The AICPA is opposing changes to the definition of "fiduciary" that were proposed by the Labor Department. In a hearing of the department's Employee Benefits Security Administration, Robert Reilly of the AICPA's Forensic and Valuation Services Executive Committee testified that the proposal is incompatible with Internal Revenue Service requirements for an independent appraisal of employer securities. Also, because many CPAs perform business-valuation services for employee-benefit plans, treating the sponsor company valuation analyst as a fiduciary would be "disadvantageous to benefit plan participants." Read Reilly's full testimony at AICPA.org.

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