Industry News

Innocent, unless auditors say otherwise

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Illinois real estate brokers and real estate muckamucks around the country should wait for the results of the forensic audit of MLS of Northern Illinois and CEO Jay Huffman before they conclude any wrongdoing has been committed at the nation's largest MLS or on the part of its chief executive.   The MLS' shareholders have hired PriceWaterhouseCoopers to conduct a forensic audit of MLSNI and Huffman. The reason for the audit isn't entirely clear, although one shareholder pointed to a tardy package of financial statements as her rationale for it.   An outside expert's in-depth review of a corporation's activities and practices, and a close look at its chief executive is not a bad idea in any circumstances--even with a $50,000 price tag. Indeed, the MLSNI audit is likely to produce some recommendations because no organization is perfectly managed, no executive is squeaky clean and all consultants need findings to justify their billable hours. But that doesn't mean PW...