AP News

NM Legislature selects consultant for NMFA review

SANTA FE, N.M. (AP) — The state legislature has selected an investment consulting firm for an independent review of the New Mexico Finance Authority, which has come under scrutiny because its financial audit was faked.

The Legislative Council Service says Hewitt EnnisKnupp will be paid up to $110,000 and will issue a report to a legislative oversight committee by late November. The company will examine how the authority is organized and governed, comparing that to best practices elsewhere.

The firm also will evaluate the authority's policies and procedures, including the role of staff responsible for the audit.

The authority's former controller and its current chief operating officer were arrested earlier this month by state regulators on fraud and other charges involving the fake audit, which was distributed to potential investors in the authority's bonds.

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