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Harris has Trump on defense in sharp-elbowed presidential debate

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2 years ago

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Democrat Kamala Harris and Republican Donald Trump sparred through their first debate, with the former president often on the defensive over abortion rights, the January 6 insurrection and on foreign policy.

The debate saw Harris draw from her past as a prosecutor, peppering in lines that appeared designed to needle Trump, including by taunting him over the size of his rally crowds. Trump, meanwhile, moved to tie Harris to more liberal policy positions from her past, hammering her for saying she no longer backs a fracking ban and flatly calling her a Marxist.

Broadly, the debate unfolded in stark contrast to the previous one in June, when President Joe Biden’s stumbles spurred calls that ultimately drove him to bow out of the race and endorse Harris as Democrats’ new nominee. 

Donald Trump and Kamala Harris at the second presidential debate in Philadelphia.
Donald Trump and Kamala Harris at the second presidential debate in Philadelphia.

Doug Mills/The New York Times/Bloomberg

Trump allies criticized the moderators, while betting markets shifted in Harris’ favor, a signal that many expect her candidacy to earn a boost from Tuesday’s proceedings. Harris’ campaign called for a second debate shortly after the forum concluded.

“It’s time to turn the page,” Harris said at the debate in Philadelphia hosted by ABC News, at one point appealing to disaffected Republicans to back her candidacy.

The initial exchanges in the debate focused on the economy and immigration, with Trump attacking Harris over a porous border and warning that migrants will overrun towns across the U.S.

Harris, in turn, said her agenda was about “lifting up the middle class and working people of America,” addressing one of her biggest electoral vulnerabilities: the high prices and costs that have hammered U.S. households and left voters skeptical of Biden’s economic agenda. 

The vice president noted her plans for expanding the child tax credit, offering mortgage assistance to new homebuyers, and a deduction for small businesses — while attacking Trump over proposed tariffs. She defended the administration’s efforts on the economy saying she and Biden had to “clean up Donald Trump’s mess.”

“I had tariffs yet I had no inflation,” Trump countered. “Look, we’ve had a terrible economy because inflation — which is really known as a country buster, it breaks up countries — we have inflation like very few people have ever seen before.”

Trump in his opening remarks criticized Harris over the border, pointing to Springfield, Ohio, a town where an influx of Haitian immigrants has spurred widespread coverage, particularly in conservative outlets. 

Migrants “are taking over the towns. They’re taking over buildings. They’re going in violently,” he said, seeking to focus the conversation on immigration policy, another issue where polls show voters disapprove of the Biden administration’s response.

Later in the debate, Trump returned to the town — floating an unsubstantiated conspiracy theory that migrants were eating pets, and earning a laugh from Harris.

“The people on television say ‘my dog was taken and used for food,'” Trump said. “The people on television are saying my dog was eaten by the people that went there.” 

“Talk about extreme,” Harris responded.

Across global financial markets, the response an hour into the debate was relatively muted. Riskier assets slipped, with stocks in Hong Kong down in early trading. The dollar edged lower, while havens such as the yen and Swiss franc advanced.

Bitcoin fell as much as 1.5% before paring some of the drop to trade at $56,983 as of 10:10 p.m. on Tuesday in New York. US equity futures and a dollar gauge edged down, while Treasuries were steady.

Harris’ odds of winning the election increased on the betting website PredictIt to 56%, from 53% before the debate.

The former president also found himself on the defensive over Project 2025, a conservative blueprint for his second term written by some of his closest allies — but which he has disavowed in the face of Democratic attacks.

“I haven’t read it. I don’t want to read it,” Trump said after Harris jabbed him over the initiative. “This was a group of people that got together, they came up with some ideas, I guess. Some good, some bad. But it makes no difference.”

Abortion rights

Trump and Harris clashed at length over abortion — an issue which Democrats believe will mobilize suburban women and independents in the wake of the Supreme Court’s decision to overturn Roe v. Wade — a ruling that spurred restrictions on the procedure in states across the country.

Harris labeled abortion restrictions adopted by states in the aftermath of the ruling “Trump abortion bans” and said the former president was responsible for situations where women were denied abortion care or access to in vitro fertilization. She repeatedly pressed Trump on whether he would veto a bill imposing a national restriction on abortion.

“Trump abortion bans make no exception, even for rape and incest,” Harris said, prompting Trump to call her a liar. 

Trump said that while he is not in favor of abortion, the issue is now up to the states. Asked by the moderators if he would veto a national abortion ban, Trump deflected, stating, “I wouldn’t have to.”

“They wanted to get it out of Congress and out of the federal government, and we did something that everybody said couldn’t be done,” Trump said, praising the high court’s ruling.

Trump, for his part, claimed Harris would allow late-term or even post-birth abortion, earning a rebuke from the moderator, who noted no state allowed the killing of a baby post-birth.

“Nowhere in America is a woman carrying a pregnancy to term and in asking for an abortion, that is not happening,” Harris said. “It’s insulting to the women of America and understand what has been happening under Donald Trump’s abortion ban.”

Trump nominated three of the justices who voted to overturn Roe and has used that ruling to cement his grip on evangelical voters and the Republican party. But he’s also tried to neutralize abortion as an election issue in a bid to expand his electoral appeal.

The two both backtracked from previous positions on healthcare, with Trump stopping short of an explicit pledge to kill Obamacare, which he’s often promised to do. He said his team is looking at alternatives that are cheaper and offer better coverage.

“Until then, I’d run it as good as it can be run,” he said. Pressed on if he has a plan, Trump said “I have concepts of a plan.”

Harris was pressed on her past calls to support plans to extend government-funded healthcare to all Americans, or a version of it. “What we need to do is maintain and grow the Affordable Care Act,” she said, using the formal name for Obamacare, and adding that she supports private insurance.

Exchanging jabs

Trump spoke at length about the violent Jan. 6, 2021 attack on the US Capitol by supporters seeking to block the certification of Biden’s 2020 election victory. Trump cast the shooting death of protester Ashli Babbitt as “a disgrace” and blamed former House Speaker Nancy Pelosi for not doing more to secure the situation, but sidestepped repeated questions about whether he regretted anything about his actions on that day.

Trump also attacked Harris for backtracking on some of her past policies. The vice president has distanced herself from some policies she supported in the 2020 presidential cycle when she sought her party’s nomination.

“Everything she believed three years ago or four years ago is out the window,” Trump said. “She’s a Marxist. Everybody knows she’s a Marxist.” 

As Trump delivered his jab, Harris brought a hand to her chin and stared at the former president quizzically.

Harris baited Trump by suggesting his iconic political rallies no longer have the same pull — even among his supporters.

“I’m going to invite you to attend one of Donald Trump’s rallies,” she said, noting that he regularly talks about fictional characters like Hannibal Lecter. “You will also notice is people start leaving his rallies early, out of exhaustion and boredom. And I will tell you, the one thing you will not hear him talk about is you.”not supported.

Trump, who was asked about the border, instead veered back to the rallies in his response. “People don’t go to her rallies; there’s no reason to go,” he said.

Trump peppered in his own attacks to get under Harris’s skin — claiming Biden “hates” Harris, whom he endorsed; saying Biden “doesn’t know he’s alive”; and borrowing one of Harris’ own notorious lines.

“I’m talking now, if you don’t mind please. Does that sound familiar?” he said. Trump’s remark referred to a viral moment in Harris’ 2020 vice presidential debate with Republican Mike Pence, where she told him “I’m speaking.”

Harris was also asked about Trump’s repeated comments calling into question her racial identity as Black and Asian-American and sought to shift the focus away from herself. 

The vice president described Trump as someone who has “consistently, over the course of his career, attempted to use race to divide the American people,” including by calling into question former President Barack Obama’s birth and citizenship.

“I don’t care what she is,” Trump said during the debate, adding, without evidence, that he had “read” an instance of the biracial vice president claiming she wasn’t Black. “Either one was okay with me,” he added.

Pivotal debate

During one exchange, Trump said Harris “hates Israel” and added that she also “hates the Arab population” because of her suggestion that Israel needed to take greater care in the war in Gaza.

“That is absolutely not true,” Harris responded. “He is trying again to divide and distract from the reality.” 

Harris said Trump supported dictators and that he was easily swayed by their “flattery and favors.”

Harris sidestepped a question of whether she bore any responsibility for the chaotic withdrawal from Afghanistan, which happened during the Biden-Harris administration under a timeline set in motion by the Trump administration.

“Four presidents said they would, and Joe Biden did,” Harris said of pulling U.S. troops from the country.

The debate, potentially the only face-to-face showdown between Harris and Trump this cycle, comes with early voting poised to begin in some states within days and as polls show the two candidates locked in a tight contest.

Hanging over Tuesday’s event was the shadow of one of the most consequential debates of modern U.S. history, a June forum where Biden delivered a calamitous performance against Trump, leading to his replacement by Harris atop the Democratic ticket.

During one exchange, Trump assailed Democrats for pushing Biden out of the race. “They threw him out of the campaign like a dog,” Trump said. 

“You’re not running against Joe Biden, you’re running against me,” Harris responded, looking Trump in the eyes.

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AI-Driven Automation and Continuous Accounting Frameworks

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4 days ago

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August 15, 2026

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The accounting profession is undergoing a fundamental structural transition as enterprise finance departments shift from periodic month-end closes toward automated continuous accounting models. By integrating specialized machine learning algorithms directly into enterprise resource planning (ERP) platforms, chief accounting officers are transforming financial reporting from a retrospective exercise into a real-time operational asset.

The Shift from Periodic Close to Continuous Financial Reporting
Traditional accounting workflows heavily relied on manual data reconciliation, spreadsheet calculations, and multi-week closing cycles at the end of each fiscal period. In contrast, continuous accounting frameworks utilize automated software agents to process, validate, and post transactional data in real time as business activities occur.

Automated bank reconciliation tools cross-reference incoming bank feeds, invoice records, and purchase orders automatically. By resolving transactional variances instantly throughout the month, corporate accounting teams eliminate the traditional workload spikes associated with quarterly and annual closes.

Machine Learning in Audit Trails and Anomaly Detection
Advanced natural language processing (NLP) and machine learning tools are redefining internal audit and financial control environments. Automated systems analyze 100% of general ledger entries, identifying anomalous transactions, duplicate payments, and unauthorized journal entries in real time.

Rather than relying on random statistical sampling, corporate internal auditors can focus their attention on high-risk flags automatically surfaced by algorithmic monitoring platforms. This continuous risk assessment strengthens internal controls over financial reporting (ICFR) and significantly reduces fraud risk.

Evolving Roles for Accounting Professionals
As routine data entry and manual reconciliation tasks become fully automated, the skill set required for accounting professionals is shifting toward data analysis, system design, and strategic business advisory.
– Systems Governance: Accountants are increasingly responsible for monitoring algorithmic accuracy and managing data integration pipelines.
– Business Partnership: Finance professionals leverage real-time financial dashboards to advise operational leaders on margin management and working capital allocation.
– Regulatory Compliance Management: Accounting teams utilize automated platforms to ensure compliance with dynamic tax codes and international accounting standards.

Core Implementation Recommendations
1. Deploy Automated Reconciliation Tools: Integrate continuous transaction processing modules into existing enterprise ERP architectures.
2. Establish Algorithmic Governance Controls: Implement strict internal testing protocols to ensure automated accounting rules comply with GAAP/IFRS standards.
3. Reskill Accounting Teams: Invest in training finance staff on data analytics, workflow automation, and predictive financial modeling.

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Accounting

Global ESG Reporting Standards and Double Materiality Compliance

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1 week ago

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August 9, 2026

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Corporate accounting departments face expanding reporting expectations as international sustainability disclosure standards achieve regulatory enforcement across major global jurisdictions. Chief Accounting Officers (CAOs) and corporate controllers are establishing rigorous internal accounting controls to treat Environmental, Social, and Governance (ESG) metrics with the same data precision, auditability, and governance as traditional financial statements.

Regulatory Harmonization Under Global Sustainability Frameworks
The implementation of standardized sustainability reporting frameworks—notably rules established by international sustainability accounting boards—has created unified expectations for public and large private enterprises. Corporations must report standardized metrics covering greenhouse gas emissions (Scope 1, 2, and material Scope 3), energy utilization, workforce demographics, and supply chain governance.

In Europe and other participating international jurisdictions, double materiality principles are mandatory. Under double materiality, organizations must report both how external sustainability risks impact corporate financial performance, and how internal corporate operations affect surrounding environmental and social structures.

Integrating Sustainability Metrics into Core ERP Systems
To provide auditable non-financial data, enterprise organizations are integrating specialized carbon accounting and ESG management platforms directly into core ERP systems. Automated data collectors capture energy utility invoices, logistics fuel consumption metrics, and vendor compliance records in real time.

Establishing automated, traceable data pipelines ensures that non-financial reporting is supported by clear audit trails. This structured approach allows external financial auditors to provide reasonable assurance on sustainability disclosures during annual corporate reporting cycles.

Financial Impacts and Capital Market Disclosure
Accurate ESG reporting directly influences corporate cost of capital and institutional credit ratings. Commercial lenders and institutional asset managers systematically incorporate sustainability metrics into risk pricing models. Companies that demonstrate transparent, verifiable progress in operational energy efficiency and climate risk mitigation benefit from expanded access to green bond markets and lower debt pricing.

Action Steps for Accounting Leadership
1. Implement Double Materiality Frameworks: Conduct comprehensive assessments to identify material financial and operational sustainability metrics.
2. Build Auditable Non-Financial Data Pipelines: Automate ESG data collection within core accounting software to ensure data integrity.
3. Align Sustainability with Annual Financial Filings: Prepare non-financial disclosures concurrently with financial statements to satisfy regulatory audit expectations.

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Accounting

Modernizing Internal Controls: Machine Learning and Continuous Monitoring in Auditing

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2 weeks ago

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August 5, 2026

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Internal audit departments and corporate risk managers are modernizing internal control frameworks by shifting from periodic sampling techniques to continuous monitoring and machine learning analytics. As operational data volumes increase across enterprise organizations, automated control testing ensures financial integrity, prevents corporate fraud, and streamlines annual audit engagements.

The Limitation of Periodic Audit Sampling
Historically, internal and external auditors evaluated internal controls by reviewing random samples of financial transactions—often analyzing less than five percent of total ledger entries. In complex enterprise environments, periodic sampling methods carry inherent risks of overlooking localized financial misstatements, unauthorized disbursements, or operational control breakdowns.

In 2026, progressive internal audit functions are utilizing automated continuous monitoring platforms that evaluate one hundred percent of financial transactions in real time. Continuous control auditing systems continuously monitor general ledger entries, procurement approvals, and expense reimbursements across all operating subsidiaries.

AI-Powered Fraud Detection and Anomaly Identification
Machine learning models trained on historical corporate financial data excel at identifying subtle transactional anomalies that indicate potential fraud or operational error. Automated systems instantly flag duplicate invoice payments, unapproved vendor creation, unusual journal entry timing, and unauthorized override of authority thresholds.

When an anomaly is detected, the automated auditing platform generates an instant risk alert, allowing internal audit teams to investigate root causes immediately. Early detection prevents minor operational errors from escalating into material weaknesses in financial reporting.

Streamlining External Audit Preparation
Continuous internal control monitoring delivers significant benefits during annual external financial audits. External audit firms can review continuous audit logs and automated control testing documentation, reducing the time required for manual field testing.

This integrated approach lowers overall audit compliance fees, reduces administrative burdens on corporate accounting staff, and provides senior management and audit committees with real-time visibility into the organization’s overall risk profile.

Core Implementation Guidelines
1. Transition to 100% Data Testing: Replace legacy sampling methods with automated continuous audit monitoring systems.
2. Deploy Anomaly Detection Algorithms: Implement machine learning models to identify unauthorized transactions and operational control overrides.
3. Align Internal and External Audit Workflows: Coordinate continuous control testing protocols with external auditors to optimize annual compliance cycles.

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