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

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.