Maryland 529 is moving forward with a plan to hire a forensic auditor almost 10 months after a state review found numerous issues within the agency that oversees college savings plans.
Grant Thornton LLP has been selected to perform the forensic audit, according to the agenda for the Maryland Board of Public Works meeting on Sept. 2. Maryland 529 is seeking approval of a three-month, $375,000 contract. The award includes two three-month renewal options valued at $25,000 each.
The state Office of Legislative Audits, a nonpartisan agency that reports to the Maryland General Assembly, published a report in December that revealed a series of problems within Maryland 529, including high management turnover, the discovery of an unknown bank account and unopened mail dating back a decade.
