Identity theft tips and PPP-related employee retention credit changes

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.