The bill amends various sections of the General Laws in Chapter 5-3.1, "Public Accountancy," to modernize definitions and requirements for public accounting in Rhode Island. Key insertions include new definitions such as "active individual participant," "baccalaureate degree," "CPA Exam," and "practice unit." The Rhode Island Board of Accountancy will consist of four members who hold active licenses to practice as certified public accountants, overseeing licensing and maintaining high standards of competence and integrity. The bill updates terminology, replacing "certificate" with "license," and emphasizes the board's authority to establish rules for professional conduct and continuing education.

Additionally, the bill revises the CPA licensing process, introducing specific educational pathways and experience requirements for applicants. It allows for reciprocal licensure for CPAs from other states, provided they meet certain criteria, and mandates that non-residents appoint the Secretary of State as their agent for service of process. The licensing cycle is changed from annual permits to a three-year term, streamlining renewals. The bill enhances regulatory measures, including penalties for violations and provisions for hearings on license denials, while aligning the state's public accountancy act with the 9th edition of the Uniform Accountancy Act. Overall, these amendments aim to improve the regulatory framework and ensure compliance with contemporary standards in the accounting profession.