• U.S. District Court
  • Underhill, J.
Accountants who are hired to audit a company that invests in a third party that is publicly traded and that has a readily ascertained market value may not be required, as a result of Generally Accepted Auditing Standards, to audit the third party and to verify the existence of publicly traded securities. Trustees of employee benefit plans invested assets in a fund, Beacon Associates, which allegedly invested about 73 percent of its assets in Bernard Madoff-related investment vehicles.