Self-Aggrandizement – Cannabis Industry Professionals

Self-Aggrandizement – Cannabis Industry Professionals
Self-Aggrandizement - Cannabis Industry Professionals
Self-Aggrandizement – Cannabis Industry Professionals

Self-Aggrandizement – Cannabis Industry Professionals, Experts & Vetting Process – if there is one topic that we have become completely fed up and disgusted with, it would have to be self- aggrandizement on the part of otherwise licensed [in some form, not necessarily the manner in which they claim to be licensed] individuals either creating or implying that they possess experience or expertise that, in reality, they don’t have.

There are many instances where things don’t start out that way, but the just happen to wind up that way. Some start out with good intentions…such as Justia Law Directory deciding to recognize Cannabis and Marijuana Law, and poof! the next time we look, there are > 500 experts.

Then we blink our eyes and a Certificate in Taxation turns into an MS in Taxation…just ask Cletus Smelly, EA about how to make that happen.

Now that you understand the general idea, there are a couple of examples that we find to be MUCH more egregious, particularly when then involve websites that rant, rave, and even trumpet their diligence in vetting professionals. There are two specific situations that raise my hackles tremendously [we will focus on the California Accountancy Act just to keep thing simple, though most states have similar rules].

  • Inactive Status for a CPA – The difference between active and inactive status is CPE. CPAs renewing on inactive status are required to submit their renewal application and pay the renewal fee but are not required to have CPE. CPAs renewing on inactive status may not practice public accountancy. CPAs who renew on inactive status may convert to active status any time during the subsequent two-year period by completing at least 80 hours of CPE and submitting the appropriate reactivation form. The CPE hours must be completed within two years of the requested reactivation date.
All CPAs on inactive status must place the term “inactive” immediately after the title certified public accountant or the CPA designation. This is required whenever the title or designation is used in correspondence, Internet sites, business cards, nameplates, plaques, etc.
  • CPA’s living or working in California who are licensed in another state, that just decide that they are not required to obtain a California license…which the California Board of Accountancy has specifically stated is a violation of the Act. We have written about this one before.
  • [See Apoplexy Non-California CPAs] – we have ZERO tolerance for a professional that can’t or won’t take the time to obtain the license that they should have to practice with. 

Finally, perhaps the most offensive conduct is where the sponsor of a website or a forum deliberately looks the other way and permits incompetence or outright fraud to flourish right under their noses as part of their active policy to protect vendors that pay to be included in a forum. We have written about that ugly situation in Wilting Flowers At Growers Network Perturbed By Clarity, Directness & Informed Opinion.

Some of us are NOT going to look the other way and accept fraud.

Self-Aggrandizement – Cannabis Industry Professionals
Experts and Vetting Process

Author: abizcannabis

Managing Director & CEO of integrated transactional financial advisory, tax, and technology consulting firm - aBIZinaBOX Inc New York, Chicago, and OaklandCPA.CITP.CISM.CGEIT.CGMAExpertise with: Alt. Investments/Private Equity, Real Estate, Professional Services, CA Cannabis, Tech Start-Ups and Distressed Assets/DebtTechnology Certifications including:Advanced & High Complexity Cloud Integrator AICPA PCPS, CAQ,, IMTA, CITP ISACA CGEIT, CISMState CPA Societies in California, Florida, Illinois, New York and TexasExpertise with Regulatory Compliance - US - HIPAA, FINRA, SEC Rule 17(a)(3)/(4), eDiscovery, FINCEN - EU- EBA, ESMA, EIOPA UK - BoE, PRA, FCA