Can AI Become An Accounting Expert?

Blake and David examine the downfall of FTX and founder Sam Bankman-Fried and look at some controversies around Deloitte auditors backdating audit paperwork in Canada, receiving only a minor fine. They also marvel at Donald Trump's attempt to blame accountants for alleged financial statement fraud in his organization. All this, and other news including NASBA's CEO's upcoming retirement, IRS budget cut updates, and generational differences around public accounting work environments.

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Chapters

• (00:39) - Blake is back from Maryland where he gave a talk on AI and accounting
• (04:16) - CPA Journal uses bad AI to draw conclusions on AI's future in accounting
• (10:32) - Guinness Stout might not exist without taxes
• (13:44) - Jeff Bezos is moving to Miami
• (17:23) - Over 2/3 of Ohio CPAs are 50 or older
• (22:58) - Sam Bankman-Fried found guilty
• (24:30) - WeWork files for bankruptcy
• (30:28) - Trump trial updates: Donald Trump takes the stand
• (41:19) - CPA Ontario fines Deloitte
• (47:34) - IRS budget cut again
• (53:08) - NASBA CEO Ken Bishop plans to retire
• (54:36) - BDO and other firms becoming ESOPs
• (56:27) - Expensify closes their longue in SF
• (01:00:29) - We're going to QuickBooks Connect
• (01:01:17) - Blakes shares Instagram clip of street CPA interview
• (01:03:11) - Wrap up and how to earn free CPE for listening to this podcast

 

Show Notes

House passes Israel aid tied to IRS cuts, triggering Biden clash | Accounting Today

https://www.accountingtoday.com/articles/house-passes-israel-aid-tied-to-irs-cuts-triggering-biden-clash

 

New York accounting firm Grassi announces ESOP | Accounting Today

https://www.accountingtoday.com/news/new-york-accounting-firm-grassi-announces-esop

 

Trump’s Sons Cast the Blame for Fraud on Their Company’s Accountants

https://www.nytimes.com/2023/11/02/nyregion/eric-trump-donald-jr-fraud-trial.html?smid=nytcore-ios-share&referringSource=articleShare

 

NASBA CEO Ken Bishop plans to retire | Accounting Today

https://www.accountingtoday.com/news/nasba-ceo-ken-bishop-plans-to-retire

 

IG reel: Good salary BUT don’t become a CPA

https://www.instagram.com/reel/CzCgptfpjmv/

 

Can Artificial Intelligence Become an Accounting Expert? - The CPA Journal

https://www.cpajournal.com/2023/10/24/can-artificial-intelligence-become-an-accounting-expert-2/

Deloitte Auditors Got Caught Changing Their Computer Clocks to Backdate Workpapers

https://www.goingconcern.com/deloitte-auditors-got-caught-changing-their-computer-clocks-to-backdate-workpapers/

 

Ohio floats plan to recruit more CPAs      

https://www.accountingtoday.com/news/ohio-floats-plan-to-recruit-more-cpas

 

WeWork, once valued at $47 billion, files for bankruptcy 

https://www.cnbc.com/2023/11/07/wework-files-for-bankruptcy.html

 

Here's how much WeWork co-founder Adam Neumann made before the company's bankruptcy

https://www.cnbc.com/2023/11/07/heres-how-much-wework-founder-adam-neumann-got-before-bankruptcy.html

 

Sam Bankman-Fried found guilty on all seven criminal fraud counts

https://www.cnbc.com/2023/11/02/sam-bankman-fried-found-guilty-on-all-seven-criminal-fraud-counts.html

 

Amazon founder Jeff Bezos is leaving Seattle for Miami    

https://www.cnbc.com/2023/11/03/amazon-founder-jeff-bezos-is-leaving-seattle-for-miami.html

 

Ohio Society of CPAs Develops Action Plan Aimed at Talent Shortage

https://www.cpapracticeadvisor.com/2023/11/06/ohio-society-of-cpas-develops-action-plan-aimed-at-talent-shortage/97271/

 

Billions still lost through bad accounting, says auditor general       

https://mg.co.za/business/2023-11-03-billions-still-lost-through-bad-accounting-says-auditor-general/

 

Eric Trump testified over and over again he had nothing to do with his dad’s accounting. Then he was shown his own emails   

https://fortune.com/2023/11/03/eric-trump-testifies-fraud-trial-never-worked-donald-financial-statements-emails-testimony-involvement/

 

Former FTX CEO found guilty of fraud      

https://www.bankingdive.com/news/former-ftx-ceo-sam-bankman-fried-found-guilty-7-counts-fraud-conspiracy/698555/

 

House Passes Israel Aid Bill Tied to IRS Cuts

https://www.cpapracticeadvisor.com/2023/11/02/house-passes-israel-aid-bill-tied-to-irs-cuts/97224/

 

Jeff Bezos: Leaving Seattle and Embracing Miami

https://www.smallbiztechnology.com/archive/2023/11/jeff-bezos-leaving-seattle-and-embracing-miami.html/

 

Billionaire Amazon founder Jeff Bezos moves to Florida, where his parents live-and capital gains are not taxed        

https://finance.yahoo.com/news/billionaire-amazon-founder-jeff-bezos-125828852.html

 

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Transcripts

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page