The Accounting Podcast

AI agents are going rogue — deleting bookings, sending unauthorized emails, and lying about it — and Blake and David trace the trend into the $3 trillion of off-balance-sheet AI commitments hiding in Big Tech's footnotes (and why accountants will get blamed when the bubble pops). They also recap what stood out at XeroCon 2026. Then Hoover Institution fellow Ben Jaros runs the real numbers on California's Prop 40 billionaire wealth tax — why the $100 billion estimate is closer to $40 billion, and whether taxing 200 people is even constitutional.

Sponsors
Canopy - http://accountingpodcast.promo/canopy
Thomson Reuters - http://accountingpodcast.promo/taxautomation
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Chapters
(00:00) - Welcome to The Accounting Podcast

(03:00) - Rogue AI Agents Gone Wild

(07:53) - Controlling Agent Permissions

(12:08) - Microsoft AI Receivables Surge

(14:49) - Three Trillion Off Book Commitments

(17:09) - Meta Hyperion Lease Loopholes

(21:33) - Bubble Risk and Circular Financing

(28:24) - XeroCon Highlights and AI Agents

(32:21) - Bank Reconciliation and Roadmap Gripes

(34:10) - Conference Vaporware Rant

(34:37) - Billionaire Tax Preview

(36:33) - Prop 40 Basics

(38:40) - Revenue Reality Check

(42:44) - Residency Cutoff Drama

(45:01) - Wealth Tax vs Income Tax

(45:52) - One Time Or Not

(46:34) - Healthcare Backfill Claims

(51:42) - Better Ways To Tax

(55:23) - Constitutional Challenges

(58:01) - Why Voters Oppose It

(01:02:09) - Trial Balloon And Wrap Up

 

Show Notes
Coming soon!
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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.

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Transcripts
The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

Is AI creating an audit boom—or hiding the next Enron-style risk? Blake and David unpack NVIDIA’s $500 billion data-center financing plan, why Michael Burry sees warning signs, and how AI is speeding up audits while challenging existing standards. They also cover improved PCAOB inspection results, the end of BOI reporting, Tether’s long-awaited audit, QuickBooks Live’s overhaul, and practical AI workflows small firms can use today.

Sponsors
Digits - http://accountingpodcast.promo/digits
OnPay - http://accountingpodcast.promo/onpay
Thomson Reuters - http://accountingpodcast.promo/taxautomation
Cloud Accountant Staffing - http://accountingpodcast.promo/cas

Chapters
(00:00) - AI Biggest Audit Shift

(01:35) - Headlines And Sponsors

(02:20) - Digits AI Ledger

(04:02) - Nvidia Deal Explained

(06:31) - Enron Echoes And SPVs

(09:46) - Bubble Risks And GAAP

(12:31) - EY Audit Efficiency Claims

(15:25) - PCAOB Reports Debate

(17:40) - OnPay Payroll Sponsor

(18:53) - FinCEN Ends BOI

(19:52) - Audit AI Adoption Stats

(21:08) - PCAOB Must Set AI Rules

(25:52) - Quarterly Reporting Comments

(29:17) - Tether Finally Audited

(33:17) - Thomson Reuters Tax Automation

(35:07) - Ancient Rome Tax Scam

(38:45) - Why Tax Fraud Meant Death

(39:18) - Clients Want AI Dashboards

(39:45) - Small Firm AI Workflows

(44:35) - Sponsor Cloud Staffing

(45:49) - AI Raises Client Demands

(46:27) - Audit Disruption Debate

(48:35) - QuickBooks Live Rebrand

(51:10) - Taiwan Receipt Lottery

(54:40) - OnPay Benefits Upgrade

(01:05:17) - Switch Payroll Midyear

(01:09:19) - Wrap Up And CPE

 

Show Notes
'Shades of Enron': Michael Burry shorts Nvidia as its $500 billion chip-financing deal fuels a bubble
https://sg.finance.yahoo.com/news/nvidia-ai-push-echoes-enron-123355872.html
EY leverages AI for audit
https://www.accountingtoday.com/news/ey-leverages-ai-for-audit
In ancient Rome, tax fraud was punishable by death
https://www.popsci.com/science/tax-fraud-death-penalty-ancient-rome/
PCAOB inspection reports of largest audit firms show improvements
https://www.accountingtoday.com/news/pcaob-inspection-reports-of-largest-audit-firms-show-improvements
FinCEN ends beneficial ownership reporting
https://www.accountingtoday.com/news/fincen-ends-beneficial-ownership-reporting
Gartner Survey Finds Audit Teams' AI Use is Common, But Most Teams are Lacking Strategic Adoption and Application
https://www.gartner.com/en/newsroom/press-releases/2026-08-10-gartner-survey-finds-audit-teams-ai-use-is-common-but-most
It's Time for the US Audit Board to Set Corporate AI Standards
https://news.bloombergtax.com/tax-insights-and-commentary/its-time-for-the-us-audit-board-to-set-corporate-ai-standards
SEC quarterly earnings proposal draws flood of public complaints
https://finance.yahoo.com/markets/stocks/articles/sec-quarterly-earnings-proposal-draws-112015106.html
Firms (and Some Guy Obsessed With China) Have Weighed in on the PCAOB Turning an Eye to AI
https://www.goingconcern.com/firms-and-some-guy-obsessed-with-china-have-weighed-in-on-the-pcaob-turning-an-eye-to-ai/
Tether says KPMG issued 'clean' opinion in first full audit of USDT issuer's financials
https://www.coindesk.com/business/2026/08/13/tether-says-it-completed-long-promised-big-four-audit-of-finances-behind-usd180-billion-usdt-stablecoin
Real-life ways small firms use AI
https://www.journalofaccountancy.com/issues/2026/aug/real-life-ways-small-firms-use-ai/
QuickBooks Live is Dead, Long Live Intuit Experts
https://uqb.show/154

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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

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TeePublic Store: http://cloudacctpod.link/merch

Subscribe
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Overcast:

What does episode 500 reveal about where accounting is headed? Blake Oliver and David Leary celebrate the milestone with CFO.com’s Adam Zaki and Going Concern’s Adrienne Gonzalez. They unpack AI’s pressure on billable hours, shrinking entry-level pathways, the changing route to CFO, and PwC’s canceled Disney intern event. Plus, Blake shares what happened after NASBA challenged his CPE comments.

Sponsors
OnPay - http://accountingpodcast.promo/onpay
Canopy - http://accountingpodcast.promo/canopy
Thomson Reuters - http://accountingpodcast.promo/taxautomation
Cloud Accountant Staffing - http://accountingpodcast.promo/cas

Chapters
(00:00) - ‌

(00:20) - Episode 500 Kickoff

(02:59) - Origin Story Live Chat

(07:22) - Billable Hour Fading

(13:36) - AI Knowledge vs Data Risk

(16:21) - PwC Intern Disney Cut

(24:31) - Pyramid to Diamond Firms

(34:29) - CFO Pathway Disrupted

(37:25) - AI Without Apprenticeship

(38:55) - Would You Work for AI

(39:47) - CFO Pipeline Shrinking

(41:11) - Skipping Entry Level

(43:15) - Simulations vs Real Work

(45:05) - Metaverse Training Fail

(47:35) - Crypto Fraud Irony

(49:10) - Listener Milestones

(51:58) - Billable Hour Debate

(01:01:21) - AI Auditing Future

(01:02:33) - NASBA Speech Clash

(01:11:48) - Wrap Up and Thanks

 

Show Notes
CrossCountry Consulting's new co-CEOs say billable hour is 'waning'
https://www.cfo.com/news/crosscountry-consulting-new-co-ceo-amy-bjarnason-neil-smith-discuss-their-industrys-future/826266/
Diamonds May Be a Firm's Best Strategy: How AI Is Rewriting the Structure of Modern Practice
https://www.cpapracticeadvisor.com/2026/08/05/diamonds-may-be-a-firms-best-strategy-how-ai-is-rewriting-the-structure-of-modern-practice/188060/
Teikametrics CFO Brian Beaupre says the career path he took is disappearing
https://www.cfo.com/news/teikametrics-cfo-brian-beaupre-says-the-career-path-he-took-is-disappearing-cfo-leadership-council-/824716/
The Age of Artificial Intelligence: Quinnipiac University Poll on AI
https://poll.qu.edu/poll-release?releaseid=3955
We Went to the Boot Camp Where KPMG Teaches Auditors to Think Critically
https://www.wsj.com/business/kpmg-summer-interns-auditing-ai-training-941ad5cc
In Case You Didn't Hear, PwC Interns Won't Be Swarming Disney World This Year
https://www.goingconcern.com/in-case-you-didnt-hear-pwc-interns-wont-be-swarming-disney-world-this-year/
Bitquery CEO Faces $5M Theft Claim, 194 Records Deleted
https://www.analyticsinsight.net/news/bitquery-ceo-faces-5m-theft-claim-194-records-deleted

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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
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Transcripts
The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

Could Grant Thornton’s $5 billion CBIZ deal create a Big Five? Blake and David unpack the private-equity-backed combination, what it means for accounting firm ownership, and why controller talent is still hard to find. They also examine AI’s effect on finance judgment—and why nearly half of Gen Z workers say it makes them less intelligent—plus tariff refunds, audit scrutiny, and rising software prices.

Sponsors
Cloud Accountant Staffing - http://accountingpodcast.promo/cas
OnPay - http://accountingpodcast.promo/onpay
Thomson Reuters - http://accountingpodcast.promo/taxautomation
Veltrix - http://accountingpodcast.promo/veltrix

Chapters
(00:00) - TAP 499

(02:17) - Livestream and CPE Plug

(03:12) - Grant Thornton Buys CBIZ

(04:35) - Stock Spike and Activists

(09:06) - PE Strategy and IPO Exit

(11:09) - Deal Size vs Big Four

(13:21) - Trump Immunity and Nominee

(16:39) - EY Hack Claim Explained

(18:56) - Trump Deal Appeal Update

(21:37) - Controller Hiring Crunch

(23:21) - Senior Pay Flattening

(26:24) - Corporate Hiring Demand

(27:59) - AI Boosts Finance Judgment

(29:38) - Claude Transforms Forecasting

(30:43) - Gen Z AI Dependency Fears

(34:32) - Xero Price Hike Backlash

(36:45) - Lovable Connector Moat

(40:38) - Agents Use Existing SaaS

(45:29) - Tariff Refund Windfall

(48:20) - NYC Pied-a-Terre Tax

(51:44) - PwC UK Audit Failures

(55:03) - Wrap Up and Episode 500

 

Show Notes
Grant Thornton Advisors to acquire CBIZ in $5 billion transaction
https://www.cpapracticeadvisor.com/2026/07/29/grant-thornton-set-to-buy-cbiz-for-5-billion-become-5th-largest-firm-in-u-s/187542/
Accounting Firm CBIZ Urged by Activist Investor to Pursue M&A
https://www.bloomberg.com/news/articles/2026-07-07/accounting-firm-cbiz-urged-by-activist-investor-to-pursue-m-a
Trump floats pulling Blanche's AG nomination until after GOP holdouts leave office
https://www.cnbc.com/2026/07/30/trump-blanche-ag-doj-cornyn-tillis.html
Donald Trump's tax audit immunity remains in place as Blanche's path to confirmation is cleared
https://www.reviewjournal.com/news/politics-and-government/as-blanches-path-to-confirmation-is-cleared-trumps-tax-audit-immunity-remains-in-place-3858601/
Ernst & Young data breach claimed by ShinyHunters extortion gang
https://www.bleepingcomputer.com/news/security/ernst-and-young-data-breach-claimed-by-shinyhunters-extortion-gang/
2026 Corporate Finance & Accounting Talent Research Study
https://controllerscouncil.org/2026-corporate-finance-accounting-talent-research-study/
Accounting's missing middle
https://www.accountingtoday.com/news/accountings-missing-middle
A third of companies look to increase finance and accounting hires
https://www.cfo.com/news/companies-look-to-boost-hiring-pay-for-finance-and-accounting-staff-controllers-council-report/824667/
AI's top value for finance now lies in improving judgment, not efficiency
https://finance.yahoo.com/technology/ai/articles/ai-top-value-finance-now-085159658.html
Nearly Half of Gen Z Workers Say AI is Making Them Less Intelligent
https://www.cpapracticeadvisor.com/2026/05/19/nearly-half-of-gen-z-workers-say-ai-is-making-them-less-intelligent/183621/
Xero Announces U.S. Subscription Price Changes
https://www.xero.com/us/pricing-plans/update/
Introducing the Lovable Xero connector: build on your Xero data, no code required
https://devblog.xero.com/introducing-the-lovable-xero-connector-build-on-your-xero-data-no-code-required-386873b591bc
We Peaked at 30 AI Agents. Now We're Coming Back Down to 20
https://www.saastr.com/we-peaked-at-30-ai-agents-now-were-coming-back-down-to-20-heres-what-consolidation-actually-looks-like-the-agents-011-live/
Amazon Got a $600 Million Tariff Refund, Some Going to Shoppers
https://www.cnbc.com/2026/07/30/amazon-trump-tariff-refunds.html
NYC Extends Deadline for Pied-à-Terre Tax Exemption Applications to Sept. 18
https://www.bloomberg.com/news/articles/2026-08-01/nyc-extends-deadline-for-second-home-levy-exemption-requests
Staten Island Homeowners Say They Fear for Safety After Names, Addresses Published on NYC Tax List
https://www.cpapracticeadvisor.com/2026/07/31/staten-island-homeowners-say-they-fear-for-safety-after-names-addresses-published-on-nyc-tax-list/187775/
PwC Fined $4.4 Million by UK Watchdog Over Babcock Audit Failures
https://www.globalbankingandfinance.com/uk-financial-watchdog-fines-pwc-4-4-million-over-babcock/
New York Governor Trolls LeBron James with Tax on Rumored NYC Home
https://www.cpapracticeadvisor.com/2026/07/31/new-york-governor-trolls-lebron-james-with-tax-on-rumored-nyc-home/187765/

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Could an AI agent decide to hack a system, or cancel your software subscription just to complete its task? Blake and David examine reports of AI agents escaping guardrails, flooding IRS rulemaking with generated comments, and taking autonomous business actions. They also trace accounting from ancient clay tokens to today’s AI economy, exploring why calculating profit and trustworthy records matter more than ever.

Sponsors
Cloud Accountant Staffing - http://accountingpodcast.promo/cas
The Value Builder System - http://accountingpodcast.promo/value
OnPay - http://accountingpodcast.promo/onpay
Veltrix - http://accountingpodcast.promo/veltrix

Chapters
(00:00) - Profit First Accounting

(00:33) - Dumb Accounting AI

(02:40) - AI Guest Pitch Email

(07:21) - When Agents Go Rogue

(09:38) - OpenAI Agent Hacks Out

(11:57) - Waymo Laws And Goals

(16:33) - IRS Chief Spy Claims

(19:28) - AI Floods IRS Comments

(23:30) - SaaStr AI Cancels SaaS

(28:09) - Ode To Accounting Site

(29:54) - Accounting Births Writing

(31:24) - Double Entry Changes Everything

(32:09) - Industrial Era Standards

(33:29) - Internet Cloud And AI

(34:19) - Hosts React Tokens Return

(36:49) - Profit Cost Accounting And AI

(39:33) - Round Tripping Explained

(44:00) - IRS EIN Breakdown

(46:19) - Trump Accounts Adoption

(48:20) - Tax Leak Sentencing Debate

(50:23) - KPMG Australia Shakeup

(52:09) - QuickBooks MCP Workflows

(55:52) - Intuit Card Versus Ramp

(57:35) - Ramp Stablecoin And Token Spend

(01:00:39) - Wrap Up And Where To Find Us

 

Show Notes
OpenAI and Hugging Face partner to address security incident during model evaluation
https://openai.com/index/hugging-face-model-evaluation-security-incident/
Trump's IRS Chief Frank Bisignano Accused of Using Hi-Tech Software to Spy on Colleagues' Emails at JPMorgan
https://www.thedailybeast.com/trumps-irs-chief-frank-bisignano-accused-of-using-hi-tech-software-to-spy-on-colleagues-emails-at-jpmorgan/
IRS blitzed with AI-generated comments on proposed tax rules
https://www.accountingtoday.com/news/irs-blitzed-with-ai-generated-comments-on-proposed-tax-rules
Your Agents Are About to Start Firing Your Vendors. Ours Fired Marketo.
https://www.saastr.com/your-agents-are-about-to-start-firing-your-vendors-ours-fired-marketo/
Basis offers AI agents, love letters and an ode to accounting
https://www.accountingtoday.com/news/basis-offers-ai-agents-love-letters-and-an-ode-to-accounting
7 Million Trump Accounts Have Been Opened, Administration Says
https://www.cpapracticeadvisor.com/2026/07/29/7-million-trump-accounts-have-been-opened-administration-says/187586/
DC Circuit Denies Littlejohn Appeal and the Need for Privacy Protections Remains
https://www.ntu.org/foundation/detail/dc-circuit-denies-littlejohn-appeal-and-the-need-for-privacy-protections-remains
KPMG Australia appoints new CEO
https://www.internationalaccountingbulletin.com/news/kpmg-australia-appoints-new-ceo/
KPMG Fires Former COO Eileen Hoggett Over Confidentiality Breach
https://news.ssbcrack.com/kpmg-fires-former-coo-eileen-hoggett-over-confidentiality-breach/
QuickBooks Expands Into Claude and ChatGPT with New Features
https://www.intuit.com/blog/news-social/quickbooks-expands-into-claude-and-chatgpt-with-new-sales-invoicing-payroll-and-lending-features/
Intuit Launches Business Credit Card That Brings Spend Management, Rewards, and Insights Together in QuickBooks
https://investors.intuit.com/news-events/press-releases/detail/1316/intuit-launches-business-credit-card-that-brings-spend-management-rewards-and-insights-together-in-quickbooks
Ramp Brings Stablecoin Accounts and Payments to All Customers
https://www.prnewswire.com/news-releases/ramp-brings-stablecoin-accounts-and-payments-to-all-customers-302830447.html
Ramp Launches AI Token Spend Controls
https://www.prnewswire.com/news-releases/ramp-launches-ai-token-spend-controls-302827389.html

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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