SharePoint processing fails with the error: "Exception from HRESULT: 0x80070005 (E_ACCESSDENIED)". This error can be also found in the QsSharePointProcessingWizard.log
During migration procedure SQL Server (Holding SharePoint Content and Configuration databases) and Web Server were moved from the source domain to the target domain. The following error is observed in SharePoint Central Administration when clicking on Operation or Application Management tab: "Some or all identity references could not be translated" even account is added to Site Collection Administrators. This error is also observed when running stsadm.exe command: stsadm -o migrateuser.Quest SharePoint Processing Wizard uses stsadm commands to migrate permissions.
Please run the following stsadm command to your service account: stsadm -o updatefarmcredentials -userlogin -password
By default stsadm.exe is located in \Program Files\Common Files\Microsoft Shared\web server extensions\12\BIN
Please also see these additional Microsoft articles: