The NJCPA's IssuesWatch Podcast is a bi-weekly podcast where we discuss important developments in the New Jersey Legislature that have an impact on CPAs, the accounting profession and the business community.
There's a new exposure draft from the AICPA Professional Ethics Executive Committee (PEEC) to clarify independence requirements for engagements subject to the Statements on Standards for Attestation Engagements (SSAEs). Get the details.*** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. ***Resources:PEEC exposure draft seeks to clarify requirements for SSAE engagementsAccounting and auditing articles and eventsJoin the Accounting & Auditing Standards Interest Group
Succession planning isn't just about stepping away; it's about protecting the future of a CPA firm, ensuring smooth leadership transitions, and maintaining client trust and operational continuity. Alvin Fennell and Stan Sterna from Aon join us to discuss how firms can mitigate risk when going through a leadership transition. Topics discussed:1:16 – How a strong, proactive succession plan helps small and midsize firms manage professional liability risk5:07 – Risk considerations for firms entering into a private equity deal10:40 – How firms can ensure continued client service during a leadership transition16:46 – The role of legal protections and buy-sell agreements during a firm transition25:01 – Insurance considerations Resources:Firm management and succession planning articles and eventsLearn more about Aon
In this special episode recorded at the NJCPA Convention & Expo, the team discusses environmental, social and governance (ESG) reporting: what it is, states that have specific requirements, considerations for auditors and more. *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. *** Resources:ESG articles and eventsAccounting and auditing articles and eventsJoin the Accounting & Auditing Standards Interest Group
A new law, initiated by the NJCPA and the New Jersey Business and Industry Association, requires the state auditor to provide a plain-language summary of New Jersey's full financial picture — well beyond what's included in the annual budget. Former state treasurer Davis Rousseau joins us to discuss what's included in the new report and how New Jersey compares to surrounding states. Resources:Summary and Analysis of the Annual Comprehensive Financial ReportArticle: The State of New Jersey's Financial Health
Brad and his guests discuss three topics: the Financial Accounting Standards Board's exposure draft about debt modification and extinguishment of liabilities; reporting lines of credit on the statement of cash flows; and SSARS No. 27 on financial statements prepared as part of a consulting services engagement. *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. *** Resources:FASB Seeks Public Comment on Proposal to Improve Accounting for Debt ExchangesSSARS No. 27 At a GlanceAccounting and auditing articles and eventsJoin the Accounting & Auditing Standards Interest Group
Good news for the accounting profession: Recent research shows that progress is being made in getting more young people interested in pursuing an accounting career. In this episode, we speak with Liz Barentzen of the Center for Audit Quality, who breaks down the significant findings of this study. We explore the factors contributing to this trend and discuss actions the profession can take to continue attracting and retaining talented young professionals.Resources:Expanding the Accounting Profession Pipeline reportCPA Pipeline Knowledge Hub
Good news for the accounting profession: Recent research shows that progress is being made in getting more young people interested in pursuing an accounting career. In this episode, we speak with Liz Barentzen of the Center for Audit Quality, who breaks down the significant findings of this study. We explore the factors contributing to this trend and discuss actions the profession can take to continue attracting and retaining talented young professionals. Resources:Expanding the Accounting Profession Pipeline reportCPA Pipeline Knowledge Hub
Good news for the accounting profession: Recent research shows that progress is being made in getting more young people interested in pursuing an accounting career. In this episode, we speak with Liz Barentzen of the Center for Audit Quality, who breaks down the significant findings of this study. We explore the factors contributing to this trend and discuss actions the profession can take to continue attracting and retaining talented young professionals. Resources:Expanding the Accounting Profession Pipeline reportCPA Pipeline Knowledge Hub
This episode looks at whether companies have implemented the FASB standard on current expected credit losses (CECL) and also includes a discussion about PCAOB's recent emphasis on the importance of audits. *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. *** Resources:Financial Instruments — Credit Losses (Topic 326) — Purchased Financial AssetsAccounting and auditing articles and eventsJoin the Accounting & Auditing Standards Interest Group
As part of the ongoing efforts to attract more people into the accounting profession, there are legislative efforts in New Jersey and across the country to create an additional pathway to CPA licensure. Get an update on where things stand and what's included in the legislation. Resources:CPA Pipeline Knowledge HubNJ-CPA-Political Action Committee
Brad and his guest, Marissa Flood, continue their discussion about post-implementation reviews, this time focusing on SAS 145. *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. *** Resources:AICPA Statement on Auditing Standards No. 145, Understanding the Entity and its Environment and Assessing the Risks of Material MisstatementAccounting and auditing articles and eventsJoin the Accounting & Auditing Standards Interest Group
In today's workplace, it's easy to get defined solely by your job title, rather than be seen as a whole person. But aren't you more than just your job title? Join us as we break down with John Garrett, author of “What's Your And?”, why your quirks, talents and humanity are just as important as your “professional” side. He'll define how work and personal passions can overlap to make us better professionals.See John and more fantastic speakers at the NJCPA 2025 Convention and Expo!
Brad and his guests focus on leases and discuss post-implementation review.*** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. ***Resources:FASB post-implementation review processAccounting and auditing articles and eventsJoin the Accounting & Auditing Standards Interest Group
You've heard the terms "fraud, waste, and abuse" everywhere, but do you really know what they mean and how they're uncovered? Join us as we break down these critical concepts with forensic accounting experts Megan Kelly, CPA, (FAZ Forensics) and Megan Sartor, CPA (SAX LLP). They'll define each term, explain the unique challenges of investigating them in government versus corporate environments, and walk us through the process of uncovering these costly issues. Resources:Fraud Detection and Prevention Knowledge Hub
Are you clear on NOCLAR? This episode focuses CPAs' responsibilities for reporting for noncompliance with laws and regulations (NOCLAR). *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. *** Resources:NOCLAR: What CPAs in business should knowNOCLAR: What CPAs in public practice should knowHow not to lose sleep over NOCLARAccounting and auditing articles and eventsJoin the Accounting & Auditing Standards Interest Group
Cryptocurrency is making headlines almost every day. Dr. Sean Stein Smith, CPA, and his guest Mark Eckerle, CPA, discuss the top crypto issues CPAs can help their clients with now and going forward. Topics include strategic bitcoin reserves, governmental pro-crypto pivot in 2025, pain points and an outlook for the remainder of 2025. Resources:Cryptocurrency Knowledge HubUnderstanding and Talking to Clients About Crypto – June 5 session by Sean Stein Smith at NJCPA Convention & Expo
Governor Phil Murphy recently issued his proposed budget for New Jersey's next fiscal year. The $58.1 billion proposal is 2.7% higher than the current year's budget and includes $1.2 billion in proposed tax increases. Our panel of public policy experts weigh in on numerous elements of the proposed budget, including the impact of potential cuts in federal aid to Medicaid and NJ Transit. Resources:New Jersey Budget news and information
Brad and his guests discuss the AICPA's post-implementation review of Statement on Auditing Standards No. 143: Auditing Accounting Estimates and Related Disclosures. *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. *** Resources:Statement on Auditing Standards No. 143: Auditing Accounting Estimates and Related DisclosuresAccounting and auditing articles and eventsJoin the Accounting & Auditing Standards Interest Group
To address the talent shortage, firms have turned to several options, including raising fees, culling clients, outsourcing and offshoring. Rohan Singhai of Miles Talent Hub joins us to discuss accounting staffing trends and strategies. Resources:Miles Talent HubEmployee management articles, events and resourcesCPA pipeline news and resources
This episode covers two upcoming AICPA Auditing Standards Board exposure drafts, status of the PCAOB's firm and engagement metrics proposal and the PCAOB's audit focus series. *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. *** Resources:AICPA auditing board approves two exposure drafts for public commentPCAOB withdraws proposed rules requiring extensive firm and engagement metricsPCAOB Audit Focus: Audit Committee CommunicationsAccounting and auditing articles and eventsFraud prevention articles and eventsJoin the Accounting & Auditing Standards Interest Group
The first month of President Trump's second term has been filled with a flurry of changes that impact businesses, including tariffs, steep cuts by the Department of Government Efficiency (DOGE) and restricted immigration. Daniel Munoz, business reporter at The Record, discusses the changes and how New Jersey's business community is reacting. Resources:March 13 Webinar: How Federal Policies Are Impacting New Jersey Businesses
Artificial intelligence (AI) is revolutionizing accounting, promising efficiency and accuracy. But why are firms still hesitant? In this episode, Zealogic's Anthony Geanoules dives into the game-changing potential of AI in accounting and the common concerns holding firms back. Gain practical insights for leveraging the power of AI. Resources:AI Knowledge HubZealogics
Brad and his guests discuss the recently issued FASB accounting standard update on expense disaggregation disclosures as well as guidance on non-GAAP financial measures. *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. *** Resources:FASB ASU 2025-01, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective DateJournal of Accountancy article: Exercising caution with non-GAAP measures and disclosuresAccounting and auditing articles and eventsFraud prevention articles and eventsJoin the Accounting & Auditing Standards Interest Group
What are the major issues impacting college accounting education and what's being done to address them? Host Sean Stein Smith, CPA, sat down with Peter J. McAliney of Rutgers University to discuss. Resources:CPA Pipeline Knowledge Hub
This episode focuses on the key elements of internal controls. *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. *** Resources:Accounting and auditing articles and eventsFraud prevention articles and eventsJoin the Accounting & Auditing Standards Interest Group
When it comes to the accounting profession's talent crisis or the current landscape of diversity, equity and inclusion, it seems that everyone has an opinion. But what does empirical research tell us about how we should be looking at and addressing these two critical and connected issues? Donny Shimamoto, CPA, of Intraprise Techknowlogies and the Center for Accounting Transformation joins us to discuss two research reports that highlight strategies and approaches to improve retention, reduce turnover, and foster a more inclusive and equitable accounting industry. Resources:Download the research reports
Brad and his guest Matt Charne provide a rundown of 12 accounting and auditing standards and pronouncements from FASB, GASB and PCAOB. *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. *** Resources:Accounting and auditing articles and eventsGovernmental accounting articles and eventsJoin the Accounting & Auditing Standards Interest Group
The New Jersey Chamber of Commerce's legendary Walk to Washington is back after a five-year hiatus. Find out what this event is all about – and hear about one CPA's experience attending the event and what she's looking forward to this year. Resources:Walk to Washington
To start the new year, Brad provides a recap of accounting and auditing standards and updates from 2024. *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. *** Resources:Accounting and auditing articles and eventsJoin the Accounting & Auditing Standards Interest Group
Accounting professionals are entrusted to safeguard clients' most sensitive personal and financial information. Heidi Rogers from NJCPA member benefit provider CPACharge dsicusses four critical elements to lock down your data and keep client information safe. Resources:Learn more about CPAChargeArticle: 4 Ways to Protect Your Clients' DataCybersecurity Knowledge HubNJCPA Marketplace: Cybersecurity services
As the year comes to an end, there are two new accounting standards updates from the Financial Accounting Standards Board (FASB) — one on disaggregation of income statement expenses and another on induced conversions of convertible debt instruments. Brad provides an overview of both ASUs. *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. *** Resources:ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation DisclosuresASU 2024-04, Debt - Debt with Conversion and Other OptionsAccounting and auditing articles and eventsJoin the Accounting & Auditing Standards Interest Group
A recent KPMG survey reveals that tax departments are poised to lead their organizations into a more resilient and empowered future. David Neuenhaus, partner-in-charge of tax at KPMG, discusses their report, “Tax Reimagined 2024: Perspectives from the C-Suite,” which shows how tax professionals are grappling with the impending expiration of the Tax Cuts and Jobs Act provisions, global tax policy updates and the ongoing pace of regulatory changes. Resources:Tax Reimagined 2024: Perspectives from the C-SuiteBusiness Management Knowledge Hub
The AICPA board recently approved updates to the peer review standards to align with the new quality management standards and make some additional changes. And the PCAOB has issued guidance on critical audit matters and auditor responsibilities regarding illegal acts. *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. *** Resources:AICPA board approves update to peer review standardsPCAOB Audit Focus: Critical Audit MattersPCAOB Spotlight: Auditor Responsibilities for Detecting, Evaluating and Making Communications About Illegal ActsAccounting and auditing articles and eventsJoin the Accounting & Auditing Standards Interest Group
The AICPA recently issued an exposure draft on the applicability of AR-C Section 70 to financial statements prepared as part of a consulting services engagement. Hear an overview of the proposal, understand the nuances and find out how to provide feedback. *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. *** Resources:Exposure Draft, Proposed SSARS AR-C Section 70 ApplicabilityAccounting and auditing articles and eventsJoin the Accounting & Auditing Standards Interest Group
Donald Trump won a clear victory in the Presidential race, taking both the popular vote and the electoral college. Dr. Ben Dworkin, director of the Rowan Institute for Public Policy, provides his insights on what happened and why. He also discusses the potential impact of the Trump presidency on tax and business policies. #IssuesWatch #Podcast #Trump #Election2024
The U.S. Justice Department is suing financial services giant Visa for allegedly violating antitrust laws in its debit card business. Eric Cohen, CEO of Merchant Advocate, joins us to discuss Visa's role in the debit card space and the viability and potential impact of the lawsuit. Resources:Learn more about Merchant Advocate (NJCPA Member Benefit Provider)
Three college accounting educators – who are also CPAs – discuss the state of accounting education today. They cover enrollment trends, shifts in curriculum, accommodating varied learning styles, bridging the gap between the classroom and the workforce, alternative pathways to CPA and more. Resources:The State of Accounting Education Knowledge Hub CPA Pipeline Knowledge Hub
This episode reviews the top four priorities of the Financial Accounting Standards Board (FASB) Private Company Council (PCC) as well as Public Company Accounting Oversight Board (PCAOB) staff observations from 2023 annual inspection reports.*** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. ***Resources:FASB Private Company Council top four prioritiesPCAOB Posts 2023 Annual Inspection Reports Alongside Staff Observations and New Charts to Boost TransparencyAccounting and auditing articles and eventsJoin the Accounting & Auditing Standards Interest Group
The two presidential candidates have many stark differences on policy matters, including taxation and economics. PwC's Miguel Martinez speaks with NJCPA's Jeff Kaszerman about these differences, what the impact would be on the deficit, the prospect of a divided government and the future of the SALT deduction cap. Resources:PwC Pulse Survey: Executive takes on Election 2024
The effective date of the AICPA's new quality management standards is fast approaching, and they represent a significant change in how CPA firms need to approach quality control. Get an overview of the requirements - and make sure you pass your peer review! *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. *** Resources:Webinar – Quality Management: Understanding and Implementing the New Standards, Nov. 12 or Nov. 26AICPA quality management standards resourcesAccounting and auditing articles and eventsJoin the Accounting & Auditing Standards Interest Group
Two-factor authentication (2FA) is a powerful anti-fraud, anti-hacking tool. But it can also be used against you – as NJCPA member Sean Stein Smith, CPA, recently found out firsthand. Hear about Sean's story and find out steps you can take to protect yourself. Resources: Speaking with Clients about 2FA Fraud PreventionFraud Prevention Knowledge Hub
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
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