Rhode Island Code of Regulations › Title 400 - Board of Accountancy › Chapter 00 - N/A › Subchapter 00 - N/A › Part 1 - Rules and Regulations of the Rhode Island Board of Accountancy › Section 400-RICR-00-00-1.1 - Authority, Purpose, and Definitions

Current through June 14, 2024
1.1.1
Authority
This Part is promulgated by the Rhode Island Board of
					 Accountancy in accordance with R.I. Gen. Laws §
											5-3.1-4(f).
1.1.2
Purpose
The purpose of this Part is to effectuate the policies and
					 purposes articulated by the legislature in R.I. Gen. Laws §
											5-3.1-2.
1.1.3
Definitions
A. Terms used herein
				 shall have the meaning as prescribed in R.I. Gen. Laws Chapter 5-3.1, also
				 referred to herein as the "Accountancy Act" or "Act" and as defined below.
1. "AICPA" means American Institute of
				 CPAs.
2. "Audit" means the
				 procedures performed in accordance with applicable auditing standards for the
				 purpose of expressing or disclaiming an opinion on the fairness with which the
				 historical financial information is presented in conformity with generally
				 accepted accounting principles, another comprehensive basis of accounting, or
				 basis of accounting described in the report.
3. "Board" means the Rhode Island Board of
				 Accountancy, a public authority created by R.I. Gen. Laws §
												5-3.1-4.
4. "Candidate" means an
				 applicant for a certificate as a Certified Public Accountant who will sit for
				 the uniform examination.
5.
				 "Complaint" means information received by the Board from whatever source
				 indicating that a licensee may have violated the Act or any Regulation
				 concerning professional conduct of licensees promulgated by the Board pursuant
				 to the Act.
6. "CPA" means a
				 Certified Public Accountant.
7.
				 "CPE" means Continuing Professional Education.
8. "Financial statements" means statements
				 and footnotes related thereto that undertake to present an actual or
				 anticipated financial position as of a point in time, or results of operations,
				 cash flow, or changes in financial position for a period of time, in conformity
				 with generally accepted accounting principles or another comprehensive basis of
				 accounting. The term does not include incidental financial data included in
				 management advisory service reports to support recommendations to a client; nor
				 does it include tax returns and supporting schedules.
9. "Investigative designees" means one (1) or
				 more members of the Board or its agents or a probable cause committee
				 designated by the Board to investigate matters under the Board's disciplinary
				 authority on behalf of the Board.
10. "IQAB" means the International
				 Qualifications Appraisal Board which is a Committee of NASBA.
11. "License," "Permit," and "Certificate"
				 may be used interchangeably in this Part to refer to a person or business
				 entity holding Board approvals, including, depending on the context, a CPA
				 certificate, grandfathered "public accountant" certificate, practice unit
				 permit, etc.
12. "NASBA" means the
				 National Association of State Boards of Accountancy.
13. "Peer review" means a study, appraisal,
				 or review of one (1) or more aspects of the professional work of a certificate
				 holder or CPA firm that issues attest or compilation reports, by a person or
				 persons who hold certificates and who are not affiliated with the certificate
				 holder or CPA firm being reviewed.
14. "Peer review sponsoring organization"
				 means an entity that has met, and at all relevant times continues to meet, the
				 standards specified by the Board for administering peer review.
15. "Peer review year" means the triennial
				 licensing period within which the peer review for a particular practice unit
				 must be completed.
16. "Practice
				 unit" means each firm, office or business entity engaged in the practice of
				 public accounting within the State of Rhode Island.
17. "Probable cause committee" means a
				 committee of licensees in good standing appointed at the discretion of the
				 Board to investigate the conduct of licensees on behalf of the Board.