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.

Tips for firms implementing quality management standards

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 Trisha Nomura, CPA, CGMA, and Abel Soares III, CPA/PFS, don’t live far from each other, but they didn’t know the other’s story until Soares was featured in an AICPA & CIMA  Member Spotlight Series video. They joined the JofA podcast recently to discuss how connecting has led to mutual admiration — and opened up new ideas for mentoring. The episode is in recognition of Asian American Native Hawaiian/Pacific Islander (AANHPI) Heritage Month and intended to celebrate the diverse voices of the profession. Resources  n  AICPA & CIMA home page for diversity, equity, and inclusion n  Full index of the Member Spotlight Series focused on diverse voices: What you’ll learn from this episode: ·         How Nomura and Soares learned that they were essentially neighbors.  ·         The background of each CPA and why it matters — particularly this month.  ·         Their advice for fellow accountants on being more entrepreneurial.  ·         The inspirational emails Nomura has received after speaking to students about accounting.  ·         Why Soares wanted to go “beyond the numbers” with his firm’s focus.  ·         Their ideas for helping to grow the profession.

Maximizing the ENGAGE experience: A co-chair’s guidance

 Ami Beers, CPA, CGMA, senior director–Assurance & Advisory Innovation for AICPA & CIMA, joins the JofA podcast for this episode to guide CPAs on how to approach the new SEC rule on climate-related disclosures.  The SEC adopted the rule March 6. But, about a month later, it put a stay on the rule’s implementation, in response to multiple legal challenges to the rule. Some argued that the SEC overstepped its authority, and others said the SEC didn’t do enough.  Either way, it’s likely the rule will affect corporate reporting going forward, despite the lack of clarity now. Beers explains that and more, underscoring the importance of not waiting to understand the rule. Resources  n  May 23 webinar mentioned by Beers n  AICPA and Center for Audit Quality summary document n  JofA March 6 article on rule adoption  n  JofA March 14 need-to-know summary  What you’ll learn from this episode: ·          Ami Beers’ rundown of the recent timeline of sustainability reporting and the SEC’s adoption of its rule on climate-related disclosures.  ·         What the data, in multiple surveys from the AICPA and the International Federation of Accountants, shows about companies’ reporting on climate information.  ·         What’s next regarding the legal challenges affecting the rule.  ·         Why Beers said “there’s a lot to unpack” regarding the rule.  ·         Why, despite legal hurdles, Beers believes the rule should remain on CPAs’ radar.  ·         The importance of legislation in the European Union and California on climate-related reporting.

Why the SEC climate rule deserves CPAs’ attention

 Tax filing season can be a marathon, or it can be a sprint to the finish. Either way, the collective sigh of relief is real.  Melanie Lauridsen, vice president–Tax Policy & Advocacy for the AICPA, reflected on the last filing season and addressed advocacy items to watch in this episode of the Journal of Accountancy podcast. Lauridsen, in her third tax advocacy update of 2024, discussed the latest on employee retention credit (ERC) claims, including an eye-popping cost estimate. She also shared advocacy updates and looked ahead to the rest of 2024. In her previous podcast update, Lauridsen focused on clearing up confusion related to beneficial ownership information reporting. What you’ll learn from this episode:  ·          The comparison of tax season to a two-hour marathon.  ·         Why this was the first tax season in many years with “a smooth runway” for filing.  ·         Lauridsen’s reaction to the comment by IRS Commissioner Danny Werfel about receiving 20,000 ERC claims per week.  ·         Advocacy topics of note for this year and beyond.  ·         Lauridsen’s analysis of a tax bill now in the Senate.  ·         Why it is nearly guaranteed that tax changes are coming, even if the current bill never makes it out of committee.

After April 15: Top-of-mind tax advocacy topics, including the ERC

 Roger Kenyanya, vice president of finance at home improvement store Lowe’s, took part in the inaugural AICPA and CPA.com   AI Symposium  about three months ago in New York. Why did he refer to the event as a “humbling, full-circle moment” in a LinkedIn post? Find out on this episode of the JofA podcast.  Kenyanya, a member of the Future of Finance Leadership Advisory Group, shares how both the finance function and overall business are harnessing the power of AI. He also details his career journey and notes how the skill sets of next-generation finance employees will change. What you’ll learn from this episode: ·         The “significant milestone” in Kenyanya’s career — in his junior year of college.  ·         Kenyanya’s path to his current role as a finance leader at Lowe’s.  ·         His takeaways from a January symposium about AI.  ·         Some of the ways AI is being harnessed at Lowe’s.  ·         How the skill set for tomorrow’s finance employees is changing and the three-pronged focus of that shift for Kenyanya and Lowe’s.  ·         The peer “platform to collaborate” that Kenyanya said is valuable.

Tips for firms implementing quality management standards

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