Trusted Foreign Auditing Act of 2023
Latest action · Dec 13, 2023 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedDec 13, 2023
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
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.
Cosponsors 3
Members who signed on, in the order they did. Signatures ran from Dec 13, 2023 to Jan 9, 2024, with 2 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-TN | Bill Hagerty | Original | Dec 13, 2023 |
| R-FL | Rick Scott | Original | Dec 13, 2023 |
| R-MT | Steve Daines | Jan 9, 2024 |
Actions 2
Everything that happened, newest first.
- Dec 13, 2023Introduced in Senate
- Dec 13, 2023Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 6769 | Trusted Foreign Auditing Act of 2023 | Identical bill | Dec 13, 2023 |
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 1
Each version as it was printed, newest first.
- Dec 13, 2023Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.
