The Tuesday Lowdown ⬇️

If you're new around here, every day I share the 4-5 best accounting insights I saw in the past 24 hours.

I scroll. so you don't have to.

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💎 WTF of the Day

PCAOB Fines Firm for Hiding Who Worked on Its Audits

The PCAOB just slapped Beckles and Co with a 35,000 dollar penalty for… basically not doing the bare minimum. The firm failed to file Form AP nine times across its 2023 and 2024 audits.

Form AP is the simple disclosure that tells investors who actually worked on an audit and whether any other firms helped. Every PCAOB registered firm has to file it. Beckles and Co just… didn’t. Repeatedly. Now they’re censured, fined, and forced to fix their internal processes so this doesn’t happen again.

If you can’t even tell people who worked on your audits, the PCAOB will happily remind you.

Source: Accounting Today (we pay so you dont have to)

💎 What’s poppin in accounting

AI Is Changing Tax Teams Fast and CFOs Are Scrambling

EY talked to 1,600 finance leaders and the message was simple Almost everyone is trying to retrain their teams because AI is changing the job.

Accounting skills aren’t enough anymore. CFOs want people who can use data, think critically, and actually work with AI tools. But there’s a problem Seniors are retiring, fewer young people are entering the field, and most companies admit they aren’t great at managing data yet.

So firms are now mixing CPAs with data scientists and AI specialists just to keep up. AI isn’t replacing accountants. It’s replacing accountants who can’t use AI.

Source: CFO Dive 

The Audit

We are launching a new weekly section called The Audit. It is a quick pulse check to help you benchmark your practice against thousands of other Ledger Lowdown readers. Vote below, and we will break down the results in the next edition so you can see exactly where you stand.

 📊 Weekly Trend Chart

We Are Stuck in Subscription World Now

We are not tired of subscriptions anymore, we are trapped by them. Americans spend about 90 dollars a month on things like streaming and food delivery, and 61 percent already pay for at least one streaming service.

Now Netflix wants to buy Warner Bros Discovery in an 83 billion dollar mega deal. If that happens, they would own one of the biggest content libraries ever, making it even harder for people to cancel anything.

In other words, we wanted convenience and somehow ended up paying rent to ten apps every month.

#😂 

me promising i’ll sleep early every night... 🫠

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