S. 3494 aims to modify the Sarbanes-Oxley Act of 2002 by adding requirements for disclosure regarding foreign jurisdictions that obstruct accounting inspections. The bill defines terms like "compromised auditor" and "covered country," referring to jurisdictions considered a...
Simple Explanation
S. 3494 is like a rulebook change that makes companies tell if they're using certain accountants from countries the U.S. finds tricky to work with. If they do, those companies might not be allowed to trade on the stock market.