It turns out that $1.8 billion in South Carolina state funds weren’t just sitting in a bank account waiting to be spent. Instead, it was an accounting error compounded over years instead of being reconciled, an independent forensic audit determined.

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Officials say South Carolina's $1.8 billion surplus 'doesn't exist'; Here's why

COLUMBIA, S.C. (AP) — It turns out that $1.8 billion in South Carolina state funds weren't just sitting in a bank account waiting to be spent. Instead, it

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$1.8 billion isn't missing after all in South Carolina but questions remain about accounting error

It turns out that $1.8 billion wasn’t just sitting in a bank account in South Carolina waiting to be spent

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$1.8 billion isn't missing after all in South Carolina, questions remain about error

By Zach Rainey Click here for updates on this story     South Carolina (WYFF) — In March 2024, it was reported that South Carolina had an extra $1.8 billion that state and private accountants had no idea where it came from. After the State Treasury Forensic Accounting Review was concluded on Wednesday, it was revealed there was no mystery at all. Governor Henry McMaster said, “This comprehensive forensic accounting report confirms that there is …

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South Carolina lawmakers are calling for the state treasurer to be impeached after an independent audit found that a suspected $1.8 billion thought to be in a state bank account never existed. The results of the audit, released earlier this week, found that $1.6 billion of the $1.8 billion believed to have existed was the... The post South Carolina lawmakers call to axe treasurer after $1.8 billion accounting error appeared first on Daily Truth …

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South Carolina lawmakers call to axe treasurer after $1.8 billion accounting error

A report released by the SC Department of Administration late Wednesday afternoon revealed years of financial mismanagement was behind a $1.8 billion accounting discrepancy that has since become the talk of South Carolina lawmakers and residents alike.

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South Carolina faces federal securities investigation over $1.8 billion accounting error

COLUMBIA, S.C. (AP) — It turns out that $1.8 billion in South Carolina state funds weren’t just sitting in a bank account waiting to be spent. Instead, it was an accounting error compounded over years instead of being reconciled, an independent forensic audit determined. The announcement Wednesday dashed ideas like returning the money to taxpayers or using the windfall on roads. But it also led to more questions: why wasn’t the error reported wh…

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After an official State Treasury Forensic Accounting Review, it was confirmed the extra $1.8 billion in South Carolina's bank account doesn't exist.

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COLUMBIA, S.C. (WSPA) - A forensic accounting review of South Carolina's finances found that an account purported to have more than $1.8 billion did not exist and was the result of accounting errors. In a report released Wednesday by Alix Partners, the consulting firm found that $1.6 billion of the money was the result of incorrect journal entries during a bank conversion process. The remaining $200 million was determined to be cash reported by …

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Report: $1.8 billion found in SC account didn't exist

(AP) — It turns out that $1.8 billion in South Carolina state funds weren’t just sitting in a bank account waiting to be spent. Instead, it was an accounting error compounded over years instead of being reconciled, an independent forensic audit determined. The announcement Wednesday dashed ideas like returning the money to taxpayers or using the windfall on roads. But it also led to more questions: why wasn’t the error reported when it was first…

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$1.8 billion isn't missing after all in South Carolina but questions remain about accounting error - ABC Columbia

COLUMBIA, S.C. (QUEEN CITY NEWS) — South Carolina leaders released a 69-page report Wednesday putting an end to how $1.8 billion mysteriously ended up in a state bank account.  After a nearly year-long investigation, the staggering amount stems from the state transitioning from one accounting system to another over four years, and committee members say the "missing" $1.8 billion stemmed from the two-phase conversion. They were combining differen…

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South Carolina leaders explain how $1.8 billion ended up in a state bank account

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$1.8 billion isn’t missing after all in South Carolina but questions remain about accounting error

$1.8 billion isn’t missing after all in South Carolina but questions remain about accounting error

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