UPDATE 3-U.S. SEC investigating Huron for accounting errors

* SEC looking at company's acquisition-related accounting

* Huron to delay filing latest quarterly report (Adds analyst comments, updates share movement)

BANGALORE Aug 11 (Reuters) - Huron Consulting Group Inc (HURN.O), whose shares plunged in the wake of an accounting scandal, said the U.S. Securities and Exchange Commission is investigating it for acquisition-related payments, and it will delay filing its latest quarterly report.

The probe follows an earlier SEC inquiry about the consulting firm's allocation of chargeable hours, an area the company said it is investigating.

Earlier this month, the company's entire top management quit as it said it would restate more than three years of results, slashing its profits by almost half because it misreported costs related to acquisitions.

Huron's board audit committee discovered that shareholders of four businesses that Huron acquired between 2005 and 2007 redistributed portions of their acquisition-related payments among themselves and to certain Huron employees.

The company continues to evaluate the impact of the restatements, it said in a regulatory filing on Tuesday.

Analyst Sean Jackson of Avondale Partners said the SEC investigation comes as no surprise.

"As far as figuring out what is going to result from this, there is a lot of uncertainty to that," Jackson said. "The stock is going to be stuck in the mud here for a while." The company said it intends as soon as possible to file its quarterly report for the three months ended June 30, as well as the restated results of the prior periods.

Chicago-based Huron, which was founded by two dozen partners from the collapsed accounting firm Arthur Andersen, said it would cooperate with the SEC investigation.

The company did not return calls seeking comment.

In July, the company said it did not expect the allocation inquiry to result in a material adjustment to its historical financial statements.

Huron is in the process of reviewing its internal controls over financial reporting and expects that it will identify one or more material weaknesses.

The company will also assess its disclosure controls and procedures.

Analyst Jackson said Huron's woes could be a boon to other consulting companies such as Navigant Consulting Inc (NCI.N) and FTI Consulting Inc (FCN.N).

"If they are in a deal against Huron, obviously they got another arrow to shoot at Huron," he said.

Huron has been hit with a spate of shareholder lawsuits since it announced the accounting problems. The company has said it intends to defend itself vigorously.

Huron built a reputation as an expert on litigation and regulatory issues. It advised United Airlines, a unit of UAL Corp UAUA.O, on its bankruptcy and helped uncover accounting shortfalls at mortgage giant Fannie Mae FNM.N. That eventually led the SEC to charge Fannie Mae with fraud.

Shares of Huron were trading down 2 percent at $13.28 in midday trade on Nasdaq. They have fallen 70 percent since July 31, when the company said it would restate results and its chief executive resigned. (Reporting by Sweta Singh in Bangalore; Editing by Mike Miller)