In South Carolina, the fallout from a $1.8 billion accounting error cost the job of the state auditor, while the state treasurer is vowing to push forward with a promise of transparency.
An independent audit released earlier this month found that $1.8 billion in funds thought to be in a bank account never existed, with $1.6 billion of that total being the “result of incorrect journal entries,” while the remaining $200 million was “already included in the reported bank balances of the” state treasurer’s office. As lawmakers have expressed their outrage over the accounting error, State Auditor George Kennedy announced his resignation Thursday.
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