About this episode
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. Sponsors OnPay - http://accountingpodcast.promo/onpay Relay - http://accountingpodcast.promo/relay Keeper - http://accountingpodcast.promo/keeper Payhawk - http://accountingpodcast.promo/payhawk 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 Need CPE? Get CPE for listening to podcasts with Earmark: https://earmarkcpe.com Subscribe to the Earmark Podcast: https://podcast.earmarkcpe.com Get in Touch Thanks for listening and the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary . Find us on Facebook and Instagram . If you like what you hear, please do us a favor and write a review on Apple Podcasts or Podchaser . Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040. Sponsorships Are you interested in sponsoring The Accounting Podcast? For details, read the prospectus . Need Accounting Conference Info? Check out our new website - accountingconferences.com Limited edition shirts, stickers, and other necessities TeePublic Store: http://cloudacctpod.link/merch Subscribe Apple Podcasts: http://cloudacctpod.link/ApplePodcasts YouTube: https://www.youtube.com/@TheAccountingPodcast Spotify: http://cl...