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Fannie Mae Appoints New Independent Auditor

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In the wake of Enron and other financial scandals, independent auditors, the consultants responsible for certifying the financial statements of large corporations, have been playing a game of musical chairs. In the latest round, Fannie Mae, which fired auditor KPMG on December 22 when the Securities and Exchange Commission (SEC) demanded a restatement of four years of earnings, has appointed Deloitte & Touche, LLP as its new auditor. Deloitte & Touche will audit the corporation's 2004 statement and re-audit previous statements dating to 2001, as ordered by the SEC.

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