The Accounting Podcast

The Accounting Podcast Trailer Bonus Episode 339 Season 1

15-Year-Old Passes CPA Exam & NY Requires Independent Audits of AI Hiring Processes

00:00
In this episode, Blake and David examine the story of the 15-year-old who recently passed the CPA exam, as well as recent news involving accounting firms transitioning to corporations, AI investments, and new laws concerning AI hiring. They also cover several tech stories related to accounting, problems with client portals, and much more!


Chapters
  • (00:04) - Preview: Accounting firms will transition to corporations
  • (01:00) - Blake and David are back from their trips
  • (05:03) - A 15-year-old in Mississippi has passed the CPA exam
  • (07:00) - Jennifer asks about TAP's TurboTax Live Business experience
  • (10:05) - Mackenzie's voicemail re: accounting shortage
  • (18:37) - BDO USA is shifting from a partnership to a corporation
  • (20:55) - EY officially announces it has called off "Project Everest" but is still the number one US audit firm for public companies
  • (24:25) - M365 Co-Pilot updates
  • (29:50) - Thomson Reuters announces $100 million per year AI investment
  • (32:04) - Avalara launches a sales tax calculator in ChatGPT
  • (36:17) - Gusto hires former head of data science and analytics from Google
  • (37:09) - Taxfyle releases AI tax-prep bot
  • (39:04) - New York announces new AI law for hiring
  • (44:15) - A few more quick tech stories and the problems with client portals
  • (47:06) - Wrapbook wrap-up
  • (51:45) - Where to reach David and Blake

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Show Notes
Tech News: TaxFyle releases AI tax prep bot          
https://www.accountingtoday.com/list/tech-news-taxfyle-releases-generative-ai-tax-prep-bot
 
Why everyone is mad about New York’s AI hiring law
https://www.technologyreview.com/2023/07/10/1076013/new-york-ai-hiring-law/
 
Mississippi youth passes CPA Exam – at Age 15
https://www.journalofaccountancy.com/news/2023/jun/mississippi-youth-passes-cpa-exam-at-age-15.html
 
BDO USA is Shifting From a Partnership to a Corporation - CPA Practice Advisor
https://www.cpapracticeadvisor.com/2023/06/26/bdo-usa-is-shifting-from-a-partnership-to-a-corporation/81445/
 
Gusto hires former Google exec to add AI to products | Accounting Today
https://www.accountingtoday.com/news/gusto-hires-former-google-exec-to-add-ai-to-products
 
KPMG cuts 5% of U.S. workforce | Accounting Today        
https://www.accountingtoday.com/news/kpmg-cuts-5-of-u-s-workforce
 
KPMG’s Big Four Dominance on Bank Audits Shaken by Failures
https://news.bloombergtax.com/financial-accounting/kpmgs-big-four-dominance-on-bank-audits-shaken-by-failures
 
Thomson Reuters adding AI to tax software | Accounting Today
https://www.accountingtoday.com/news/thomson-reuters-adding-ai-to-tax-software
 
EY Tops Rival Audit Firms in Public Company Clients - CPA Practice Advisor
https://www.cpapracticeadvisor.com/2023/06/20/ey-tops-rivals-in-public-company-audit-clients/81193/
 
Shopify vows to fight CRA request to hand over records from more than 121,000 Canadian businesses
https://www.ctvnews.ca/business/shopify-vows-to-fight-cra-request-to-hand-over-records-from-more-than-121-000-canadian-businesses-1.6454822
 
Accounting firm EY calls off ‘Project Everest’ to break up firm ...
https://www.dailymirror.lk/business/Accounting-firm-EY-calls-off-Project-Everest-to-break-up-firm/215-261867
 
Finance Automation Platform Ramp Acquires AI Startup Cohere.io
https://www.pymnts.com/artificial-intelligence-2/2023/finance-automation-platform-ramp-acquires-ai-startup-cohere-io/
 
BDO USA is Shifting From a Partnership to a Corporation 
https://www.cpapracticeadvisor.com/2023/06/26/bdo-usa-is-shifting-from-a-partnership-to-a-corporation/81445/ 
 
M365 Copilot, Microsoft’s generative AI tool, explained
https://www.computerworld.com/article/3700709/m365-copilot-microsofts-generative-ai-tool-explained.html
 
Intuit Supercharges Intuit GenOS with OpenAI’s Large Language Models to Bring GenAI Experiences to Customers
https://investors.intuit.com/news/news-details/2023/Intuit-Supercharges-Intuit-GenOS-with-OpenAIs-Large-Language-Models-to-Bring-GenAI-Experiences-to-Customers/default.aspx
 
Wrapbook Expands its Payroll Platform to Enable Seamless ...
https://www.businesswire.com/news/home/20230629819270/en/Wrapbook-Expands-its-Payroll-Platform-to-Enable-Seamless-Collaboration-Across-Production-and-Accounting-Teams
 
Kraken ordered to turn over its users' information to the IRS
https://www.accountingtoday.com/articles/kraken-ordered-to-turn-over-its-users-information-to-the-irs
 
Some Chicago Restaurants Are Still Adding Surcharges Of Up to 20% to Checks. Should They?
https://www.nbcchicago.com/news/local/some-chicago-restaurants-are-still-adding-surcharges-of-up-to-20-to-your-bill-should-they/3055697/
 
As Thomson Reuters Explains Its Acquisition of Casetext, Some Investors Seem Uncertain
https://www.lawnext.com/2023/06/as-thomson-reuters-explains-its-acquisition-of-casetext-some-investors-seem-uncertain.html

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Creators & Guests

Host
Blake Oliver
Founder and CEO of Earmark CPE
Host
David Leary
President and Founder, Sombrero Apps Company

What is The Accounting Podcast?

The Accounting Podcast (formerly the Cloud Accounting Podcast) is the world's #1 accounting, bookkeeping, and tax podcast! Join us weekly for a roundup of accounting news, analysis, and interviews. Plus, earn free NASBA-approved CPE credits for listening with the Earmark app. Learn more at https://earmarkcpe.com.