Friday, August 28, 2009

Huron and Arthur Andersen

Some of you probably have heard about Huron Consulting Group Inc's restatement recently. You should read this article about Huron's connection to Arthur Andersen. Here are a few tidbits:

You can take the accountant out of Arthur Andersen. You can’t take the Arthur Andersen out of the accountant....Huron was founded by about two dozen Arthur Andersen LLP partners in March 2002...Today, Huron is better known as the forensic-accounting shop that couldn’t keep its own books straight, and blew up its business model in the process...There hasn’t been an accounting fiasco this rich with irony since the tax-return preparer H&R Block Inc. had to redo its financial reports in 2006 to correct errors in its accounting for corporate taxes.

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