Both KRC and FOF, including its NRFA, were audited by Arthur Andersen. Andersen also audited John King’s personal accounts. The partner in charge and the manager of the KRC audit held the same respective positions on the NRFA audit, and other Andersen staffers sometimes worked contemporaneously on the KRC and NRFA audits. Andersen used records from KRC to perform many aspects of its audit of NRFA. Andersen’s auditors possessed minutes of an FOF board of directors’ meeting describing the NRFA as “essentially a discretionary account managed by King Resources Corporation.” Andersen’s auditors themselves noted KRC’s “carte blanche authority to buy oil and gas properties for [NRC]” and its “quasi-fiduciary” duty to FOF.