Journal of Accountancy Podcast

The auditing profession was already in the midst of transformation, thanks to technological advances and other factors. Then, the COVID-19 pandemic came along and accelerated those changes, further challenging auditors and their view of business as usual. Part 1 was an overview of the audit landscape. In part 2, speakers Carolyn Newman and Jon Cardiello, CPA, share insight into the topic of audit data analytics and how the tools can help to continue the transformation of auditing.

Cybersecurity is a rapidly expanding opportunity for firms to offer advisory services. In a preview of an ENGAGE 2021 panel, Journal of Accountancy senior editor Neil Amato speaks with Steven Ursillo, CPA/CITP, CGMA, partner, risk assurance and advisory national leader at Cherry Bekaert, about how firms of any size can identify, prepare for, and take advantage of cyber advisory opportunities. Also, Drew Adamek covers the IRS's new Tax Pro Account and recent changes to FASB lease accounting standards.

CFOs have reasons to be positive, but they also have several reasons to be concerned. Ways of working are changing, with employees seeking to continue the flexible arrangements that became the norm during the COVID-19 pandemic. Steve Gallucci, national managing partner for Deloitte's U.S. CFO Program, shares insights into the minds of CFOs in the latest episode of the Journal of Accountancy podcast. Also, hear more about a recent FM magazine series that focused on the top skills finance professionals need for the future, along with coverage of recent U.S. Small Business Administration news on the Restaurant Revitalization Fund and the Paycheck Protection Program, and a quality management proposal by the AICPA Auditing Standards Board.

The number of organizations needing single audits has risen dramatically in the past year. Why? Deetra Watson, CPA, CGMA, an accounting firm principal, explains some of the intricacies of single audits and why demand is increasing for such specialized services. Also, Ed Karl, CPA, CGMA, the AICPA's vice president–Tax Policy & Advocacy, shares an update on the Taxpayer Protection and Preparer Proficiency Act.

The AICPA supports proposed legislation that would categorize accounting as a STEM career, with STEM standing for science, technology, engineering, and mathematics. Diana Deem, CPA, CGMA, an AICPA director of congressional and political affairs, shares more about the thinking behind and the AICPA's support for the bill. Also, hear from the JofA's editor-in-chief, tax, about the annual IRS list of "Dirty Dozen" tax scams. What you'll learn from this episode: More about the Accounting STEM Pursuit Act, recently introduced in Congress. Examples of how accounting has transformed since one of Deem's early roles. Insight into the annual IRS list of "Dirty Dozen" tax scams and why this year's release of the list is different. The reasons that stimulus payments are one focus of scammers. Summaries of JofA articles on business continuity planning as a tool to fight fraud, and Supreme Court news related to taxation of remote workers.

The auditing profession was already in the midst of transformation, thanks to technological advances and other factors. Then, the COVID-19 pandemic came along and accelerated those changes, further challenging auditors and their view of business as usual. As auditing continues to transform, Sue Coffey, CPA, CGMA, the Association's CEO of public accounting, and Jennifer Burns, CPA, CGMA, the Association's chief auditor, explain some of the drivers behind audit transformation — where it began and where it's headed. What you'll learn from this episode: An overview of the auditing landscape and why a transformation discussion is happening now. Insight into the key drivers of that transformation. The specific challenges the COVID-19 pandemic created for auditors. Details on the AICPA Auditing Standards Board's work to update certain standards. New ways or new tools to approach auditing differently.

Business travel is on the way back, according to survey and anecdotal data, as well as the line at airport security. Donny Shimamoto, CPA/CITP, CGMA, is someone accustomed to regular travel, with set routines and preferences. That all changed when the COVID-19 pandemic took hold, and so Shimamoto had to adapt. He reflects on what he learned from being at home and from being back in airports and onsite with a client. Also, ENGAGE 2021 panelist Jeremy Bloom, a former world champion in skiing and NFL wide receiver, shares his views on sport specialization at a young age, why our view of failure should be reframed, and what kind of skiing he prefers these days.

The COVID-19 pandemic led many CPAs and their employers to think deeply about mental health in ways they may not have before. Amber Setter, a former accountant and an International Coaching Federation–accredited professional certified coach, talks about signs someone may need to consider speaking with a professional about their mental health and what you can do if you notice these signs in someone else. She also gives advice on finding a mental health professional and suggests ways employers can foster staff's well-being.

The G7 announced a framework for a global minimum tax last week. In this episode, Amy Wang Miller, CPA, J.D., senior manager with the AICPA's Tax Policy & Advocacy team, explains what the framework means, what accounting and finance professionals can expect next, and what the future of a global minimum tax looks like. Also, we explore the growing risks and cost of ransomware with Gerry Glombicki, CPA, a director with Fitch Ratings insurance group, and how organizations should be approaching ransomware.

Many of our meetings in 2021 look far different from the meetings we had in 2019 or early 2020. That doesn't mean they can't be improved with the help of technology. In this episode, Technology Q&A co-author Byron Patrick, CPA/CITP, CGMA, shares insight into the ways that automation tools can help meetings go smoothly. Also hear some of the advice new AICPA board Chair Bill Pirolli, CPA/CFF/PFS, CGMA, has for providing excellent client service.