Outside Law Firm Won't Investigate How Audit of NMFA Was Faked

KOB - New Mexico's top security regulator says potential fraud within a state financing authority extends beyond a faked financial audit that has national credit rating agencies considering whether to downgrade the agency's bond ratings.

The disclosure by Securities Division Director Daniel Tanaka came Wednesday as the New Mexico Finance Authority's governing board scrapped a plan for an outside law firm to investigate how the audit was faked. The board instead wants a similar legal and accounting probe to be handled through the state auditor's office to ensure the independence of the review. Read full story here: News New Mexico

Outside Law Firm Won't Investigate How Audit of NMFA Was Faked