NJCPA IssuesWatch Podcast

A recent Public Company Accounting Oversight Board (PCAOB) report provides insights into auditor independence issues found during PCAOB inspections. *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. *** Resources:PCAOB Spotlight: Inspection Observations Related to Auditor IndependenceAccounting and auditing articles and eventsJoin the Accounting & Auditing Standards Interest Group 

A new book, Accounting for Times: Evolve or Dissolve, delves into what accounting firms need to do to thrive in today’s business environment. The book’s authors – Rachel Anevski and Dr. Jessica Levin – join us to discuss how firms can adjust to the expectations of young professionals, private equity versus ESOPs, how firms can embrace AI, and more.  Resources:Purchase Accounting for Times: Evolve or DissolveMore about Jessica Levin and Seven DegreesMore about Rachel Anevski and Matters of ManagementFirm Administration Knowledge Hub

This episode recaps recent regulations and guidance regarding accounting for cryptocurrency and digital assets, including a taxonomy for classifying digital assets and a review of FASB ASU on accounting for and disclosure of digital assets. *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. *** Resources:AICPA article: A taxonomy for classifying digital assetsFASB ASU 2023-08, Accounting for and Disclosure of Digital Assetshttps://www.aicpa-cima.com/resources/article/bitcoin-basics-for-nfps-accepting-and-valuing-crypto-asset-giftsCryptocurrency and digital assets articles and eventsAccounting and auditing articles and eventsJoin the Accounting & Auditing Standards Interest Group 

How can CPA firms maximize the use of generative artificial intelligence (AI) while mitigating its risks? CNA Insurance’s Sarah Ference discusses concerns about data privacy, bias and the reliability of generative AI’s content as well as steps firms can take to ensure that these tools are used in a responsible and beneficial manner. Resources:AI/Automation Knowledge Hub Generative AI and risks to CPA firmsCNA InsuranceThe information, examples and suggestions presented in this podcast have been developed from sources believed to be reliable, but they should not be construed as legal or other professional advice. CNA accepts no responsibility for the accuracy or completeness of this podcast and recommends the consultation with competent legal counsel and/or other professional advisors before applying this material in any particular factual situations. This material is for illustrative purposes and is not intended to constitute a contract. Please remember that only the relevant insurance policy can provide the actual terms, coverages, amounts, conditions and exclusions for an insured. All products and services may not be available in all states and may be subject to change without notice. “CNA” is a registered trademark of CNA Financial Corporation. Certain CNA Financial Corporation subsidiaries use the “CNA” trademark in connection with insurance underwriting and claims activities. Copyright © 2024 CNA. All rights reserved.

Cryptocurrency OG Jeremy Nau, CPA, joins us to discuss how blockchain-based audits help produce better data and analytics. He also shares his wish list for standards related to crypto accounting and tips for CPAs looking to get involved in the space. Resources:Cryptocurrency and Digital Assets Knowledge HubThe Network Firm

Understand the risks involved in signing non-disclosure agreements, make sure your firm is on schedule to conform to the AICPA’s new quality management standards, and learn about the PCAOB’s annual report regarding audits of broker dealers. *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. *** Resources:AICPA quality management resourcesPCAOB Annual Report on the Interim Inspection Program Related to the Audits of Broker DealersAccounting and auditing articles and eventsJoin the Accounting & Auditing Standards Interest Group

The legislative landscape for artificial intelligence and privacy rights is rapidly evolving, and states are taking different approaches. Bill Kramer of MultiState Associates joins us to discuss the latest developments nationwide and how they could influence New Jersey's policies. Resources:Legislative Action CenterMultiState Associates

In part two of a two-part episode, Brad and Frank continue to discuss the AICPA’s Technical Q&As. This episode covers cash balances and cash flow statements. *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. *** Resources:AICPA Technical Questions and AnswersAccounting and auditing articles and eventsJoin the Accounting & Auditing Standards Interest Group

Running a business can be tough. But what if you had a secret weapon? Find out how to harness the power of data analytics and dashboards to streamline operations, increase efficiency and achieve your business goals. Resources:FourZeroNine SolutionsData Analytics Knowledge Hub

In part one of a two-part episode, Brad and Frank review four key topics included in the AICPA’s Technical Q&As: Pro bono and below-cost fees; familiarity threat; hosting/portal access for clients; and tax planning/prep as non-attest services. *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. *** Resources:AICPA Technical Questions and AnswersAccounting and auditing articles and eventsJoin the Accounting & Auditing Standards Interest Group