SURVEY QUESTION


Are you working with clients who operate businesses in the medical marijuana industry?


Do you plan to work with clients who operate businesses in the medical marijuana industry?


Have you consulted with legal counsel? Have you consulted your malpractice/liability insurance carrier?


Did you seek advice from CPAs in other states where marijuana is illegal for medicinal purposes?


Have you added a disclaimer to your engagement letter to ensure clients understand marijuana is illegal under federal law, of the services you can/cannot provide, increased need for detailed accounting records and that the client/accountant privilege is not applicable?


YES


17.97% N=46


18.10% N=38


24% N=24


27.69% N=18


39.39% N=26


52.38% N=33


NO


82.03% N=210


81.90% N=172


42% N=42


72.31% N=47


60.61% N=40


47.62% N=30


SURVEY QUESTION


What steps did you take, or will you take to perform the required due diligence in order to serve clients in this industry? Please select all that apply.


89.23% N = 58


Review of the State Regulations


78.46% N = 51


Review of the Federal Regulations


83.08% N = 54


Professional Education Course


18.46% N = 12


Other


SURVEY QUESTION


What reason(s) are keeping you from working with clients in the medical marijuana industry? Please select all that apply.


50.28% N = 89


21.47% N = 38


It is illegal at the federal level.


It will jeopardize my license.


20.34% N = 36


It will negatively impact my reputation.


36.16% N = 64


I do not want to do the due diligence required to assist these clients.


48.59% N = 86


Other


July/August 2020


CPAFOCUS


9


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