Journal of Accountancy Podcast

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 jeff.drew@aicpa-cima.com.

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.