WASHINGTON -- A proposal by an American Institute of Certified Public Accountants task force to limit the ability of underwriters to get assurances from their accountants that their official statements are complete is drawing objections from dealers' lawyers.

The National Association of Bond Lawyers is drafting a comment letter to the institute's securities auditing practices task force warning that the May 10 proposal to restrict the availability of so-called comfort letters will expose municipal dealers unfairly to liability.

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