should include meaningful one-on-one meetings.

Tom Hood, CPA/CITP, CGMA, executive vice president–Business Growth and Engagement at AICPA & CIMA, together as the Association of International Certified Professional Accountants, has his finger on the pulse of the profession. He's traveled all over, talking to everyone from corporate CFOs to newly minted accountants and accounting apprentices, and he's sharing some of the insights gained from those discussions on this episode of the JofA podcast. Hood, who has been in his current role for three years after a long stint as CEO of the Maryland Association of CPAs, takes time to reflect on his move to the "global stage," to explain the issues that most concern finance leaders, and to detail an early apprenticeship success story. What you'll learn from this episode: · Hood's reflection on three years in an AICPA & CIMA executive role. · The "pre-Internet" computer technology Hood's company used when he was a CFO. · One example of how the power of peers has built the Future of Finance Leadership Advisory Group. · Why the story one bank's apprentice provides hope in addressing the accounting talent pipeline drought. · The top-of-mind issues for finance leaders for this year and into 2025.

Ken Witt, CPA, CGMA, AICPA & CIMA associate director–Management Accounting Research and Development, explains in this JofA podcast episode why finance decision-makers in the first-quarter Business & Industry Economic Outlook Survey are more optimistic now compared with the end of 2023. Witt summarizes the survey results, including CPA decision-makers' expectations for revenue and profit increases and the top challenges facing them and their businesses. What you'll learn from this episode: · A breakdown of sentiment about the domestic economy and CPA decision-makers' own organizations. · Projected increases in revenue and profits for the coming 12 months. · The top challenges facing finance executives. · The hiring outlook for the coming year and how it differs by company size.

The AICPA & CIMA CFO Conference begins April 24 in Charleston, S.C. Sandy Sloyer, CPA, CGMA, and Misty Geer, CPA, CGMA are long-time members of the conference planning committee, and they joined the JofA podcast to discuss how priorities have changes for finance leaders over the past few years — and how the conference agenda has been adapted as a result. Here's a link to the list of conference sessions. What you'll learn from this episode: · Attendance options for the April conference. · How the conference planning committee adapted to the pandemic era. · Key issues facing CFOs and the finance function these days. · Agenda highlights, along with some of Geer's favorite speakers from previous years. · Sloyer's feeling every year when the conference ends. · Why the event is for current CFOs and aspiring ones.

Melanie Lauridsen, vice president–Tax Policy & Advocacy for the AICPA, returns as a guest on the JofA podcast to update listeners on the focus areas of tax advocacy. Her team is paying close attention to employee retention credit claims, beneficial ownership information (BOI) reporting requirements, and IRS contingency plans in the event of a government shutdown. Resources: January advocacy conversation with Lauridsen on the JofA podcast JofA coverage of the federal court opinion holding the Corporate Transparency Act unconstitutional and the appeal of that court decision 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: · Recent developments related to BOI reporting – who has to file reports and who doesn't. · Why BOI reporting often falls to tax practitioners. · The differences between BOI requirements and the customer due diligence rule. · Why March 22 is important as it relates to government funding. · Lauridsen's analysis of a tax bill now with a congressional committee.

The factors contributing to a decline in the accounting talent pool are many, and so are the strategies to address the issue. In this podcast episode, Sue Coffey, CPA, CGMA, AICPA & CIMA's CEO–Public Accounting, explains what early research has shown about why students are showing less interest in accounting. She also details the steps that multiple entities, including the National Pipeline Advisory Group (NPAG), are taking to grow the pipeline. In the interview, Coffey discusses CPA licensure, the 150-hour educational requirement, CPA practice mobility, and other issues important to her and the profession. Resources NPAG survey page: https://www.accountingpipeline.org/survey/ AICPA & CIMA business model transformation tools JofA content: n Podcast episode with NPAG Chair Lexy Kessler, CPA, CGMA n Podcast episode with NPAG independent facilitator Jennifer Wilson n Podcast episode about including accounting in STEM curriculum with Jan Taylor, CPA, CGMA, and Lauren Pfingstag-Vahey n Article on the formation of NPAG What you'll learn from this episode: · The main goals of the National Pipeline Advisory Group (NPAG). · Why the recently released NPAG survey is aimed at current professionals and students. · What NPAG research is showing about the reasons for a decline in CPA candidates. · Coffey's response on whether the AICPA is being stubborn about the 150-hour education requirement for CPA licensure. · The importance of audit transformation in Coffey's mind. · Some of the regulatory agencies she speaks to as part of advocacy efforts.

Wassia Kamon, CPA, was a featured speaker at the Future of Finance Summit in Orlando late last year, and she joined the JofA podcast from the event to discuss how leaders can overcome their own biases to be more inclusive. Kamon, vice president of finance at the Low Income Investment Fund in Atlanta, points out that with social media and other commonly used applications, it's very easy for us to choose our own news, friends, and interest areas — or have algorithms choose the focus areas for us. That can be detrimental to people expanding their understanding of the world and learning about others. Kamon also explains a few types of bias and how they can hold people back, and she explains why it's important to mix progression planning with succession planning. What you'll learn from this episode: · Why we're now in the "golden age of self-curation," according to Kamon. · The danger of "blocking people" if you're in a leadership role. · An explanation of implicit bias and status quo bias. · The meaning of leading in a "roundabout" way — and how it differs from a "traffic light" approach. · How Kamon once reacted when approached by a manager about receiving a promotion. · The importance of being "receptive to change."

Bring together three of the top experts in the accounting technology space, and you're bound to learn something (often, many things) new. That's been the premise of the JofA Accounting Technology Roundtable since 2011. It held true again in 2024. After discussing artificial intelligence and automation in Part 1 of the roundtable, published Wednesday, the three panelists — Automata Practice Development's Wesley Hartman, IntrapriseTechKnowlogies' Donny Shimamoto, CPA/CITP, CGMA, and Boomer Consulting's Amanda Wilkie — turned their attention to several other topics, including one that is new to the roundtable — people tech. What is people tech and why does Shimamoto think it's going to be a big deal for accounting firms and finance departments this year and beyond? Find out in this episode. What you'll learn from this episode: · What "people tech" is and why "HR tech" is not an adequate description · Ways accounting firms and finance departments can use the technology "for good" · Why AI can't solve all problems, especially within people tech. · Why CPAs should be paying more attention to digital assets than blockchain. · The type of cybersecurity plan now required for many firms. · Where Web 3.0 stands and why it may be a little behind schedule. · A simple reminder about taking small steps when implementing technology.

ChatGPT generates most of the headlines, but it's only a small part of the big picture when it comes to artificial intelligence (AI) in the accounting profession. What is the wider view on AI for accounting firms and finance departments, and how does it all relate to automation making life better for CPAs? Find out from three of the top accounting technology experts in the latest episode of the JofA podcast. Gathered for the JofA's annual Accounting Technology Roundtable, the panelists — Automata Practice Development's Wesley Hartman; IntrapriseTechKnowlogies' Donny Shimamoto, CPA/CITP, CGMA; and Boomer Consulting's Amanda Wilkie — covered numerous tech topics in a wide-ranging discussion being presented in two parts. Part 1 features the aforementioned AI and automation discussion. Part 2, scheduled to be published Thursday, delves into topics including "people tech," blockchain and digital assets, cybersecurity, and more. What you'll learn from this episode: · How generative AI is like auto-complete. · What a recent announcement has in store for ChatGPT. · How AI has been around longer than you might think. · The importance of CPAs partnering with technologists to vet AI algorithms. · The different levels of automation and the best opportunities for CPAs.

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.

Barry Melancon, CPA, CGMA, the CEO of AICPA & CIMA, joins the show this week for the first part of a two-part conversation on the state of the profession and what CPA can expect in 2024 on several fronts. Melancon details concerns about a potential IRS shutdown in tax season, the state of ESG reporting and regulation, how elections could play out, and why the threats to CPA licensure are real. Part 2 of the conversation will be published in an early January episode of the JofA podcast. What you'll learn from this episode: · Melancon's one word that sums up the state of the profession looking ahead to the new year. · An overview of two major issues affecting CPAs: the moratorium on employee retention credit claims and requirements for beneficial ownership information reporting. · The "significant service implications" of a potential government shutdown related to the IRS. · Why legislation in Europe and California will have an effect on ESG reporting, even for businesses outside those areas and regardless of any SEC action on ESG. · Melancon's assessment of "the art of compromise" in Washington. · The reasons CPA licensure is so important.

In the fourth-quarter results of the Business and Industry Economic Outlook Survey, CPA decision-makers remain pessimistic about both the global and U.S. economy, but less so about their own organizations. They also are showing a hesitance to hire, facing an array of challenges, as explained in this episode of the JofA podcast. Guest Ken Witt, CPA, CGMA, AICPA & CIMA associate director — Management, Accounting Research and Development, analyzes the results of the quarterly survey. What you'll learn from this episode: How sentiment has changed regarding recession likelihood in the past few quarters. Projections for the next 12 months for revenue and profit. A recap of how the top challenges have shuffled lately, including regulatory concerns falling far down the list. The trends in hiring and why some workers may be more likely to stay put than look for another job. The specific part of decision-maker sentiment that Witt is waiting for in 2024.

Jeff Drew, the JofA's editor-in-chief, is the guest on today's episode, taking listeners through some of the articles in the December issue, which goes live on Friday. Drew, a former JofA senior editor and manager with the AICPA's Private Companies Practice Section, has focused on content for the daily and monthly magazines for more than a decade. He is also the host of the Small Firm Philosophy podcast. He previews coverage on the topics of: n firm practice management; n considerations for potential firm partners; n the employee retention credit; n Excel's Automate feature; and n Improving your work setup with a vertical mouse, mechanical keyboard, and more. If you have article ideas or other magazine feedback, you can reach Drew at [email protected]. What you'll learn from this episode: · Where readers can find the latest monthly issue of the JofA. · A summary of a small firm owner's article about firm practice management. · Considerations for CPAs on the path to partner. · Drew's explanation of the top item in the Tax Matters section. · The advice that Kelly Williams, CPA, shares about Excel in Technology Q&A. · Another Technology Q&A topic that reminds Drew of 1980s arcade games.

The 2023 Digital CPA Conference, Dec. 3–6 in Las Vegas, will be the event's 12th year. To explore the trends that drive this year's agenda – and to look back on the conference's weather-delayed start – Michael Cerami joins the JofA podcast. Cerami is executive vice president of strategic alliances, business development, and communications at CPA.com, the AICPA's business and technology subsidiary. Cerami discusses generative AI, previews some of the Digital CPA sessions, and explains how business model transformation is a key topic for future-focused CPA firms and practitioners. What you'll learn from this episode: · More from CPA.com's Michael Cerami on the recently released AI toolkit. · Cerami's preview of some of the keynote speakers' topics. · Why the initial Digital CPA event was delayed about six weeks. · Why business model transformation is top of mind for the profession. · How Digital CPA has led the discussion over the years on the topic of client advisory services, or CAS.

The title above is the first question posed to the guest on this episode of the JofA podcast. Byron Patrick, CPA/CITP, CGMA, vice president—Client Success at the B3 Method Institute, is a repeat guest on the show, and he's spoken previously about best practices for virtual meetings. The conversation topic was spurred by an article covering recent research about how our brains perceive interaction differently in virtual meetings than in-person meetings. The first time Patrick appeared on the JofA podcast, in 2019, he discussed effective email rules. Over the years, he's shared PowerPoint rules to live by and advice for virtual meetings. What you'll learn from this episode: · Why trying to look someone in the eye is difficult in virtual meetings. · Patrick's recall of memorable meeting gaffes. · How headphones can be useful in online meetings. · A cameo appearance from Patrick's dog, Trinity. · Why Patrick says that 10 minutes of consideration can make meeting attendees more effective and presentable.

When will the SEC's proposed rule on climate disclosures become final? And what effect will new legislation in California have on companies across the country? Those questions and more are topics of this episode of the JofA podcast. Ami Beers, CPA, CGMA, senior director–Assurance & Advisory Innovation at the AICPA, discusses the latest news on multiple regulatory and reporting fronts. She also previews a December virtual conference. and discusses the AICPA a summary resource document, created in response to recently signed laws in California. Beers also discusses SEC rules that are not climate-related, such as ones focusing on human capital and board diversity. What you'll learn from this episode: The nationwide impact of new climate-related legislation in California on public and private companies. Where the SEC stands on its proposed climate rule, and the SEC's plans related to the "S" and "G" in ESG. The key role CPAs are positioned play in the rapidly evolving ESG reporting environment. How accounting professionals can benefit from the AICPA & CIMA ESG & Sustainability Conference in December.

For several years now, finance executives have had talent development and retention on their minds – even with all the other business headwinds they're facing today. That's why the timing of an apprenticeship program has been so important, and why it's the main topic on this episode of the JofA podcast. Today's guest, Barry Payne, director—External Relations, Management Accounting at AICPA & CIMA, together as the Association of International Certified Professional Accountants, explains the tie-in between the emphasis on apprenticeships and the Future of Finance Leadership Advisory Group (FFLAG). Also, hear a short segment of the Small Firm Philosophy podcast where the owner of a small CPA firm talks about a drastic change to her business model that paid personal and professional dividends. Resources: U.S. apprenticeship program overview Future of Finance Summit agenda and registration JofA article on Sandy Johns and the transformative leap she took for her firm What you'll learn from this episode: An overview of progress in the Department of Labor-approved apprenticeship program in its first year. Some of the new companies now taking part in the program. How companies are applying the apprenticeship program to train and upskill existing employees. Payne's explanation of how an emphasis on apprenticeships was a "fundamental action" of the FFLAG. The top challenge listed by finance executives who are part of the FFLAG. Information about the December summit and agenda and why Payne calls it a "safe haven" for finance leaders.

Stephanie Hughes doesn't want anyone, especially families, to face an unforeseen crisis when it comes time to retire. Her family's own struggles, when she was in college, helped shape that view. Hughes, CEO of the Wealth Management & Family Office at the firm Wiss & Co. LLP, said she's teaching her daughter about money, saving, and thinking early about retirement. Dedicating a little bit of time now to educate others about retirement readiness can pay big dividends down the road. This episode of the JofA podcast also highlights breaking news related to IRS details on withdrawing employee retention credit claims. What you'll learn from this episode: · More about Stephanie Hughes and the division of the firm Wiss of which she is CEO. · The personal experience that helped shape Hughes and her view on financial planning, especially as it relates to transferring family wealth. · How her family's struggle led Hughes to a job that she says "became my passion." · Why retirement readiness is sometimes more challenging for women. · The importance of early education when it comes to saving for retirement. · The YouTube series that Hughes and other firm leaders have begun.

Nicole Davis isn't your typical CPA firm owner. She has five children, owns three businesses, and has zero work experience in a public accounting firm. She has crafted a presence on social media including an account with more than 12,000 followers on X, formerly known as Twitter. How has Davis done all of this, launching the firm Butler-Davis Tax & Accounting and two other businesses? And what has she learned along the way? She shares her story in this episode, a collaboration with the Small Firm Philosophy podcast, which is produced by the AICPA's Private Companies Practice Section. What you'll learn from this episode: Why Davis changed her firm's business model after the first year. How she uses video to communicate with clients and staff. How she shifted her firm away from taxes to accounting, bookkeeping, and advisory services. How price increases helped her firm right-size its client base. How she uses social media to connect with peers and land clients.

In the spring, two technology-focused accounting educators wrote an article about ChatGPT's ability to answer hypothetical client questions. Now, they're joining the JofA podcast to look into the future of generative AI. Mfon Akpan, CGMA, DBA, an assistant professor of accounting at Methodist University, and Scott Dell, CPA, DBA, an assistant professor of accounting at Francis Marion University, explain why CPAs and other professionals can be left behind professionally if they don't spend time learning about tools such as ChatGPT. They talk about productivity gains, the competitive divide that could develop, and how, in the short term, more training is needed to fully harness generative AI. Akpan and Dell also note that although the power of generative AI tools is exciting, these tools are far from perfect. In particular, accuracy remains a concern. Editor's note: The interview was recorded in August. What you'll learn from this episode: How Akpan and Dell got to know each other. A forecast of how generative AI will look in 2024. Some of the other tools competing with ChatGPT. Akpan's "aha moment" when giving a recent presentation. Why Dell said — twice — "the sky's the limit" with AI tools.

Ryan Bogner, EY's Americas digital sustainability leader, is the keynote speaker at the AICPA & CIMA Oil & Gas Conference in November in Las Vegas. He explains on this episode of the JofA podcast how the regulatory landscape will affect reporting going forward, the link between cost efficiency and carbon efficiency, and why, even with more focus on sustainable energy sources, demand for oil and gas remains high. What you'll learn from this episode: · Bogner's explanation of how reporting directives in Europe can affect U.S. companies. · How changes in the regulatory landscape could affect CPAs' reporting and assurance duties and timelines. · An update on the release of the SEC climate rule's final version. · Definitions of "carbon efficiency" and "carbon intensity." · Why Bogner says that demand for oil and gas as an energy source isn't diminishing.

Plenty of CPAs can say they learned something from Sid Kess, who died last week at age 97. Some earned CPE credits from a Kess conference session, others read his book, and some learned simply how to treat other people. Kess was passionately devoted to the profession; he continued serving on conference planning committees well into his 90s. As recently as 2022, Kess was honored with others in the profession at AICPA & CIMA ENGAGE. The specific award given then to Kess was the Stanley H. Breitbard Personal Financial Planning Division Lifetime Achievement Award. It is one of many such honors, not that Kess was in it for awards. In 2016, he received a separate PFP award. In 2011, he received the AICPA's highest honor. In 2010, an award related to continuing education was named after him. That's the way it was for Kess, who devoted his life to the profession. This episode of the JofA podcast shares more memories of Kess, dating back 50 years. What you'll learn from this episode: Background information on Sid Kess, who died last week at age 97. What Kess taught Marty Finn about relationship-building at conferences. David Lifson's surprise that Kess remembered him from a meeting that occurred at least 10 years earlier. Julie Welch's memory of when Kess suffered broken bones just before an AICPA video session but carried on. AICPA & CIMA CEO Barry Melancon's early dealings with Kess. Why Melancon said that "you hated to disappoint" Kess.

On Thursday, the IRS suspended the processing of new employee retention credit (ERC) claims to combat the prevalence of fraud. These measures will help protect small businesses and aim to stop fraud by promoters of ERC mills. In this episode, Kris Esposito, Director — Tax Policy & Advocacy, AICPA & CIMA, joins April Walker, CPA, CGMA, Lead Manager — Tax Practice & Ethics, AICPA & CIMA, to discuss this important news development and break down the details of the announcement. What you'll learn from this episode: How to find out if submitted claims have been processed (3:53). When recently submitted claims will be processed (4:41). How to talk to your clients about the IRS announcement (6:22). How a new resource can help (7:38).

For Kevin Martin, CPA, the many happy memories of his father — also a CPA named Kevin Martin — outweigh the grief that accompanied the elder Martin's death in 2019. An otherwise healthy 78-year-old, the grandfather to Kevin and Lisa Martin's four children was diagnosed with amyotrophic lateral sclerosis (ALS), a debilitating disease that has no cure. He died about a month later. Kevin Martin, the son, didn't want those memories to fade away, and so, in the middle of the pandemic, he decided to write. He kept writing, and eventually his grief journal became a book, All Is Well: Life Lessons from a Preacher's Father. In this episode of the JofA podcast, Martin discusses the "preacher" part of the book's title, how the family-owned CPA firm has moved forward, and advice for dealing with life-altering events. What you'll learn from this episode: · The upheaval in accounting and other industries that affected Martin's firm at the onset of the pandemic. · Why Martin decided to write a book about his father. · The last words of Martin's father in the hospital. · Why Martin says "grief has no rules." · Martin's advice for how to assist grieving coworkers, including "bringing down the boundaries." · The book's role in fundraising for ALS charities and research.

It's not a rosy outlook by any means, but the mood of finance decision-makers has brightened in the past three months. That's according to a third-quarter survey of CPA decision-makers in business and industry. Optimism is rising, along with projections on revenue for the coming 12 months. Also, inflation is no longer the top challenge chosen by respondents. Ken Witt, CPA, CGMA, AICPA & CIMA's associate technical director – Reasearch and Development, discusses the results of the Business and Industry Economic Outlook Survey in this podcast episode. What you'll learn from this episode: · The decline in the percentage of respondents expecting their businesses to contract. · A breakdown of how CPA decision-makers in business and industry feel about the likelihood of a recession. · The top challenges facing finance executives. · What Witt calls the "keynote stat" to monitor leading up to the fourth-quarter survey results.

The AICPA's Digital Assets Working Group published the first iteration of its digital assets practice aid in late 2019. Since then, much has changed related to digital assets, and so the practice aid has evolved with timely updates. The latest update, member-locked content published in late July, continues that evolution. On this episode of the JofA podcast, Kyle Sewell, CPA, a member of the Digital Assets Working Group, explains more about why the updates are important and how they can help practitioners.

When Rand Greenblatt, PA, assumed the role as CFO of Elixir Solutions in early 2022, he set out to improve finance operations while empowering team members. He said that seeing direct reports improve through taking on stretch roles is a key part of talent development – and something that's gratifying to him. Greenblatt shared what it's like to manage a team that's fully remote, why he considers that setup "a boon to the organization," and more in this episode of the JofA podcast. What you'll learn from this episode: · Rand Greenblatt's background writing for a newsletter tied to the JofA. · Greenblatt's new role and more about his job priorities. · Three areas of focus for improving his organization's finance function. · The "huge selling point" – and other benefits – of being a fully remote company. · What Greenblatt considers the most rewarding part of his job.

Future-focused consultant and entrepreneur Scott Klososky admits he doesn't know exactly what the future holds as it relates to artificial intelligence. But he is definitely more upbeat about the productivity possibilities AI offers than down about the jobs AI might eliminate He believes AI will cut out parts of jobs, not entire ones. Klososky will talk more on this topic in September at the AICPA & CIMA Conference on Banks and Savings Institutions. About AI, Klososky says: "Instead of fearing it, we need to get better at embracing it and loving and appreciating what it can do." What you'll learn from this episode: · How the past 10 months have transformed the adoption of generative AI such as ChatGPT. · What Klososky means by the phrase "consumerized AI" – and how what's happening now compares to the launch of the iPhone. · Why Klososky prefers "machine intelligence" over "artificial intelligence." · How technology could play a role in helping to close the U.S. labor gap. · A new take on the 80-20 rule, applicable to AI. · What Klososky is looking forward to from this year's banking conference.

Lexy Kessler, CPA, CGMA, is the chair of the National Pipeline Advisory Group, a group of accounting stakeholders formed to help shape strategy to address the profession's talent shortage. Kessler is mid-Atlantic leader for the firm Aprio and a member of the board of directors of the Association of International Certified Professional Accountants. She is a former chair of the Maryland Association of CPAs. In this episode, Kessler discusses why leading the group appealed to her, more about the group's responsibilities, and why she's excited to learn from the group's other members. What you'll learn from this episode: · What the advisory group is and the approach it is taking to key responsibilities. · Some of the ways the talent shortage in the profession has affected business. · Why organizations, including CPA firms, must be open to looking inward for solutions to the profession's pipeline problem. · How the National Pipeline Advisory Group's universally desired end result puts it in a strong position to aid the cause.

Johanna Sweaney Salt, CPA, CGMA, used to work 100 hours a week during busy season. As the founder and managing partner of Gray, Salt & Associates LLP, she believed it was her responsibility to put in the time needed to make her small firm a success. Today, Johanna remains a full-time partner at the firm, and her son, Dalton Sweaney, CPA, is now the managing partner. His desire a few years ago to spend more time with his young children prompted him to ask his mother if they could make changes to make busy season less crazy. She said yes, starting a multiyear journey that has freed Dalton up for more dinners with his family and has cut her busy-season hours almost in half. What changes did they make and how have they kept the firm running profitably? What you'll learn from this episode: · How the firm began a move to cut back on both total hours and hours worked in the office. · The remote work toolkit that assisted in the business transformation. · How a hard minimum set by the firm helped to maximize profits. · When, how, and why the firm fires clients. · The firm's ideas about four-day workweeks.