FOCUS 


Respondents were asked to “Please refer to the AICPA’s Principles of Professional Conduct via AICPA Code of Conduct   


STRONGLY DISAGREE


Responsibilities


The Public Interest Integrity


Objectivity and Independence Due Care


DEMOGRAPHICS: GENDER PREFER NOT MALE FEMALE TO ANSWER 122 78 4 DEMOGRAPHICS: AGE


25-34 35-44 45-54 55-64 65+ 19


27 53 57 44


PREFER NOT TO ANSWER


4


NUMBER OF EMPLOYEES IN FIRM/ORG. 1-5


6-10


11-15 16-20


More than 20


41.18% (N=84) 9.31% (N=19) 5.39% (N=11) 3.92% (N=8) 33.82% (N=69)


Prefer Not to Answer 6.37% (N=13)


the production, sale and subsequent accounting for products related to marijuana. Tetrhydrocannabinol, better known as THC, is psychoactive and has mind-altering affects. In addition, THC has been used as a source of healing properties since the 1800s.9


Cannabinoids, better


known as CBD, are not psychoactive and can be processed into snacks, lotions, oils and a variety of other consumer products.10 With the passage of the 2018 Farm Bill, a strain of CBD, identified as hemp, is now


10 CPAFOCUS


8.91% 7.96% 8.46% 3.96% 6.53%


  


DISAGREE


9.90% 8.46% 8.96% 3.47% 6.53%


NEITHER AGREE NOR DISAGREE


24.26% 28.86% 28.86% 29.70% 28.64%


CURRENT INDUSTRY Public Accounting – All Areas Public Accounting – Tax Only Public Accounting – No Tax Manufacturing Merchandising Oil and Gas Education


Prefer Not to Answer Other


AGREE


39.60% 34.83% 34.83% 41.58% 38.19%


STRONGLY AGREE


17.33% 19.90% 18.91% 21.29% 20.10%


27.45% (N=56) 23.04% (N=47) 3.43% (N=7) 2.94% (N=6) 0.49% (N=1) 7.35% (N=15) 3.92% (N=8) 3.92% (N=8) 27.45% (N=56)


TYPES OF AUDITS CONDUCTED Compliance Audits


Financial Audits Forensic Audits Tax Audits


7.88% (N=16) 14.78% (N=30) 3.45% (N=7) 8.37% (N=17)


Do Not Perform Audits 70.44% (N=143) Prefer Not to Answer 3.94% (N=8) Other


2.46% (N=5)


excluded from the Controlled Substances Act of 1970,11


sell, purchase and use. At the federal level, the Controlled


Substances Act (CSA) that was established in 1970 identified cannabis as a controlled substance Schedule 1 drug.12


However, the


Cole Memorandum, which was released in August 2013, indicated the Department of Justice would no longer target distribution of medical marijuana, but would continue to enforce the ban on recreational


July/August 2020 marijuana production and sales.13 thus making hemp legal to Te Cole


Memo was rescinded in January 2018, and the Sensible Enforcement of Cannabis Act was introduced in January 2019. In general, it provided a way to enforce the Controlled Substances Act while excluding prosecution related to conduct where marijuana is for medicinal or recreational use and is authorized by the laws of the state involved.14


(CANNABIS, page 29)


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