Trusted Foreign Auditing Act of 2023
1/5/2024, 12:15 PMSummary of Bill S 3494
Bill 118 s 3494, also known as the Trusted Foreign Auditing Act of 2023, is a piece of legislation introduced in the US Congress. The main purpose of this bill is to establish a framework for the oversight and regulation of foreign auditing firms that provide services to US publicly traded companies.The bill aims to enhance the transparency and reliability of financial reporting by requiring foreign auditing firms to register with the Public Company Accounting Oversight Board (PCAOB) and comply with certain auditing standards. This will help ensure that audits of US companies conducted by foreign firms meet the same high standards as those conducted by domestic firms.
Additionally, the Trusted Foreign Auditing Act of 2023 seeks to improve cooperation and information sharing between US and foreign regulatory authorities in order to better detect and prevent accounting fraud and other financial misconduct. Overall, this bill is designed to strengthen the integrity of financial markets and protect investors by holding foreign auditing firms accountable for their work on behalf of US companies. It represents a bipartisan effort to address concerns about the quality and reliability of audits conducted by foreign firms and promote greater confidence in the accuracy of financial reporting.
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Current Status of Bill S 3494
Bill S 3494 is currently in the status of Bill Introduced since December 13, 2023. Bill S 3494 was introduced during Congress 118 and was introduced to the Senate on December 13, 2023. Bill S 3494's most recent activity was Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. as of December 13, 2023Bipartisan Support of Bill S 3494
Total Number of Sponsors
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
4Democrat Cosponsors
0Republican Cosponsors
4Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill S 3494
Primary Policy Focus
Alternate Title(s) of Bill S 3494
Trusted Foreign Auditing Act of 2023Trusted Foreign Auditing Act of 2023A bill to amend the Sarbanes-Oxley Act of 2002 to provide for disclosure regarding foreign jurisdictions that hinder inspections, and for other purposes.Comments
Most relevant
Sponsors and Cosponsors of S 3494
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