Section 400-RICR-00-00-1.7 - Professional Conduct1.7.1Code of Professional ConductA. The AICPA Code of Professional Conduct has been adopted by the Board of Accountancy as the Rhode Island Code of Professional Conduct (the "Code").B. The Code shall govern the conduct of all persons licensed under the Accountancy Act.C. The failure of any person to comply with the Code shall be grounds for discipline in accordance with R.I. Gen. Laws § 5-3.1-12(b)(4).D. In the event there is any inconsistency between the Code and the Accountancy Act, the Accountancy Act shall supersede such provisions of the Code.1.7.2Professional ObligationsA. Records. Licensees shall retain records relating to all professional services rendered in public accounting for five (5) years after conclusion of the engagement.B. Self-Reporting 1. All licensees shall report to the Board any judgment, award or settlement of a civil action or arbitration proceeding of one hundred fifty thousand dollars ($150,000.00) or more in which the licensee was a party if the matter included allegations of negligence, violation of a specific standards of practice, fraud or misappropriations of funds in the course of the licensee's practice of accounting. In addition, licensees shall report any such actions for twenty-five thousand dollars ($25,000.00) or more if the underlying conduct is alleged to have occurred in Rhode Island.2. Any licensee convicted of, or otherwise pleads guilty or nolo contendere to, any felony or misdemeanor, or is disciplined by any governmental agency or relevant industry oversight body in connection with a CPA or any other occupational license, shall file with the Board a written report of such conviction or disciplinary action within sixty (60) days of the final judgment or final order in the case.C. Malpractice Insurance. All practice units required to be licensed pursuant to R.I. Gen. Laws § 5-3.1-9 shall maintain malpractice insurance in the amount of at least two hundred fifty thousand dollars ($250,000.00) as a condition of licensing. This insurance requirement became effective July 1, 2006.400 R.I. Code R. 400-RICR-00-00-1.7
Amended effective 8/4/2020
Amended effective 4/4/2022
Amended effective 2/19/2023