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 Hub The 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…

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 Center MultiState 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 Answers Accounting and auditing articles and events Join t…

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 Solutions Data Analytics Knowledge HubBy New Jersey Society of CPAs

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: AI…

A new report by the Illinois CPA Society reveals accounting students’ and early career accounting professionals’ perceptions of CPAs and the CPA credential, along with the top challenges and deterrents driving their decisions. ICPAS’ Geof Brown and Kari Natale join us to discuss the findings – and what those who are already in the profession can do…

RetireReady NJ is a new program in New Jersey that aims to fill the void for workers who do not have access to private employer retirement plans. But, like most well-intentioned state programs, the devil is in the details. Chris Fundora of Traphagen CPAs & Wealth Advisors joins us to discuss what CPAs who represent or work for New Jersey employers …

This episode dives into disaggregated data – what it is, why it’s done, how it’s incorporated into FASB standards and best practices when it comes to data analytics. *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. *** Resources: FASB: Disaggregation – Income Statement Expenses Accounting and auditing article…

On June 28, New Jersey lawmakers passed the fiscal year 2025 state budget. To summarize it in one word: disappointing. NJBIA's Chris Emigholz joins us to discuss some of the major elements of the budget - the corporate transit fee, the $2.1 billion structural gap, property tax relief, public worker pension funding - and the potential impact and imp…

More companies seem to be taking advantage of receivable borrowing. This episode takes a look at accounting for borrowing on accounts receivable. *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. *** Resources: CPA Journal article: Factor Fiction under ASU 2016-15 PCAOB Updates Its Standards To Clarify Auditor…

CPAs are in a unique position to help their clients plan out and meet their financial goals. Stephanie Hughes of Wiss Private Client Advisors talks with us about how CPAs can incorporate retirement planning, education planning and wealth management into their practice and the benefits this will provide to the firm and its clients. Resources: Financ…

While attending the 2024 NJCPA Convention & Expo, Dr. Sean Stein Smith, CPA, sat down with two active NJCPA members - Joe Hunt, CPA, and Phil Sookram, CPA - to discuss trends in the profession and the value they get from attending the Convention with their peers. Resources: * Upcoming NJCPA events * Become an NJCPA member…

SAS 143 has changed the auditor’s requirements around accounting estimates, largely as it relates to the uncertainty of the estimates and management’s bias. Brad, Frank, and Jay will discuss what auditors need to do and what management should expect. Resources: SAS 143 Updates Accounting and auditing articles and events Join the Accounting & Auditi…

Forbes recently made a splash when it published its inaugural list of the top 200 CPAs in the country. New Jersey was well represented on the list! But we wanted to dig a little deeper into how the honorees were selected and whether this list will be published annually. Hear what Steel Rose, CPA, senior editor at Forbes, revealed to us. Resources: …

Still concerned about going concern? Brad breaks it all down. *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. *** Resources: Accounting and auditing articles and events Join the Accounting & Auditing Standards Interest GroupBy New Jersey Society of CPAs

Getting a full picture of New Jersey’s financial status is challenging. It’s not just a matter of reviewing the annual budget. Thanks to recently signed legislation the NJCPA participated in drafting, this is going to become much easier. Audrey Lane, president of Garden State Initiative, talks with us about what type of information will soon be ava…

This episode focuses on materiality, especially as it relates to reviews. It also covers a new quality control standard from the Public Company Accounting Oversight Board (PCAOB). *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. *** Resources: AR-C Section 90 – Review of Financial Statements PCAOB Adopts New …

Every CPA, firm, company and organization across the country is seemingly taking steps to expand the accounting talent pool. In this episode we discuss one of the leaders of that effort: the Center for Audit Quality (CAQ), a nonpartisan public policy organization serving as the voice of U.S. public company auditors. Guest Liz Barentzen, Vice Presid…

There are countless books and videos promising to tell you the secrets of leadership. But according to Dr. Sean Stein Smith, CPA and David Almonte, CPA, CGMA – and his seven-year-old daughter – there is no secret. In this episode, Sean and David break down how you can improve the leader within and develop your own unique leadership style. Resources…

How should an auditor approach potential fraud? Find out in the latest episode of the IssuesWatch Podcast. *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. *** Resources: The auditor’s approach to fraud: Enhanced with forensics (Journal of Accountancy article) - https://www.journalofaccountancy.com/news/2024/…

In this episode, we unpack the importance of mental health in the modern workplace. Guests Ifen Donovan and Sarah Krom discuss the rising rates of stress and burnout and explore how companies can build a culture that prioritizes employee wellbeing. They also share actionable steps individuals can take to manage their mental health. Resources: Ameri…

Busy season is over – it’s time to focus on the health of your firm. Learn about typical findings that will cause your firm to fail its peer review. *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. *** Resources: Peer review articles, resources and events Accounting and auditing articles and events Join the A…

Nearly 1,000 business leaders recently gathered at the New Jersey Chamber of Commerce’s ReNew Jersey Business Summit to discuss the business climate in New Jersey and how to make it more competitive and attractive. Chamber President Tom Bracken shares the biggest takeaways and also discusses the business community’s reaction to Governor Murphy’s pr…

After a long stretch without any new accounting standards, the FASB has recently issued two Accounting Standards Updates. Get an overview of what they cover. *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. *** Resources: FASB ASU 2024-01: Compensation - Stock Compensation FASB ASU 2024-02: Codification Impro…

Some say leaders are born, not made. But there are critical strategies and techniques anyone can use to unlock their leadership potential. Find out more in our conversation with Thomas Metelski, CPA. Resources: Leadership Knowledge Hub The Value of Values podcast Learn from Thomas and others at the NJCPA Convention & Expo, June 11-14…

In this episode, Brad and Frank dive into attestation activities – definitions of each, example scenarios and sample report language. *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. *** Resources: Accounting and auditing articles and events Join the Accounting & Auditing Standards Interest Group…

We take a deep dive into several components of Governor Murphy’s $55.9 billion proposed budget for New Jersey’s 2025 fiscal year, including the controversial corporate transit fee. Resources: More about the budget proposal – https://njcpa.org/njbudgetBy New Jersey Society of CPAs

This episode is all about NOCLAR: noncompliance with laws and regulation. Brad recaps the AICPA Professional Ethics Executive Committee's Interpretation on items including NOCLAR and discusses the PCAOB's controversial NOCLAR proposal. *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. *** Resources: AICPA Prof…

Host Sean Stein Smith, CPA, welcomes Garrett Wagner, CPA, who shares his first-hand experiences with succession planning and provides tips and recommendations for firm leaders to ensure the successful continuation of their firms. Resources: Succession planning articles, resources and events: https://njcpa.org/hub/succession…

In this episode, Brad and Frank discuss the ins and outs of personal financial statements: methods of presentation, estimated current value, investment in a closely held business, real estate, compilations and more. *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. *** Resources: Download Frank’s notes FASB AS…

Selling a business involves meticulous planning and strategic actions long before the “For Sale” sign goes up. Accountants play a pivotal role in helping clients with initiatives that can significantly boost the value of their company over several years. NJCPA member Sal Schibell, CPA, discusses strategies aimed at maximizing a business’s value yea…

Brad is joined by Paula Young, CPA, a partner at EisnerAmper, to discuss FAS 95 – Statement of Cash Flows: direct versus indirect method; what should be put into each of the three main sections; common errors and issues; “big R” and “little r;” and more. *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. *** Re…

The 150-credit-hour requirement for CPA licensure is the topic of much debate. We recently surveyed more than 1,000 NJCPA member about the topic. Hear what they had to say about whether new hires without 150 hours pursue CPA certification, whether there are any discernable skill differences among candidates with 120 hour versus 150 hours, whether t…

Get an update on two IRS code changes impacting crypto transactions: Section 6050I, which went into effect for all crypto transactions taking place after Dec. 31, 2023, and Section 6045, which is set to take effect for transactions occurring after Jan. 1, 2025. Get the ins and outs on these filing requirements. ** Earn CPE credit for this episode. …

Learn about three recent accounting standards updates and proposals: A FASB proposal related to debt conversion, AICPA guidance on the definitions of publicly traded entity and public interest entity; and a GASB statement on disclosure of certain risks. *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. *** Res…

ESG – environmental, social and governance – is considered by some to be a buzzword or a “woke” issue, while others see it as a business imperative. As a result, some companies are “greenhushing,” opting to stay quiet about their sustainability goals. In this episode, Andrew Winston, a leading expert on sustainability and corporate strategy, talks …

Brad and special guest Mike Kaplan discuss the Department of Labor’s latest assessment of the quality of employee benefit plan audit work performed by independent qualified public accountants. They also dissect a recent Wall Street Journal article about a court case that involves audit reports. *** This episode qualifies for nano CPE credit. Find o…

It might seem like yesterday that the Tax Cuts and Jobs Act went into effect, but the expiration of some of the provisions is on the horizon. Find out about the key provisions that impact businesses and individuals that are set to expire in the next couple of years - and what can and should be done now to prepare. We also discuss what might happen …

To kick off 2024, Brad fills you in on two FASB pronouncements that came out at the end of 2023: An ASU on accounting for and disclosure of crypto assets and an ASU on improvements to income tax disclosures. *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. *** Resources: FASB ASU 2023-08 – Intangibles – Goodw…

Senator Steve Oroho, the only CPA in the state legislature, is retiring from his Senate position this month. As a CPA who specializes in wealth management, he has played a particularly prominent role in fiscal and economic issues. He shares his thoughts on the legislative environment in New Jersey and what the outlook is for 2024. Resources: NJCPA …

Crypto expert Dr. Sean Stein Smith, CPA, provides numerous updates: crypto lessons and takeaways from 2023; new and pending regulations (FASB ASU, IRC Section 6045 changes); tips for staying current on crypto developments; and more. Resources: Crypto Knowledge Hub – https://njcpa.org/hub/cryptoBy New Jersey Society of CPAs

The NJCPA's new CEO, AJ Johnson, joined the CEOs of the New York and Illinois CPA societies and Accounting Today’s Dan Hood for a discussion on the CPA pipeline, diversity and other trends impacting the accounting profession. Resources: Full “On the Air” episode CPA Pipeline Knowledge Hub A CPA Diversity Report: Uncovering the Barriers to Success (…

Year-end tax planning is upon us! Nicole and her guest, Laurie Smith, provide a rundown of tax issues individuals and companies should consider before the calendar switches to 2024. Topics include shifting income and deductions, retirement plan contributions and distributions, bonus depreciation, reporting digital assets, and more. Resources: Year-…

Brad and Frank discuss a recent accounting standard update from the Financial Accountant Standards Board regarding segment reporting as well as recent remarks from the PCAOB chair regarding improving audit quality. *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. *** Resources: FASB ASU 2023-12 – Segment Repo…

Have you been charged an extra 3% at your local restaurant when you pay by credit card? Credit card surcharging and cash discounts are becoming more and more prevalent. But what are the rules around these programs, and how can businesses make sure they’re compliant? Eric Cohen, CEO of Merchant Advocate (an NJCPA member benefit provider), shed some …

What are recent graduates looking for in an accounting career – and how can firms match up to that to recruit and retain staff? Host Sean Stein Smith discusses this and other issues with Lauren Dunn, chief people officer at Wiss, and Joe Hunt, CPA, assurance manager at CLA. Resources: Employee Management Knowledge Hub Firm Management Knowledge Hub …

Brad takes a more in-depth look at SAS 145, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement, which is effective for calendar 2023 audits. *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. *** Resources: AICPA Statement on Auditing Standards No. 145 Accounting and a…

As companies continue to face a shortage of accountants, many employers are increasing compensation and adding benefits and perks to attract and retain talent. Rich Singer, director of permanent placement services for Robert Half International, discusses the trends and the takeaways from the 2024 Robert Half Salary Guide. Resources: 2024 Robert Hal…

Host Sean Stein Smith sits down with cybersecurity expert Edward Keck about the top tips and tricks for creating an effective cyber offense and defense, how to talk with clients about cybersecurity issues and how to start building out or expanding a cyber practice. Resources: Cybersecurity Knowledge Hub…