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Senate approves compliance monitor after forensic audit finds $1.8 billion accounting discrepancy
Summary
The Senate adopted a joint resolution to require a third‑party compliance monitor and implementation reporting after a forensic audit found that a $1.8 billion balance in treasury records did not represent available cash. The committee amendment was agreed and the measure passed second reading 43‑0.
The South Carolina Senate agreed to a joint resolution directing state agencies to implement recommendations from a forensic audit that examined an unresolved $1.8 billion ledger balance in state treasury records. The chamber adopted the finance committee’s amendment and gave the resolution a second reading by a 43‑0 roll call.
Why it matters: The forensic firm Alex Partners concluded in its review that most of the $1.8 billion did not exist as cash on hand; that finding contributed to a Securities and Exchange Commission inquiry and prompted state leaders to seek corrective measures. The joint resolution tasks the Comptroller General, State Treasurer and State Auditor to implement non‑statutory recommendations, requires monthly reporting to a third‑party compliance monitor and directs the monitor to…
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