Journal of Accountancy Podcast

Tim Keefe, CPA, CGMA, is continuing a family tradition in the profession. His grandfather, father, and two siblings have been accountants. Keefe has worked in several industries over the course of his career, and he found value in the mentorship of several people along the way. Keefe is curious by nature, and he likes to see new places. That's one reason he's in the middle of traveling to every U.S. state, where he's trying to see a professional sporting event in each. He's also hoping to visit all the current Major League Baseball stadiums. Keefe, the subject of the Journal of Accountancy June issue's Last Word feature, shared highlights of recent travels, why he thinks listening is so important, and more. Also, get a summary of recent IRS news coverage by Paul Bonner on two topics: A report that shows delayed screening of IRS new hires put taxpayer data at risk A letter from the AICPA that calls for further measures to address the IRS backlog.

Risk management came to the forefront for many organizations during the Great Recession. Now, in the midst of the Great Resignation and other highly disruptive events, risk management continues to be vital. An annual report on the state of risk oversight takes a closer look into where organizations stand and what they can learn about their own gaps. Mark Beasley, CPA, Ph.D., a professor at North Carolina State University and director of the school's ERM Initiative, explains more in the latest episode of the Journal of Accountancy podcast. Click here for the report's most recent edition, and for more resources, visit this page.

Harvard Business School professor and author Ranjay Gulati says that sentiment is growing among business leaders that companies have a larger role to play than simply providing shareholder value. This episode is a rebroadcast of Gulati's appearance on the FM podcast to discuss that topic and others highlighted in his recent book, Deep Purpose: The Heart and Soul of High-Performance Companies.

Aaron Beam became a millionaire in the 1980s as a corporate CFO, but his story is a cautionary tale. In this episode of the podcast, Beam discusses his tenure at HealthSouth, the fraud that occurred, and the advice he has for students and leaders to avoid repeating his mistakes.

In her role at the International Federation of Accountants (IFAC), Kristy Illuzzi, CPA, CGMA, works with small and midsize entities, including CPA firms. Her conversations with those organizations around the world have brought to the surface some of the ways in which the Great Resignation is affecting the accounting profession. In this episode, Illuzzi offers advice for organizations on flexibility, technology, and more. Also, catch up on news related to these topics: A PCAOB release on amended standards that apply to audits involving multiple firms. The Supreme Court agreeing to hear a case related to an FBAR penalty dispute. An IRS announcement about the use of voice bots for setting up tax payment plans.

For Anoop Natwar Mehta, CPA, CGMA, the path to becoming chair of the AICPA board of directors might not seem traditional. First, he hasn't worked for a public accounting firm. Second, he's been with one company for just about all of his professional life. Mehta joined profession leaders for a discussion at AICPA & CIMA ENGAGE 2022, and this episode is a rebroadcast of that conversation from the Town Hall Series.

AICPA & CIMA ENGAGE 22 emcee Jill Schlesinger, a CBS News business analyst, reviews some of the top moments from the event last week in Las Vegas. Schlesinger had conversations with keynote speakers and CPA profession leaders and has memories and knowledge to share from several of those conversations. Journal of Accountancy content mentioned in this episode: A previous JofA podcast episode with ENGAGE keynote Carla Harris. Coverage of the keynote session with Schlesinger and former Duke University men's basketball coach Mike Krzyzewski. A survey showing a rise in spending on Sarbanes-Oxley compliance. The IRS announcement about a midyear increase to the standard mileage rate. Small business owners discuss post-Wayfair burdens with the Senate Finance Committee.

Fellow tax podcaster Damien R. Martin, CPA, (Simply Tax) perhaps put it best on Twitter: "No one can rap 1202 like Master Nitti." Martin was referring, of course, to IRC Sec. 1202, the exclusion for gain from certain small business stock, and one of its foremost interpreters, Tony Nitti, CPA, as Nitti spoke about Sec. 1202 and other selected business tax topics at AICPA & CIMA's ENGAGE 22 conference in Las Vegas. We were extremely fortunate that Nitti generously shared a bit of his mastery on Sec. 1202, S corporations, and state passthrough entity (PTE) tax elections, in this podcast recorded June 8, a day before his ENGAGE presentation.

Carla Harris is an author, speaker, and executive with Morgan Stanley, and she was one of the keynote speakers at AICPA & CIMA ENGAGE 2022. In this episode, she explains the terms "powerful presence" and "performance currency" and gives advice for those seeking a career shakeup. Also, several news articles are referenced, including the ongoing release of the IRS's "Dirty Dozen" tax scams: part 1 on abusive CRATs and Maltese IRAs and part 2 on tax refund theft and fake charity appeals. Coverage of those scams continues on journalofaccountancy.com/news. The episode also mentions JofA coverage of a keynote session featuring former Duke University men's basketball coach Mike Krzyzewski and the release of the PCPS Top Issues Survey.

The AICPA Auditing Standards Board (ASB) voted in May to approve new quality management standards. In this episode, Sara Lord, CPA, the chair of the ASB, explains more about what those standards will mean for firms going forward and what changes they will need to consider. To learn more, visit the AICPA's resource page on quality management. The AICPA has also developed a four-part webinar series to guide practitioners on the changes.