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 permit." The term "certificate" is replaced with "license" throughout the legislation, reflecting current practices. The bill introduces "individual mobility practice privileges," allowing certified public accountants (CPAs) to practice across state lines more easily.

It modifies the Rhode Island Board of Accountancy's composition, increasing its members from three to four, all of whom must hold active CPA licenses, and clarifies the board's authority to establish rules, investigate complaints, and take legal action. The bill updates the requirements for obtaining a CPA license, including specific educational pathways and the removal of previous requirements regarding good moral character and residency.

It outlines the process for reciprocal licensure for CPAs from other states and establishes that non-residents must appoint the secretary of state as their agent for service of process. The bill changes the licensing cycle from annual permits to a three-year term and introduces provisions for foreign accountants to obtain a CPA license if their qualifications are substantially equivalent. Overall, these amendments aim to streamline the licensing process, enhance regulatory oversight, and ensure that public accounting practices in Rhode Island meet contemporary standards.