Rhode Island CPA Exam Cost: The 4 Critical Fees

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The Rhode Island CPA exam cost consists of four main fees: an education evaluation application fee of $90, the $344.80 per CPA exam section totaling $1,379.20 for all four sections, the initial license fee of $375, and the triennial license renewal fee of $375.

This article will help you to become a CPA in Rhode Island and is a requirement for you to take the Rhode Island CPA exam.

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Table of Contents

Rhode Island CPA Exam Cost Breakdown

Education Evaluation Application Fee	$90.00
Auditing and Attestation (AUD)	$344.80
Financial Accounting and Reporting (FAR)	$344.80
Regulation (REG)	$344.80
Disciplines (ISC, TCP, or BAR)	$344.80
Total for all 4 CPA Exam Sections	$1,379.20
Initial and Reciprocity License Fee	$375.00.
Triennial License Renewal Fee	$375.00.

Please be reminded that examination costs are non-refundable.

Summary of Rhode Island CPA Requirements

Residency, Regularly employed or have a place of business in Rhode Island required?	Yes
Credit Hours to sit for the CPA Exam	150
Credit Hours in Accounting to sit for the CPA Exam	24
Credit Hours in Business to sit for the CPA Exam	24
Bachelor’s Required to sit for the CPA Exam?	Yes
Credit Hours to receive a CPA License	150
Ethics Exam	Yes
Work Experience	1 Year
Required CPE Hours Every Three Years	120

Eligibility for Rhode Island CPA Exam Requirements

Education, the CPA exam, ethics, and experience are all required for CPAs in Rhode Island, as they are in most states. The state also demands that:

You must have a Social Security number in order to apply for the CPA exam.

You must be a resident of the state. To satisfy that;
You are either a regular employee or own a business in Rhode Island. However;
There are no requirements for either U.S. citizenship or age.

Educational Requirements

The very first Rhode Island CPA exam requirement is the Rhode Island CPA educational requirements. For your license, you will need a minimum of 150 semester hours of study, however, you can sit for the CPA exam after completing 120 hours and obtaining a bachelor’s degree. You should meet one or more of the following conditions as part of the 150 semester hours of education:

Option 1

A graduate degree with a focus in accounting program certified in accounting accredited by a Board-recognized certifying institution.

Option 2

A graduate degree from a business program accredited by a Board-recognized accrediting agency with at least 24 semester hours in accounting at the undergraduate level or a graduate level which includes 15 semester hours, or an equivalent combination thereof.Accounting courses must cover at least one of the following topics:
- 6 semester hours in fundamental accounting and intermediate financial accounting and reporting,
- 3 semester hours in advanced financial accounting and reporting, tax accounting and auditing.

Option 3

A baccalaureate degree or higher degree from an institution accredited by a Board-recognized accrediting agency with at least 24 semester hours in accounting at the undergraduate level or a graduate level which includes 24 semester hours in business courses.Accounting courses must cover at least one of the following topics:
- 6 semester hours in fundamental accounting and intermediate financial accounting and reporting,
- 3 semester hours in advanced financial accounting and reporting, tax accounting and auditing.
Business courses must cover at least 3 semester hours in:
- Business law
- Economics

CPA Examination Services requires all educational transcripts and/or international evaluations. You may send official school transcripts and/or foreign evaluations individually or as part of your initial application.

Submitting Transcripts

If, at the time of application, you have completed the following educational requirements:

Each school you attended must provide you with an authentic transcript. Transfer credits are not accepted; instead, a transcript from each institution must be submitted.
The official transcripts issued by the Registrar’s Office must include the official seal.
Your official transcript must include your degree.

Official transcripts can be forwarded either electronically directly to the institution or through etranscript@nasba.org if an email address is needed.
You can also submit your sealed official transcripts to CPA Examination Services.
Photocopies of transcripts will not be accepted since they are not official.

If you completed your study at a university or college outside of the United States, an official transcript will be issued by a registrar from a university or college in the United States.

Credentials Evaluation

If you finished your educational requirements at a university or college outside of the United States, you must:

get your qualifications reviewed by:
- NASBA International Evaluation Services
- Foreign Academic Credentials Service, Inc.
request a form of service from the evaluation service agency,

provide a translated copy of each international transcript utilized in the review.
request the agency to review an equivalence summary indicating the similar academic degrees you possess in the United States.

At the time of application, CPAES must receive completed original evaluations directly from the evaluation service. Photocopies are not acceptable.

For each individual evaluation from the evaluation service, a copy of the foreign transcript must be provided with the report delivered to NASBA. Without these documents, the application will be considered incomplete, and progress will be halted until transcripts are delivered.

Pass the Uniform CPA Examination

The “Uniform CPA Examination”, which is a 4-part exam, is developed by the AICPA – the American Institute of Certified Public Accountants and administered by NASBA – the National Association of State Boards of Accountancy.

The Three Core Exam Sections

Auditing and Attestation (AUD)

The Auditing and Attestation (AUD) section of the Uniform CPA Examination (the Exam) tests the essential knowledge and skills a newly licensed CPA must demonstrate when performing audit engagements, attestation engagements or accounting and review service engagements.

Newly licensed CPAs are required to:

Demonstrate knowledge and skills related to professional responsibilities, including ethics, independence, and professional skepticism. Professional skepticism reflects an iterative process that includes a questioning mind and a critical assessment of audit evidence.

Understand the entity including its operations, information systems (including the use of third-party systems), and its underlying business processes, risks, and related internal controls.
Understand the flow of transactions and underlying data through a business process and its related information systems.

Financial Accounting and Reporting (FAR)

The Financial Accounting and Reporting (FAR) section of the Uniform CPA Examination (the Exam) assesses the knowledge and skills that a newly licensed CPA must demonstrate in the financial accounting and reporting frameworks used by business entities (public and nonpublic), not-for-profit entities and state and local government entities.

The financial accounting and reporting frameworks that are eligible for assessment within the FAR section of the Exam include the standards and regulations issued by the:

Financial Accounting Standards Board (FASB)

U.S. Securities and Exchange Commission (U.S. SEC)
American Institute of Certified Public Accountants (AICPA)
Governmental Accounting Standards Board (GASB)

Regulation (REG)

The Regulation (REG) section of the Uniform CPA Examination (the Exam) tests the knowledge and skills that a newly licensed CPA must demonstrate with respect to:

U.S. federal taxation

U.S. ethics and professional responsibilities related to tax practice
U.S. business law

The Three Disciplines

The three new disciplines in the 2024 CPA Exam, part of the CPA Evolution initiative, are designed to allow candidates to specialize in areas that align with their career interests and the demands of the modern business environment. Here’s a more detailed look at each discipline:

Business Analysis and Reporting (BAR)

Objective: This discipline focuses on higher-order skills needed in financial statement analysis, business reporting, and the strategic role of the CPA in business decision-making.

Key Topics:

Financial Statement Analysis: Understanding and interpreting financial statements to assess an entity’s financial health and performance.
Performance Management: Developing and using key performance indicators (KPIs) to measure, manage, and improve business performance.
Data Analytics and Visualization: Utilizing data analytics tools to analyze business data, and effectively presenting data to support business decisions.

Strategic Planning and Risk Management: Involvement in the strategic planning process and identifying, assessing, and managing business risks.
Business Processes and Controls: Understanding and evaluating business processes and internal controls to improve efficiency and effectiveness.

Information Systems and Controls (ISC)

Objective: This discipline is tailored for those interested in information technology, data security, and controls. It addresses the increasing role of technology in accounting and auditing.

Key Topics:

IT Governance and Risk: Understanding the frameworks for managing and governing enterprise IT; identifying and managing IT-related risks.

Information Security and Cybersecurity: Knowledge of cybersecurity principles, data protection laws, and the steps necessary to protect information assets.
System and Organization Controls (SOC) Reporting: Understanding the requirements for SOC reports and the role of CPAs in assessing controls at a service organization.
Data Management and Privacy: Managing data effectively and understanding privacy regulations.

Business Continuity and Disaster Recovery: Planning and strategies to ensure business operations can continue and recover from disruptive events.

Tax Compliance and Planning (TCP)

Objective: This discipline focuses on tax compliance, tax planning, and tax strategy, suitable for those who aim to specialize in taxation.

Key Topics:

Individual Tax Planning and Compliance: Understanding tax laws affecting individual taxpayers, including income, deductions, credits, and tax planning strategies.
Business Tax Planning and Compliance: Knowledge of tax considerations for different business entities, including corporations, partnerships, and S-corporations.

Estate, Gift, and Trust Taxation: Understanding the tax implications and planning strategies for estates, gifts, and trusts.
International Taxation: Knowledge of taxation issues related to cross-border transactions and multinational enterprises.
State and Local Taxation (SALT): Understanding the complexities of state and local tax laws and their impact on business and individual tax planning.

Tips for Passing the CPA Exam

The CPA exam covers so many topics that you will need to study specifically for each section, usually for 6-8 weeks per section. Even a master’s degree in accounting doesn’t adequately prepare you to just walk in and pass the 4 CPA exams.

You will need a full review course such as Becker, Wiley CPA, Gleim, Roger, etc, and you will need to dedicate several hours a day over the course of months to even have a chance at getting passing scores.

Rhode Island CPA Ethics Exam Requirements

To meet the Rhode Island CPA ethics exam requirements, candidates should complete a course from the American Institute of Certified Public Accountants (AICPA) titled Professional Ethics: The AICPA’s Comprehensive Course (For Licensure). This is a self-study course and an exam will be administered after finishing the course. A candidate must pass with a score of 90% or higher.

You can take the exam online or by mail using a paper form. If you take the online version, you’ll have three chances to pass the exam.

Rhode Island CPA Experience Requirements

To meet the Rhode Island CPA experience requirements, a one-year with a minimum of 1,820 hours of experience is required. The candidates must demonstrate to the board that they have obtained experience, verified and supervised by a licensee, consisting of providing any type of service or advice involving accounting, attestation, management advisory, financial advisory, tax, and consulting skills.