A small audit firm with only one CPA on the website takes on a multi-billion dollar client. The client turns out to be a fraud. And the auditor? They face a measly $65,000 fine, less than the fees they earned from the audit. It's a true story that David and I shared on The Accounting Podcast. And it's just the tip of the iceberg when it comes to the lack of accountability in the auditing profession. In recent episodes, we delved into the cases of Gries and Associates and BF Borgers, two unknown firms that audited high-profile companies with questionable track records. The PCAOB found deficien ..read more

I'm honored to be quoted by Gene Marks, CPA, in his latest piece on The Hill, in which he brilliantly unpacks why investors should approach audit reports with a healthy dose of skepticism. Read it here ..read more

This week on the pod, we dive into valuations with accounting firm M&A expert Charles Bedard. Learn why moving to modern pricing models could mean big money for your exit strategy. Tune in here: https://share.transistor.fm/s/625cc0c3 Charles doesn't just stop at the why; he shares the how – offering invaluable insights and actionable tips for firm owners aiming to increase their valuation before they hit the market ..read more

The federal government's latest attempt to catch money launderers is doomed to fail. Here's why. In this clip from the Federal Tax Updates podcast, Roger Harris and I discuss the many flaws in the new beneficial ownership information reporting requirement: It requires ALL businesses to file reports, not just those suspected of wrongdoing, creating a "database of honest people"  Money launderers are highly unlikely to self-report or identify the true owners Steep criminal penalties for non-compliance will ensnare many innocent business owners FinCEN, the agency tasked with enforce ..read more

via CPA Trendlines Small businesses are not a niche. Professional services are not a niche. Individuals are not a niche. Mid-size businesses are not a niche. So why are these the top four “niches,” according to a survey of accounting firm owners? It must be because most of them don’t understand what a niche is. In short, a niche is a small, specific, and well-defined audience with unique needs, preferences, or characteristics. None of the four categories above are small, specific, or well-defined. But more importantly, none of the businesses or individuals in these categories would self-ident ..read more

Are you considering selling your accounting firm? Navigating the complex process of valuing, marketing, and transitioning your business can be daunting. That's why I'm excited to invite you to join me and serial acquirer Michael Ly for an insightful webinar that will provide you with the tools and knowledge needed to sell your accounting firm successfully. In this webinar, Michael will share his expertise as an active buyer, offering practical tips on preparing your firm for sale, determining its maximum value, finding the right buyer, and structuring creative deals that benefit both parties ..read more

As an accountant, you may have questions or concerns about QuickBooks Live and how it impacts your practice. In this discussion, I speak with Itai Jeczmien, VP of Product at Intuit, about the evolution of QuickBooks Live and how it can complement the work of accounting professionals. By working together, accountants and QuickBooks Live can provide comprehensive support to small business clients. I encourage you to watch the full discussion and consider how this collaboration could benefit your own clients and practice ..read more

Is your firm ready for the audit automation revolution? ? In this bonus episode of The Accounting Podcast, we explore the rapidly evolving world of audit automation with AJ Yawn, partner at Armanino LLP. We discuss their groundbreaking tool, Audit Ally, which is set to disrupt the SOC 2 audit landscape. ? Tune in to gain valuable insights on: The role of AI in streamlining audit processes Strategies for accounting firms to embrace audit automation Predictions for the future of auditing and the skills needed to succeed ? Don't miss this thought-provoking discussion on the future of our ..read more

Join me on the Earmark Podcast as we pull back the curtain on Hollywood Accounting with Kendale King, CPA. Kendale shares his journey from Big Four auditor to studio accounting operations: We dive into the complexity of Hollywood’s unique accounting methods, the intertwining of creativity and business strategy, and the increasingly important role of crypto assets. Kendale also shares his vision for integrating AI into the CPA world. Tune in and earn CPE for listening: https://share.transistor.fm/s/ade680b4 ..read more

Disruptive startups are eyeing the audit space, and their impact could be as transformative as Uber's was for the taxi industry. In my latest article for Accounting Today, I spoke with auditor turned tech expert Rob Valdez about how non-CPA firms are already automating and streamlining SOC 2 audits, foreshadowing upheaval in our profession. Read it here: https://www.accountingtoday.com/opinion/the-specter-of-uberification-looms-over-audit ..read more