The big story over the weekend, and one I\u2019ll probably be writing a biased editorial article on later because I unapologetically hold the opinion that the PCAOB is 99% tedious paper-pushing, comes from Financial Times<\/em><\/a>:<\/p>\n Republican lawmakers are planning to shut down the US audit regulator, which was founded in the wake of the Enron scandal more than two decades ago, as part of a reform package designed to deliver Donald Trump\u2019s deregulatory agenda.<\/p>\n The proposal to eliminate the independent Public Company Accounting Oversight Board was published late on Friday by the leadership of the House Committee on Financial Services, for inclusion in the giant tax and spending bill being considered by Congress.<\/p>\n<\/blockquote>\n Oh. There\u2019s a whole bill. Well I better read it before I say more. We don\u2019t base whole-ass opinions on a headline and a few lines of text over here.<\/p>\n I stand by what I said about the PCAOB.<\/p>\n A CPA Journal<\/em> article asks \u201cDid the CPA Evolution Leave Educators Behind?<\/a>\u201d Authors Walied Keshk, PhD, CPA and Edward J. Lynch, PhD, CPA did a little research on the ground to answer the question:<\/p>\n During the 2024 spring semester, the authors surveyed 97 accounting faculty members from 45 different universities across 21 states. Among other things, the survey inquired about respondents\u2019 readiness to adapt their courses and teaching methods to the new CPA exam requirements. Surprisingly, roughly one-third of the faculty members responded that they do not feel fully prepared. Faculty members who believe they are not prepared (as well as some who do believe they are prepared) responded that they need additional resources to help them prepare their students for the new CPA exam and careers in public accounting. In addition to the survey results, this article reports the additional resources suggested by faculty to fully adapt their courses and teaching methods to the new CPA exam, including how they believe CPA firms can assist.<\/p>\n<\/blockquote>\n An interesting bit that by no means reflects the majority view of respondents:<\/p>\n Fourteen faculty members (including 0 adjuncts) suggested that public accounting firms share training materials and ideas for class activities and assignments. Specifically, faculty members would like firms to share materials related to the topics that are now emphasized in the new CPA exam, such as SOC reports, data analytics, and technology; as well as the skills being tested, such as critical thinking, analytical, and evaluation skills. Again, numerous accounting firms have already been sharing materials with educators for many years, but this survey indicates that faculty would like to see materials focused on topics now emphasized on the new CPA exam.<\/p>\n In addition, 13 faculty members (including 1 adjunct) suggested that accounting and auditing professionals work more closely with faculty members to update the accounting curriculum. This could be implemented in numerous ways. For example, many accounting departments have local accounting firm partners on their advisory boards and they meet regularly to discuss curriculum changes, scholarships, and student recruitment. Furthermore, accounting and auditing professionals can participate with faculty members in designing relevant class projects, attending student presentations, and evaluating students\u2019 written work.<\/p>\n<\/blockquote>\n Reminder to academics: you all hold the keys to firms\u2019 precious pipelines. Make \u2019em work for it!<\/p>\n Deloitte surveyed 200 CFOs across five sectors<\/a> who work at organizations with at least $1 billion in revenue and found employee engagement (50%) and lack of skilled talent (45%) are among their biggest workforce challenges.<\/p>\n The situation could intensify as increasing numbers of experienced finance employees reach retirement age and the number of college graduates with accounting degrees continues to decline. When we asked CFOs to name their biggest worries related to pipeline concerns about accountants (figure 1), increased workload for existing employees was the top response (44%). Loss of credibility with institutional and private investors was the second most cited concern (42%) about pipeline issues for accountants. Erosion of board confidence in finance (41%) was third on the list.<\/p>\n That 14% must have a good hookup in India.<\/p>\n A liquor store employee stole a lot of money in Utah<\/a>, identified by the state auditor:<\/p>\n An employee stole more than $100,000 from a Salt Lake County liquor store over a 3\u00bd-year period, according to a report from the state auditor that the Utah liquor commission\u2019s chair described as \u201cscathing.\u201d<\/p>\n The audit\u2019s findings included the revelation that a liquor store employee stole $112,809 from an unidentified liquor store in Salt Lake County between January 2021 and June 2024.<\/p>\n<\/blockquote>\n Salt Lake Tribune<\/em> gets into the weeds<\/a> on how exactly they stole it and the paper trail they left for auditors if you\u2019re into that sort of thing.<\/p>\n\n
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