S. 3494 · 118th Congress
Trusted Foreign Auditing Act of 2023
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Never voted on. It didn't reach a floor vote before the 118th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
RubioSponsor3 cosponsors · 3 R
2 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill expands a securities trading prohibition currently applicable to companies that use a foreign public accounting firm not subject to inspections by the Public Company Accounting Oversight Board.
What it does: CRS summary · Introduced in Senate · Dec 13, 2023
Trusted Foreign Auditing Act of 2023
This bill expands a securities trading prohibition currently applicable to companies that use a foreign public accounting firm not subject to inspections by the Public Company Accounting Oversight Board.
Under the bill, a company’s securities are prohibited from trade on a national securities exchange or through any other method regulated by the Securities and Exchange Commission if a company that is headquartered in a country of concern retains a compromised auditor to prepare an audit report. The bill defines a country of concern as North Korea, China, Russia, Iran, or a country identified as a threat to U.S. security in an annual report by the Office of the Director of National Intelligence. The bill defines a compromised auditor as an independent branch or office of a registered public accounting firm that is subject to the jurisdiction and laws of a country of concern, is controlled or influenced by a country of concern, or has entered into a particular type of relationship with a country of concern.
Further, board hearings to investigate and discipline registered public accounting firms must be public if a compromised auditor is a party to the hearing.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Trusted Foreign Auditing Act of 2023
Latest action (Dec 13, 2023): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Dec 13, 2023
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.