Senator Mary Kay Papen, D-Las Cruces, and Representative Patricia A. Lundstrom, D-Gallup, co-chairs of the Legislature’s New Mexico Finance Authority Oversight Committee, urged the New Mexico Finance Authority Board to affirm the decision to hire outside legal counsel to investigate the “fake” audit for NMFA’s 2011 fiscal year, according to a report by the Las Cruces Sun-News.

“Retaining experienced and nationally respected independent legal experts to review the matter and to make recommendations for improvements is, in our view, a key step to restoring confidence in NMFA and, by extension, New Mexico,” they said.

Both lawmakers said they have great respect for the State Auditor’s Office and the Securities Division of the Department of Licensing and Regulation, but believe that an independent audit is also necessary.

The NMFA Board will meet for the second time this week on Wednesday on  the subject of the fake audit.