Bill > S3494

This bill amends the Sarbanes-Oxley Act of 2002 to provide for disclosure regarding foreign jurisdictions that hinder inspections of registered public accounting firms. Specifically, it defines a "compromised auditor" as an independent branch or office of a firm that is subject to the jurisdiction and laws of a "covered country" (a country identified as a threat to U.S. national security or a "covered nation" as defined in federal law). If a covered issuer (a company headquartered in a country of concern) retains a compromised auditor, the bill imposes a trading prohibition on that issuer. Additionally, the bill requires public hearings when a compromised auditor retained by a covered issuer is a party to the hearing or if the Public Company Accounting Oversight Board orders a public hearing for good cause with the consent of the parties.