Trusted Foreign Auditing Act of 2023

This bill creates new rules for auditing firms used by U.S. companies. It defines a "compromised auditor" as an accounting branch or subsidiary controlled by a country identified as a U.S. national security threat (like those named in the Director of National Intelligence's annual report). The law prohibits trading in securities of U.S. companies headquartered in such "countries of concern" if they use a compromised auditor for their financial audits. This directly affects publicly traded companies that rely on auditing firms tied to designated threat countries.