A new report from the Illinois CPA Society (ICPAS), titled The Readiness Divide, explores the disconnect between how early-career accounting and finance professionals view their skills and how their managers assess their readiness. Geof Brown, president and CEO of ICPAS, discusses the report’s findings, including gaps in communication, critical thinking, problem solving and even tech skills – and what these gaps mean for the accounting profession. Topics discussed:Overview of the report and why it was createdThe disconnect between self-awareness and employer expectationsRisks if gaps in communication, critical thinking and problem-solving are not addressedPractical steps to close the divideFinal takeaways Resources:The Readiness Divide: How Next-Gen Accounting Talent Measures UpCareer Development Knowledge HubEmployee Management Knowledge Hub
We’re covering three topics in this episode: proposed modernization of peer review administration requirements, proposed private-equity-related updates to peer review standards and guidance on attest client association. *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. *** Resources:Proposed Peer Review Standards Update No. 3, Modernizing Peer Review Administration RequirementsAICPA Seeks Comment on Administrative Peer Review Proposal for Firms with Private Equity Backing and Other Alternative Practice StructuresPEEC releases guidance on attest client association, simultaneous employmentAccounting and auditing articles and eventsJoin the Accounting & Auditing Standards Interest Group
One of the hottest topics in the profession right now is compensation. Accounting Today recently released its 2025 Salary Survey, which offers a comprehensive look at pay across firms of all sizes and levels.Dan Hood, editor in chief of Accounting Today, breaks down the survey results and what they mean for firms, professionals and the CPA pipeline. Topics discussed:Key takeaways from the surveyWhy salaries have increasedManager and partner salary increases at smaller firmsImpact of total compensation packagesHow small firms are keeping upRethinking culture, career development and other non-monetary factors Resources:2025 Accounting Today Salary SurveyCareer Development Knowledge HubEmployee Management Knowledge Hub
Find out about the new standard from the Financial Accounting Standards Board that updates the guidance on accounting for internal-use software costs. *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. *** Resources:FASB Issues Standard That Makes Targeted Improvements to Internal-Use Software GuidanceAccounting and auditing articles and eventsJoin the Accounting & Auditing Standards Interest Group
This fall, a new advanced placement course is being piloted at 100 high schools across the country. AP Business with Personal Finance is designed to give high school students a strong foundation in business, economics and personal finance and, importantly for the accounting profession, it includes a significant unit on accounting. Hear about the impact of the course from Livingston High School’s Alex Lamon - one of the teachers piloting the program - and Alexander Chang, a student who has taken the course. Topics discussed:Overview of the AP Business with Personal Finance courseInformation about the accounting unit of the courseStudent perspective on the AP courseImpact on providing students with business/accounting exposureOverview of Money Talks ConferenceHow students view accounting and financial literacy Resources:About AP Business with Personal FinanceNew Jersey Council for Economic EducationCPA Pipeline Knowledge Hub
The AICPA has issued an updated practice aid to help firms implement the new quality management standards. See if it can help you. *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. *** Resources:AICPA unveils new QM resources to help firms meet Dec. 15 deadlineQuality management standards articles and eventsJoin the Accounting & Auditing Standards Interest Group
The filing deadline for New Jersey's three property tax relief programs is around the corner. Christina Quinones of the New Jersey Division of Taxation joins us to discuss who is eligible for each program and how to apply. Don’t miss out on the relief you’re entitled to. Topics discussed:Overview of property tax relief programsDetails on the Senior Freeze programApplication process and deadlinesHow to get in-person or online assistance Resources:Senior Freeze programANCHOR programStay NJ programProperty tax relief public events
The GENIUS Act includes robust new requirements for stablecoin users, including reserve backing; transparency and audits; anti-money laundering and sanctions compliance; and restrictions on marketing and yield. *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. *** Resources:Accounting and auditing articles and eventsCryptocurrency and digital assets articles and eventsJoin the Accounting & Auditing Standards Interest Group
Whether you call it soft skills, people skills, relational abilities or core professional competencies — communication, emotional intelligence and adaptability often make a big difference in a professional’s career growth. CPA and author Jerry Maginnis returns to the podcast to discuss the role of soft skills in a successful career. Topics discussed:How soft skills can be a differentiator between average and outstanding professionalsHow the value of soft skills has changedThe most critical soft skills for young CPAsHow companies can better identify, nurture and reward soft skills among their teamsAn example of how soft skills played a crucial role for Jerry Resources:Jerry’s book, Advice for a Successful Career in the Accounting Profession, How to Make your Assets Greatly Exceed your LiabilitiesCareer development articles, resources and events
The Financial Accounting Standards Board has issued a new standard for the measurement of credit losses for accounts receivable and contract assets. Are you prepared to implement it? *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. *** Resources:FASB Issues Standard that Improves Measurement of Credit Losses for Accounts Receivable and Contract AssetsAccounting and auditing articles and eventsJoin the Accounting & Auditing Standards Interest Group
As the next generation of accountants and finance professionals enters the workforce, one priority stands at the forefront: building a workplace that not only attracts younger talent but also keeps them engaged and inspired for the long haul. Alex Romero of Galasso Learning Solutions. Topics discussed:Understanding what younger talent valuesCreating a culture of belongingKey elements of emotional intelligence that foster retention and engagementThe importance of emotional intelligence for young professionalsOther important skills for young professionalsTactics to build an employee experience that retains and energizes Resources:Employee management articles, resources and eventsCareer development articles, resources and eventsLearn about Galasso Learning Solutions
Does your nonprofit receive government grants? The accounting rules may be changing. *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. *** Resources:Proposed FASB ASU: Government Grants (Topic 832)Accounting and auditing articles and eventsJoin the Accounting & Auditing Standards Interest Group
Mark Koziel, CPA, CGMA, the new president and CEO of the American Institute of CPAs, recently sat down with Aiysha (AJ) Johnson, MA, IOM, CEO and executive director of the NJCPA, to discuss numerous issues impacting the accounting profession. Topics discussed:Expanding the pathway to CPAMobility concernsAdditional efforts to attract more people to the professionOne Big Beautiful Bill (HR1)Other pending legislation impacting the professionThe future of the PCAOBImplementation of new quality management standardsMark’s priorities for the coming year Resources:CPA Pipeline Knowledge HubNASBA Licensure Pathway TrackerOne Big Beautiful Bill Knowledge HubQuality Management Standards Knowledge Hub
Misinformation about the One Big Beautiful Bill was rampant even before it was signed into law on July 4. Joining us to separate fact from fiction about several provisions of the bill is Lauren Landolfi, CPA, shareholder and tax department practice leader at WilkinGuttenplan. Topics discussed:Myth 1: There are no federal taxes on Social Security incomeMyth 2: The new $40,000 SALT deduction cap is just for married filersMyth 3: There are no taxes on overtime or tipsMyth 4: There are no changes to the deductibility of charitable contributionsMyth 5: Gamblers can continue to deduct all of their lossesMyth 6: I still don’t need to worry about the AMT Resources:Events and information about the One Big Beautiful Bill ActSocial Security Administration press release
Are you ready to step up your fraud detection game? Following three years of research, the AICPA’s Auditing Standards Board has proposed updates to the Statement on Auditing Standards regarding auditors’ responsibilities related to fraud. Get an overview of the proposal. *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. *** Resources:AICPA Seeks Comment on Proposed Update to Auditors’ Responsibilities Related to FraudAccounting and auditing articles and eventsJoin the Accounting & Auditing Standards Interest Group
Get a rundown on what’s included — and not included — in New Jersey’s $58.8 billion budget for fiscal year 2026.Topics discussed:Overall thoughts on the budget from the business community’s perspectiveTax increasesAssistance to businessesProperty tax reliefMaintaining a budget surplusImpact of the One Big Beautiful Bill Act on New JerseyResources:More about New Jersey’s budget
In a recent Forbes article, Paul Peterson, CPA, CEO and managing partner of Wiss, wrote that if you were designing the accounting profession from scratch today, it wouldn’t look anything like the version most firms are still trying to maintain. Paul joins us for a discussion about how firms are adapting to the changes in career expectations, shifting client expectations, the impact of AI and more. Resources:Disruption In Accounting: The CPA Shortage Meets the Rise of AI (Paul’s Forbes article)Firm Management Knowledge HubCPA Pipeline Knowledge Hub
Is AI taking over?? This episode takes a look at how artificial intelligence (AI) is transforming and helping the accounting profession. *** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. *** Resources:AICPA and CPA.com’s 2025 AI in Accounting ReportAccounting and auditing articles and eventsJoin the Accounting & Auditing Standards Interest Group
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
Muhammad Amirr
Managing your business requires vigilance, especially when it comes to protecting your finances. One key area to monitor is fraud prevention. A growing concern is gift card fraud. These scams can harm both your profits and reputation. To safeguard your business, educate your team about spotting scams and implement strict financial controls. For more insights on avoiding gift card fraud, visit here https://help-center.pissedconsumer.com/common-gift-card-scams-how-avoid-them/ . Staying informed and proactive is essential for long-term success in today’s competitive market.