PlainBillCongress, translated.Legislation. Context. Public interest.Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Congressional Research Service
Version 00 · 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.
Showing the opening paragraphs of the official summary.
Further, board hearings to investigate and discipline registered public accounting firms must be public if a compromised auditor is a party to the hearing.
People & committees
Sen. Rubio, Marco [R-FL] · R–FL
Legislative record
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Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Introduced in Senate
Primary sources
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Source last updated: Dec 5, 2025. Consult Congress.gov for the current record.
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