(Columbia, SC) - South Carolina is being investigated by the U.S. Securities and Exchange Commission after misreporting a 1.8-billion dollar surplus that did not exist.
Governor McMaster shared a statement Wednesday, saying a forensic accounting report found the reported surplus of funds never existed.
An independent report released by AlixPartners on Wednesday found unintended accounting mistakes made when transitioning from an old accounting system to a new one is to blame.
McMaster is calling on state lawmakers to take recommended corrective measures released as part of the report.