Chapters
0:00
Trending risks: AI, ChatGPT & client confidentiality
3:40
Cybersecurity — deepfakes, quantum decryption & wire fraud
7:00
Quality Management Standards — Dec. 15 deadline& the psychology of reminders
14:22
SARS 27 — new financial statement exceptions
24:05
Risk themes — conflicts, malpractice & professional skepticism
34:18
Engagement letters — AI clauses, dispute resolution
Transcript
00:00
Riley Thao: Hey everyone. The thing I want to start with is that “accounts receivable” is a 1950s accounting category, and we keep building software around that category instead of the actual problem.
00:24
Riley Thao: The actual problem is: you did the work, and there’s now a gap between doing the work and holding the money. Every day that gap is open is a day someone has to chase it, or it turns into a bad debt.
01:05
Riley Thao: So we stopped modeling it as A/R. We started modeling it as a loop. And when you model it as a loop, it turns out most of it can run on autopilot if, and only if, you get four decisions right.
02:18
Riley Thao: Those four decisions are: when to send, what channel, what tone, and most people get this wrong when to stop.
03:04
Marina Kline: Riley, can you bring up the decision-tree view? That’s the one folks always ask about after these sessions.
03:22
Riley Thao: Yeah, pulling it up now. This is the live production graph, exactly what runs when an invoice hits day three past due…
