The Accounting Podcast

AICPA Doesn't Care If PCAOB Goes Away


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What happens when venture capitalists spend billions on AI but need customers to buy it? In this episode, Blake and David explore how investment firms are now purchasing accounting firms to force-feed AI adoption, comparing it to Pepsi buying restaurants to sell more soda. They also dig into the massive gap between AI promises and reality, questioning bold claims that 80% of tax prep is now automated while basic bookkeeping tools still make obvious errors. You'll learn about the AICPA's surprising neutrality on eliminating the PCAOB, Billy Long's confirmation as IRS commissioner despite his controversial past, and why accountant optimism has plummeted 58 points in just four months. Plus, discover how Miley Cyrus hid drug purchases from her accountant and why audit reports get downloaded only 30 times despite millions of investors.

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Chapters
  • (00:57) - Updates from AICPA Engage
  • (01:45) - AI in Accounting: Hype vs Reality
  • (03:38) - The Future of the PCAOB
  • (13:52) - The Role of Technology in Accounting
  • (29:15) - Miley Cyrus' Financial Deception
  • (29:56) - Miley Cyrus' Vintage Clothing Purchases
  • (30:32) - Accountant's Responsibility in Client Purchases
  • (32:11) - Billy Long Confirmed as IRS Commissioner
  • (33:03) - Controversial Tribal Tax Credits
  • (36:51) - Elon Musk's Opposition to the Big Beautiful Bill
  • (46:06) - Accounting Firms' Optimism and AI Adoption
  • (49:29) - Conclusion and Sponsor Messages
  •  


    Show Notes

    CPAacademy 2025 AI and Accounting Report
    https://www.cpaacademy.org/resources/ai-accounting-report-2025


    How to Reimagine Audit Quality Beyond the PCAOB
    https://www.cpajournal.com/2025/01/15/reimagining-audit-quality-beyond-pcaob/

    Inflow Survey: 70% of US Businesses Open to Switching Audit Firms
    https://www.inflowaudit.com/resources/audit-firm-switching-survey-2025

    Gian Porzio LinkedIn Post on Tribal Tax Credit Investigation
    https://www.linkedin.com/posts/gianporzio_tribal-tax-credits-investigation-billy-long

    Economist-YouGov Poll on Big Beautiful Bill Public Opinion
    https://www.economist.com/graphic-detail/2025/06/13/americans-support-musk-criticism-trump-tax-bill

    CBO Analysis of Big Beautiful Bill Wealth Transfer Effects
    https://www.cbo.gov/publication/61234

    Avalara 2025 Accountants Confidence Report
    https://www.avalara.com/us/en/resources/reports/2025-accountants-confidence-report.html

    Center for Audit Quality Audit Partner Pulse Survey
    https://www.thecaq.org/audit-partner-pulse-survey-2025

    European Business Travel to US Drops 25% in April
    https://www.businesstravelnews.com/Management/European-Business-Travel-US-Drops-Tariff-Concerns

    Xero 2025 State of the Industry Report
    https://www.xero.com/us/resources/small-business-insights/state-of-industry-report-2025/

    Indiana CPA Society Survey on Firm Headcount Predictions
    https://www.incpas.org/resources/surveys/firm-headcount-predictions-2025

    BDO $1 Billion AI Strategy Investment Announcement
    https://www.bdo.com/insights/business-financial-advisory/technology/bdo-ai-strategy-investment

    RSM $1 Billion AI Investment Plan
    https://rsmus.com/insights/rsm-ai-investment-strategy-2025

    Create Professional Alliance CPA $500 Million Investment Plan
    https://www.createprofessionalalliance.com/investment-strategy

    Thrive Capital $1 Billion OpenAI Investment Details
    https://www.techcrunch.com/2024/08/15/thrive-capital-openai-investment-billion

    General Catalyst Accrual AI Startup and Accounting Firm Acquisitions
    https://www.generalcatalyst.com/portfolio/accrual-ai-accounting-vertical-integration


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    Get in Touch

    Thanks for listening and the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and Instagram. If you like what you hear, please do us a favor and write a review on Apple Podcasts or Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.


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    The Accounting PodcastBy Blake Oliver & David Leary

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