New Rules for Foreign Auditors: Protecting Investors and National Security
This act introduces new rules for foreign auditing firms that may be influenced by countries deemed a threat to U.S. security. The goal is to protect investors and ensure financial reports are reliable. If a company uses an auditor from a country of concern, its shares may face trading prohibitions.
Key points
Defines a "compromised auditor" as an auditing firm influenced by a country identified as a U.S. national security threat.
Companies that retain such auditors may face trading prohibitions on their shares.
Public hearings concerning auditing firms will be restricted, unless a "compromised auditor" is involved.
Status:
Introduced
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