A new biannual survey shows some perceptions of the economy are improving.

The Center for Audit Quality's fall 2022 Audit Partner Pulse Survey found almost 60% of audit partners expressed pessimism for the U.S. economy. However, the group's more recent fall 2023 survey showed overall pessimism dropped to 27%.

Julie Bell Lindsay, CEO of the center, explained audit partners are present in all public companies in the country. They are responsible for understanding risks and pressures affecting businesses and the industries they operate in.

"Certainly the economic outlook is stronger than a year ago," Lindsay noted. "But auditors still see the potential for inflation, while it is falling, to have a significant impact on business operations over the course of the next year."

Lindsay added almost 70% of auditors see what she calls "inflationary effects" hitting business for longer than 12 months. She asserted businesses are being heavily affected by the country's current regulatory environment, with a majority saying the effects have been negative, citing additional costs associated with compliance with new rules.

Lindsay acknowledged despite the various challenges plaguing the business community from cybersecurity to learning how to better handle artificial intelligence, the country finds itself in what she terms a "relatively strong position."

"The U.S. continues to have, I would say, the most liquid and strong capital markets in the world," Lindsay contended. "We are not without our challenges, but we seem to be coming out of the pandemic and an inflationary cycle in a fairly strong position."

According to the survey, companies' top three priorities are cost management, financial performance and overall growth. Lindsay noted while artificial intelligence was lower on the list of companies' priorities, it is high on their list of challenges because of data quality concerns and data security risks.

Lindsay added companies across the country are also experiencing a shortage of accounting and auditing professionals.

"It is not just getting talent into the companies," Lindsay stressed. "When you have less talent, that means the existing talent has to take on additional responsibilities and that can hurt retention."

While half of companies are focused on upskilling, the survey found one in three is working to increase compensation and workplace flexibility for current employees.


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A proposed rule from the U.S. Department of Agriculture would clarify fair practices in the American meat industry.

The Fair and Competitive Livestock and Poultry Markets rule would amend regulations under the 1921 Packers and Stockyards Act to define "unfair practices" as business conduct which harms the market and market participants.

Just four companies process about 85% of American beef--the result of a long process of corporate consolidation starting in the 1980s and was exposed during COVID-era market disruptions.

Nick Nemec, a longtime farmer and rancher, said the proposed rule could help.

"If we had -- you know, I don't know what the right number is -- a dozen, 20 packing plants slaughtering beef, then there'd be real competition in the marketplace," Nemec pointed out.

Vice President Kamala Harris, in a speech last week, said competition helps drive down prices. She also promised to support small businesses and implement a first-ever federal ban on price gouging, an approach her opponents called "price control."

Current laws against price gouging exist at the state level and some states do not have laws on it at all.

In South Dakota, Nemec runs a cow-calf operation and said while he does not deal directly with the big four beef corporations, he and his peers still feel the effects of the monopoly.

"We're the little bitty pipsqueaks at the bottom of the food chain," Nemec observed. "There's nothing we can do about it. I mean, we're at the whim of the market."

The comment period for the proposed rule ends Sept. 11.


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As Social Security marks its 89th anniversary, the program's future remains a crucial topic of discussion.

Jennifer Carlson, state director for AARP Ohio, led a community conversation to commemorate the event, focusing on the challenges facing Social Security and the importance of protecting it for millions of Americans. She said the program remains vital for older Americans.

"Ninety-four percent of Ohio's voters age 50 and older are more likely to vote for a candidate who will work to protect Social Security," Carlson reported. "From our viewpoint, if you pay into it and earn through a lifetime of hard work, you should count on it."

During the event, Carlson emphasized the financial challenges facing Social Security, particularly the risk of a 20% benefit cut if Congress does not act. Panelists discussed potential solutions, such as eliminating the payroll tax cap and improving the cost-of-living adjustment formula to ensure the program's long-term solvency.

Carlson argued it is important for the community to stay involved in securing Social Security's future and AARP is committed to helping older Americans navigate their options.

Max Richtmam, president and CEO of the National Committee to Preserve Social Security and Medicare, sought to dispel common myths surrounding Social Security. Richtman addressed one of the most common misconceptions, which suggests Social Security is broke.

"That is untrue, totally false," Richtman stressed. "When people hear that, they think, 'Well, I may as well not support the program because it's going to be broke.' But that's simply not the case."

Richtman explained while the surplus in Social Security's trust fund is being drawn down, it will never be completely depleted unless the country faces 100% unemployment. He also rebutted claims that undocumented workers are draining the system. He pointed out they also contribute to Social Security, but will never collect benefits if they lack a valid Social Security number.

Romina Boccia, director of federal budget and entitlement policy at the Cato Institute, addressed the economic implications of potential solutions and warned raising payroll taxes to avoid benefit cuts could impose a burden on younger workers.

"A U.S. worker earning about $60,000 a year would end up paying more than $10,000 in taxes for to keep the program funded as it is currently," Boccia outlined. "That would be a more than $3,000 tax increase for someone making a fairly modest income."

The event concluded with a clear message: Social Security remains a cornerstone of financial security for millions but its future depends on informed public discourse and responsible political action. A future event is planned in Sioux Falls, South Dakota.

August is National Black Business Month, and an emerging program in the Milwaukee area is seen as a game-changer in elevating minority-owned businesses trying to get off the ground. This year, several partners launched MKE BOSS - which stands for Build, Operate, Scale and Sustain. The digital platform links entrepreneurs of color with a range of resources, including lending and technical assistance.

Pam Bell, city executive with Self-Help Federal Credit Union, said for a lot of Black and brown business owners, it can be hard for them to navigate the financial services sector.

"Whatever that business is, whether it's food service and you're skilled in that trade, 'But how do I scale this?' - breaking down how much it costs to create a product and, 'How much do I need to put back into my business so that it's profitable?' and all of that," she explained.

The program's partners, including Self-Help, want to help these business owners shape their vision and establish more generational wealth in underserved areas. While this initiative is Milwaukee-centric, organizers hope to create a standard that serves as an inspiration for towns and cities elsewhere. Various rankings describe Wisconsin as one of the worst states for racial disparities.

Wendy Baumann, president of Wisconsin Women's Business Initiative Corporation, another partner, said beyond their assistance, government agencies can step it up by turning to minority-owned business for service contracts.

"County, state, local governments, and all the things that they purchase. Money talks, [and these agencies need to do] direct purchasing from these businesses," she said.

According to the Small Business Administration, 99% of U.S. companies are small businesses - defined as those with 500 employees or fewer. Baumann said that's an important statistic to remember when looking at ways to create a more level playing field within the nation's economy. The BOSS program is funded by a grant from J.P. Morgan Chase.