What happens when venture capitalists spend billions on AI but need customers to buy it? In this episode, Blake and David explore how investment firms are now purchasing accounting firms to force-feed AI adoption, comparing it to Pepsi buying restaurants to sell more soda. They also dig into the massive gap between AI promises and reality, questioning bold claims that 80% of tax prep is now automated while basic bookkeeping tools still make obvious errors. You'll learn about the AICPA's surprising neutrality on eliminating the PCAOB, Billy Long's confirmation as IRS commissioner despite his controversial past, and why accountant optimism has plummeted 58 points in just four months. Plus, discover how Miley Cyrus hid drug purchases from her accountant and why audit reports get downloaded only 30 times despite millions of investors.
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Chapters
- (00:57) - Updates from AICPA Engage
(01:45) - AI in Accounting: Hype vs Reality
(03:38) - The Future of the PCAOB
(13:52) - The Role of Technology in Accounting
(29:15) - Miley Cyrus' Financial Deception
(29:56) - Miley Cyrus' Vintage Clothing Purchases
(30:32) - Accountant's Responsibility in Client Purchases
(32:11) - Billy Long Confirmed as IRS Commissioner
(33:03) - Controversial Tribal Tax Credits
(36:51) - Elon Musk's Opposition to the Big Beautiful Bill
(46:06) - Accounting Firms' Optimism and AI Adoption
(49:29) - Conclusion and Sponsor Messages
Show Notes
CPAacademy 2025 AI and Accounting Report
https://www.cpaacademy.org/resources/ai-accounting-report-2025
How to Reimagine Audit Quality Beyond the PCAOB
https://www.cpajournal.com/2025/01/15/reimagining-audit-quality-beyond-pcaob/
Inflow Survey: 70% of US Businesses Open to Switching Audit Firms
https://www.inflowaudit.com/resources/audit-firm-switching-survey-2025
Gian Porzio LinkedIn Post on Tribal Tax Credit Investigation
https://www.linkedin.com/posts/gianporzio_tribal-tax-credits-investigation-billy-long
Economist-YouGov Poll on Big Beautiful Bill Public Opinion
https://www.economist.com/graphic-detail/2025/06/13/americans-support-musk-criticism-trump-tax-bill
CBO Analysis of Big Beautiful Bill Wealth Transfer Effects
https://www.cbo.gov/publication/61234
Avalara 2025 Accountants Confidence Report
https://www.avalara.com/us/en/resources/reports/2025-accountants-confidence-report.html
Center for Audit Quality Audit Partner Pulse Survey
https://www.thecaq.org/audit-partner-pulse-survey-2025
European Business Travel to US Drops 25% in April
https://www.businesstravelnews.com/Management/European-Business-Travel-US-Drops-Tariff-Concerns
Xero 2025 State of the Industry Report
https://www.xero.com/us/resources/small-business-insights/state-of-industry-report-2025/
Indiana CPA Society Survey on Firm Headcount Predictions
https://www.incpas.org/resources/surveys/firm-headcount-predictions-2025
BDO $1 Billion AI Strategy Investment Announcement
https://www.bdo.com/insights/business-financial-advisory/technology/bdo-ai-strategy-investment
RSM $1 Billion AI Investment Plan
https://rsmus.com/insights/rsm-ai-investment-strategy-2025
Create Professional Alliance CPA $500 Million Investment Plan
https://www.createprofessionalalliance.com/investment-strategy
Thrive Capital $1 Billion OpenAI Investment Details
https://www.techcrunch.com/2024/08/15/thrive-capital-openai-investment-billion
General Catalyst Accrual AI Startup and Accounting Firm Acquisitions
https://www.generalcatalyst.com/portfolio/accrual-ai-accounting-vertical-integration
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