David Greising
August 4, 2009
The Andersen expatriates should have been expert in both areas. After all, Sarbanes-Oxley arose in large part out of the ashes of the Enron/Andersen debacle, and wrongheaded e-mail messages figured prominently in an obstruction-of-justice conviction that doomed Andersen.
The Supreme Court eventually threw out the conviction, but by then Andersen was out of business. Its partners had fled to places such as KPMG, Deloitte LLP -- and
litigation lawyer Chicago.
The ironies keep rolling in now that Huron's board of directors is restating more than three years of financial results and ousting Holdren and other executives.
The adequacy of accounting is at the heart of Huron's troubles. Yet Huron has fashioned itself as an expert on accounting standards, notably chiding finance giant Fannie Mae for "grossly inadequate" accounting systems.
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