{"id":2394896,"date":"2025-01-24T15:28:01","date_gmt":"2025-01-24T20:28:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/south-carolina-auditor-quits-as-treasurer-vows-transparency-after-1-8-billion-error-washington-examiner\/"},"modified":"2025-01-24T15:29:30","modified_gmt":"2025-01-24T20:29:30","slug":"south-carolina-auditor-quits-as-treasurer-vows-transparency-after-1-8-billion-error-washington-examiner","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/south-carolina-auditor-quits-as-treasurer-vows-transparency-after-1-8-billion-error-washington-examiner\/","title":{"rendered":"South Carolina auditor quits as treasurer vows transparency after $1.8 billion error &#8211; Washington Examiner"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">30<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fsouth-carolina-auditor-quits-as-treasurer-vows-transparency-after-1-8-billion-error-washington-examiner%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2394896&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>In South Carolina, State Auditor \u2062George Kennedy has resigned following a significant $1.8 billion accounting error that was revealed in an self-reliant audit. The \u2062audit disclosed that a vast majority of this\u2064 amount was due \u2064to incorrect\u200b journal entries, with a portion already included in <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/south-carolina-lawmakers-call-to-axe-treasurer-after-1-8-billion-accounting-error-washington-examiner\/\" title=\"South Carolina lawmakers call to axe treasurer after .8 billion accounting error - Washington Examiner\">reported bank balances<\/a>. The revelation has sparked outrage among lawmakers, leading to calls for accountability. <\/p>\n<p>Despite facing pressure to resign, State Treasurer Curtis Loftis defended his office&#8217;s actions, asserting that \u200dthe error was a collective\u200d responsibility shared among multiple agencies, rather than solely his office&#8217;s fault. Loftis emphasized\u2062 his commitment to transparency and vowed to continue advocating for reforms to secure the financial \u2062interests of South Carolinians. This incident \u200cfollows a history of accounting issues in the state, \u200dincluding \u2063the resignation of \u200cthe state comptroller\u2064 general in 2023 due to a <a href=\"https:\/\/amzn.to\/3YuVZYV\">previous multibillion-dollar error<\/a>.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<p><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><\/p>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-header-search-button-mob dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-mobile-search-icon td-icon-search\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div class=\"tdb-drop-down-search\" aria-labelledby=\"td-header-search-button\">\n<div class=\"tdb-drop-down-search-inner\">\n<form method=\"get\" class=\"tdb-search-form\" action=\"https:\/\/www.washingtonexaminer.com\/\"><\/form>\n<div class=\"tdb-aj-search\"><\/div>\n<\/div>\n<\/div>\n<p><a href=\"http:\/\/www.washingtonexaminer.com\/#\" role=\"button\" aria-label=\"Search\" class=\"tdb-head-search-btn dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-search-icon td-icon-search\"><\/i><\/a><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<h1 class=\"tdb-title-text\">South Carolina auditor quits as treasurer vows transparency after $1.8 billion accounting error<\/h1>\n<div><\/div>\n<div class=\"tdb-title-line\"><\/div>\n<\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div id=\"Brid_1948168\" class=\"tpd-featured-video bridtv\"><\/div>\n<p>In <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/south-carolina\/\" target=\"_blank\" rel=\"noopener\" title=\"South Carolina\">South Carolina<\/a>, the <a href=\"https:\/\/www.washingtonexaminer.com\/news\/3290568\/south-carolina-lawmakers-call-axe-treasurer-accounting-error\/\" target=\"_blank\" rel=\"noopener\" title=\"South Carolina\">fallout<\/a> 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.<\/p>\n<div class=\"article-paywall\">\n<p>An independent audit released earlier this month <a href=\"https:\/\/admin.sc.gov\/sites\/admin\/files\/Documents\/OED\/AlixPartners%20Final%20Report%20011525.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">found<\/a>&nbsp;that $1.8 billion in funds thought to be in a bank account never existed, with $1.6 billion of that total&nbsp;being the &ldquo;result of incorrect journal entries,&rdquo; while the remaining $200 million was &ldquo;already included in the reported bank balances of the&rdquo; state treasurer&rsquo;s office. As lawmakers have expressed their outrage over the accounting error, State Auditor George Kennedy announced his resignation Thursday.<\/p>\n<p>&ldquo;It has been both an honor and a privilege to serve the State of South Carolina during the past nine years,&rdquo; Kennedy said in the letter, <a href=\"https:\/\/www.wistv.com\/2025\/01\/23\/sc-auditor-resigns-after-outside-audit-found-18-billion-surplus-was-actually-an-accounting-error\/\" target=\"_blank\" rel=\"noopener\" title=\"according to\">according to<\/a> WIS-TV. &ldquo;However, I believe it is in the best interest of the Office of the State Auditor that I resign from my position as State Auditor effective today.&rdquo;<\/p>\n<p>Kennedy served as state auditor since 2015 and became the most recent state official to resign in recent years after problems with the state books. Richard Eckstrom <a href=\"https:\/\/www.washingtonexaminer.com\/news\/622669\/south-carolina-comptroller-resigning-after-3-5-billion-error\/\" target=\"_blank\" rel=\"noopener\" title=\"resigned\">resigned<\/a> as state comptroller general in 2023 following a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/lawmakers-launch-bill-to-prevent-more-accounting-errors-at-pentagon-after-6-2-billion-flub\/\" title=\"Lawmakers introduce bill to curb Pentagon&#039;s .2 billion accounting mishap.\">multibillion-dollar accounting error<\/a> in a financial report.<\/p>\n<p>South Carolina Treasurer Curtis Loftis has faced calls to resign or be impeached over the latest accounting error, but in a piece <a href=\"https:\/\/www.postandcourier.com\/opinion\/commentary\/sc-treasurer-curtis-loftis-scrutiny-leadership-transparency\/article_313b4162-d83f-11ef-a0c5-8b70661063e4.html\" target=\"_blank\" rel=\"noopener\" title=\"written\">written<\/a> for the <em>Post and Courier<\/em>, he said the error was a larger matter than just his office.<\/p>\n<p>&ldquo;The $1.8 billion conversion entry was a shared responsibility among several agencies, not an isolated failure of the state treasurer&rsquo;s office. The comptroller general (as the state&rsquo;s accountant), the state auditor and the state&rsquo;s outside audit firm were all aware of the entry. From the moment concerns arose, my team acted swiftly and within legal parameters to address them,&rdquo; Loftis wrote. &ldquo;To suggest otherwise ignores the collaborative nature of state financial oversight and unfairly assigns blame for systemic issues.&rdquo;<\/p>\n<p><a href=\"https:\/\/www.washingtonexaminer.com\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong><\/strong><\/a><\/p>\n<p>He also defended his record as treasurer and said the state&rsquo;s &ldquo;financial resources are secure and produce strong returns.&rdquo;<\/p>\n<p>&ldquo;The people of South Carolina deserve a state treasurer who puts their interests first &mdash; someone who is not afraid to face challenges head-on and advocate for reforms that benefit everyone. I stand by my record and will continue to serve with integrity and accountability,&rdquo; Loftis wrote.<\/p>\n<\/div>\n<p> <script data-cfasync=\"false\" src=\"http:\/\/www.washingtonexaminer.com\/cdn-cgi\/scripts\/5c5dd728\/cloudflare-static\/email-decode.min.js\"><\/script><script>!function(){var g=window;g.googletag=g.googletag||{},g.googletag.cmd=g.googletag.cmd||[],g.googletag.cmd.push(function(){g.googletag.pubads().setTargeting(\"has-featured-video\",\"true\")})}();<\/script><script>var _bp=_bp||[];_bp.push({\"div\":\"Brid_1948168\",\"obj\":{\"id\":\"27789\",\"width\":\"1280\",\"height\":\"720\",\"stickyDirection\":\"below\",\"video\":\"1948168\"}});<\/script><script defer src=\"https:\/\/services.brid.tv\/player\/build\/brid.min.js\"><\/script><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>South Carolina auditor resigns after $1.8 billion error; treasurer promises transparency<\/p>\n","protected":false},"author":2638,"featured_media":2394897,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2025\/01\/south-carolina-accounting-error.webp","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[19881,40978,41960,12404,6434],"class_list":["post-2394896","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","tag-auditor","tag-financial-oversight","tag-south-carolina","tag-transparency","tag-treasurer"],"fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2025\/01\/south-carolina-accounting-error.webp","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2394896","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2638"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2394896"}],"version-history":[{"count":3,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2394896\/revisions"}],"predecessor-version":[{"id":2394900,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2394896\/revisions\/2394900"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2394897"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2394896"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2394896"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2394896"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}