SC Comptroller Steps Down After $3.5 Billion Error (Guest: Terrell Turner)

This Week's Guest: Terrell Turner, CPA; 85% of MNCPA members working in public accounting support an alternative to 150 hours; The Silicon Valley Bank Balance Sheet Time Bomb "Sitting In Plain Sight"; Senator Warren complains to PCAOB about sham crypto "audits"; JPMorgan Chase’s nickel bags turn out to be full of stones; PwC introduces AI chatbot for 4,000 lawyers to speed up work; Xero kills WorkflowMax Sponsors

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Chapters

(00:00) - Cloud Accounting Podcast Episode 325

(00:26) - Preview: Accountants aren't eating their own dog food

(01:10) - Introduction and welcome Terrell Turner to the show

(03:31) - What does Terrell's practice do and who do they serve?

(05:11) - South Carolina's comptroller resigns due to $3.5 billion error

(11:30) - Blake and David talked to Linda about alternative CPA pathway

(15:37) - Blog Post on NASBA website on CPA pipeline problem

(19:11) - Are salaries the bigger issue?

(21:24) - Clip from the Financial Executive podcast

(27:15) - A little bit about Sillicon Valley Bank

(43:07) - The issue with non-profits finding auditors and throwing accountants under the bus

(48:02) - Elizabeth Warren writes letter to PCAOB about scam crypto "audits"

(49:32) - JPMorgan Chase's nickel bags turn out to be full of stones

(51:33) - OpenAI is connecting ChatGPT to the internet

(01:02:11) - Xero kills WorkflowMax

(01:03:54) - PwC introduces AI chatbot for 4,000 lawyers to speed up work

(01:10:23) - Wrap up and where to reach Terrell, Blake, & David

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Transcript

The transcript of this episode is available by clicking on the Transcript tab at the top of this page.

Show Notes

Texas Close to Allowing CPA Candidates to Test with 120 Credits https://www.cpapracticeadvisor.com/2023/03/22/texas-close-to-allowing-cpa-candidates-to-test-with-120-credits/78123/   South Carolina's Top Accountant to Step Down After $3.5 Billion Error https://www.cpapracticeadvisor.com/2023/03/23/south-carolinas-top-accountant-to-resign-after-3-5-billion-error/78209/   MNCPA to Educators: "We Do Not Need New CPAs Who Have Additional College Credits; We Need More CPAs, Period."                https://www.goingconcern.com/mncpa-to-educators-we-do-not-need-new-cpas-who-have-additional-college-credits-we-need-more-cpas-period/   Banks and investors are reviving a push for changes to securities accounting after the SVB collapse https://www.wsj.com/articles/banks-investors-revive-push-for-changes-to-securities-accounting-after-svb-collapse-99caa9ce   PwC introduces AI chatbot for 4,000 lawyers to speed up work

https://gulfbusiness.com/pwc-introduces-ai-chatbot-for-4000-lawyers/   The More Things Change, the More They Stay the Same: Addressing the CPA Pipeline Crisis | NASBA https://nasba.org/blog/2023/03/14/addressing-the-cpa-pipeline-crisis/   QuickBooks leans into AI in 2023 | Accounting Today https://www.accountingtoday.com/news/quickbooks-plans-to-go-all-in-on-ai-in-2023   SVB's balance-sheet time bomb was 'sitting in plain sight'  https://www.accountingtoday.com/articles/svbs-balance-sheet-time-bomb-was-sitting-in-plain-sight-short-seller-says

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