State seeks help from accounting firm to solve $1.8B budget mystery

TLDR:

State of South Carolina is hiring an accounting firm to investigate $1.8 billion found in the state treasury. Working group prepared necessary documentation for a forensic accounting review to begin in the new fiscal year.

Key Elements of the Article:

• Governor McMaster’s office announced the initiation of a forensic accounting review to determine the source of $1.8 billion found in the state treasury.
• The Department of Administration issued a request for proposals to engage an independent accounting firm for the review, as per Proviso 93.19 of the state budget.
• The working group, comprising various state agencies, has been analyzing financial reports and coordinating efforts to facilitate the accounting review.
• The working group, including outside counsel, has met multiple times and will continue to collaborate with the selected accounting firm for the review process.

The state is committed to transparency and accountability in investigating the mystery of the $1.8 billion, with the contract expected to be awarded to an accounting firm in July.