Alex Partners tells Senate panel $1.8 billion imbalance stemmed from conversion entries and shared responsibilities, not a single office

Consultants from Alex Partners told the Senate Finance constitutional subcommittee that the $1.8 billion balance found in fund 30350993 during accounting conversions was not the result of a single office's action but rather arose from a series of transfers and entries made in the conversion process that involved staff in the State Treasurer's Office, SKIS team members assigned to the treasurer, and consultation with the Comptroller General's Office.

"We believe that it was joint responsibility," said Susan Merkel of Alex Partners, describing the firm's findings. David Bly, also of Alex Partners, told senators that the initial entries were recorded by the Comptroller General's Office business areas but that the problem emerged when those balances were transferred into fund 30350993. "Those transfers... were not recorded…