Preheat oven to 350 degrees. Add cubed bread to a large bowl, drizzle with oil (do not soak bread) black pepper, parsley and onion powder. Place in single layer on parchment-lined cookie sheet and bake until golden. Remove from oven and set aside.
Meanwhile, in deep pot, saut?© shallot in butter until translucent. Add flour and cook about 5 minutes to get rid of flour taste. Add milk and combine. Add potatoes, carrot, broth and black pepper. Bring to boil and then lower to simmer. Cook for 15-20 minutes or until potatoes are tender to mash. Remove ladle full of potatoes and set aside. Mash potatoes in pot to desired consistency and then return un-mashed potatoes to pot. Add cheese and mix well. Test for salt and pepper.
To serve, ladle soup into bowl or crock, sprinkle with parsley and top with croutons.