15-Year-Old Passes CPA Exam & NY Requires Independent Audits of AI Hiring Processes

In this episode, Blake and David examine the story of the 15-year-old who recently passed the CPA exam, as well as recent news involving accounting firms transitioning to corporations, AI investments, and new laws concerning AI hiring. They also cover several tech stories related to accounting, problems with client portals, and much more! Sponsors

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Chapters

(00:04) - Preview: Accounting firms will transition to corporations

(01:00) - Blake and David are back from their trips

(05:03) - A 15-year-old in Mississippi has passed the CPA exam

(07:00) - Jennifer asks about TAP's TurboTax Live Business experience

(10:05) - Mackenzie's voicemail re: accounting shortage

(18:37) - BDO USA is shifting from a partnership to a corporation

(20:55) - EY officially announces it has called off "Project Everest" but is still the number one US audit firm for public companies

(24:25) - M365 Co-Pilot updates

(29:50) - Thomson Reuters announces $100 million per year AI investment

(32:04) - Avalara launches a sales tax calculator in ChatGPT

(36:17) - Gusto hires former head of data science and analytics from Google

(37:09) - Taxfyle releases AI tax-prep bot

(39:04) - New York announces new AI law for hiring

(44:15) - A few more quick tech stories and the problems with client portals

(47:06) - Wrapbook wrap-up

(51:45) - Where to reach David and Blake

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Show Notes Tech News: TaxFyle releases AI tax prep bot           https://www.accountingtoday.com/list/tech-news-taxfyle-releases-generative-ai-tax-prep-bot   Why everyone is mad about New York’s AI hiring law https://www.technologyreview.com/2023/07/10/1076013/new-york-ai-hiring-law/   Mississippi youth passes CPA Exam – at Age 15 https://www.journalofaccountancy.com/news/2023/jun/mississippi-youth-passes-cpa-exam-at-age-15.html   BDO USA is Shifting From a Partnership to a Corporation - CPA Practice Advisor https://www.cpapracticeadvisor.com/2023/06/26/bdo-usa-is-shifting-from-a-partnership-to-a-corporation/81445/   Gusto hires former Google exec to add AI to products | Accounting Today https://www.accountingtoday.com/news/gusto-hires-former-google-exec-to-add-ai-to-products   KPMG cuts 5% of U.S. workforce | Accounting Today         https://www.accountingtoday.com/news/kpmg-cuts-5-of-u-s-workforce   KPMG’s Big Four Dominance on Bank Audits Shaken by Failures https://news.bloombergtax.com/financial-accounting/kpmgs-big-four-dominance-on-bank-audits-shaken-by-failures   Thomson Reuters adding AI to tax software | Accounting Today https://www.accountingtoday.com/news/thomson-reuters-adding-ai-to-tax-software   EY Tops Rival Audit Firms in Public Company Clients - CPA Practice Advisor https://www.cpapracticeadvisor.com/2023/06/20/ey-tops-rivals-in-public-company-audit-clients/81193/   Shopify vows to fight CRA request to hand over records from more than 121,000 Canadian businesses https://www.ctvnews.ca/business/shopify-vows-to-fight-cra-request-to-hand-over-records-from-more-than-121-000-canadian-businesses-1.6454822   Accounting firm EY calls off ‘Project Everest’ to break up firm ... https://www.dailymirror.lk/business/Accounting-firm-EY-calls-off-Project-Everest-to-break-up-firm/215-261867   Finance Automation Platform Ramp Acquires AI Startup Cohere.io https://www.pymnts.com/artificial-intelligence-2/2023/finance-automation-platform-ramp-acquires-ai-startup-cohere-io/   BDO USA is Shifting From a Partnership to a Corporation  https://www.cpapracticeadvisor.com/2023/06/26/bdo-usa-is-shifting-from-a-partnership-to-a-corporation/81445/    M365 Copilot, Microsoft’s generative AI tool, explained https://www.computerworld.com/article/3700709/m365-copilot-microsofts-generative-ai-tool-explained.html   Intuit Supercharges Intuit GenOS with OpenAI’s Large Language Models to Bring GenAI Experiences to Customers https://investors.intuit.com/news/news-details/2023/Intuit-Supercharges-Intuit-GenOS-with-OpenAIs-Large-Language-Models-to-Bring-GenAI-Experiences-to-Customers/default.aspx   Wrapbook Expands its Payroll Platform to Enable Seamless ... https://www.businesswire.com/news/home/20230629819270/en/Wrapbook-Expands-its-Payroll-Platform-to-Enable-Seamless-Collaboration-Across-Production-and-Accounting-Teams   Kraken ordered to turn over its users' information to the IRS https://www.accountingtoday.com/articles/kraken-ordered-to-turn-over-its-users-information-to-the-irs