August 4th, 2009
More, a lot more, on the Huron restatement
Francine McKenna of Re: TheAuditors is possibly one of the best bloggers to cover the audit space. She gets deeper into independence and governance issues than anyone else I know.
While I wrote a short piece on the impact of earnouts on the Huron crisis of late, Francine really painted a very robust picture of that firm and its current problems. Her post is a must read and a reminder of what happens when professional service executives put their income, their firm and their capital appreciation ahead of clients. Check it out now…
On a related note, a reader emailed me yesterday and suggested that my post on Huron was unclear. My apologies. I was trying illustrate how earnouts can be problematic and the Huron situation showed an additional level of issues that can arise when these agreements are not fully documented or understood.
Also, Huron’s stock price took a beating the last 48 hours. The stock, already off from its 52-week high of over $66/share was as low as $11.30/share yesterday. The stock closed today at $13.73.
This blog explores the intersection set between services and technology. If it impacts either space, it will be covered here. Brian Sommer is a former Accenture partner. He did an 18-year tour of duty there and ran three small practice units (Finance Center of Excellence, HR Center of Excellence and Software Intelligence). He’s sold service projects in almost every continent and remains just as current on both services and technology today as ever before. Brian is currently CEO of TechVentive, a strategy consultancy servicing technology providers, and a research analyst with Vital Analysis. See his full profile and disclosure of his industry affiliations.
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