Smith returned home from South Africa to face the music, which was framed as a leadership group decision to suspend him for one match.
An internal investigation by NZ Rugby deemed this to be appropriate punishment and the saga would have ended there except last month the woman, who has not been named, released a tranche of messages between her and Smith that indicated he had sanitised his version of events and attempted to coerce her into making a false statement.
At that point, NZ Rugby ordered an independent investigation into the incident.
The dump of correspondence came at the most awkward time for NZ Rugby, which was preparing to release the findings of an independent Respect and Responsibility Review, commissioned in the wake of a bad year for off-field behaviour.
Among other things this review found that NZ Rugby needed to do a better job of educating players about the perils of excess alcohol intake and attitudes towards women - the two strands not mutually exclusive.
In the wake of the release of Smith's messages to the woman, NZ Rugby hired a lawyer to conduct an independent investigation into his involvement in the incident and its messy aftermath.
A preliminary report is now understood to have been delivered to NZ Rugby and is said to show Smith's conduct in a poor light.
While the sport's administrators recognise that young men will make mistakes, an unwritten credo states that players should own them when they make them.
Smith faces a double-jeopardy scenario where he could be punished twice for the same mistake by way of another misconduct hearing.
Smith's agent Warren Alcock told the Weekend Herald he couldn't comment on any aspect of the new investigation. He said Smith had rights like any other employee and he would, therefore, push for any resolution to be made confidential.
This would, however, jar with NZ Rugby's push for greater transparency when dealing with misconduct issues.
The matter is expected to be resolved before the All Blacks leave for the end of year tour at the end of October.