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Forensic audit of MLSNI lands in shareholder hands

Action planned for next Monday

At a shareholder meeting of the Multiple Listing Service of Northern Illinois, accounting firm PriceWaterHouseCoopers presented the results from a controversial forensic audit to a gaggle of association members, executives and their lawyers. The group officially received the report and agreed to act on findings at a meeting next Monday. Prior to the meeting getting underway, MLSNI CEO Jay Huffman and his general counsel were asked to leave the meeting. He was not given a copy of the report until first signing a non-disclosure agreement. In April, one of the largest MLSs in the country voted to conduct a forensic audit of the operation and Huffman. The MLS has about 37,000 members in more than 6,000 realty offices in the Chicago area. A forensic audit is different from most audits in that it involves auditing, accounting and investigating. Forensic accountants engage in "factual economic transactional analysis that requires a level of detail and precision sustainable in an adversar...

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