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 for terms such as "active individual participant," "baccalaureate degree," "CPA Exam," and "practice unit permit." The composition of the Board of Accountancy is updated to consist of four members who hold active CPA licenses, with the board tasked with maintaining high standards in public accounting and overseeing licensing.

The bill replaces terminology throughout the chapter, changing "certificate" to "license" and "public accountant" to "CPA," while expanding the definition of "state" to include territories like Puerto Rico, Guam, and the Commonwealth of the Northern Mariana Islands.

Additionally, the bill revises the requirements for obtaining a CPA license, introducing new pathways for licensure and removing the previous minimum education requirement of 150 semester hours. It outlines the process for reciprocal licensure for CPAs from other states and mandates that applicants notify the board of any disciplinary actions in other states. The bill establishes a three-year licensing cycle with continuing education requirements, modifies criteria for license denial based on prior criminal history, and allows for the issuance of licenses to individuals with foreign accounting qualifications. Overall, these amendments aim to streamline the licensure process, enhance qualifications for CPAs, and ensure compliance with updated regulatory standards.