A $1.8 billion accounting error snowballed over 10 years in South Carolina—and could cost the state’s treasurer his job

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A $1.8 billion accounting error snowballed over 10 years in South Carolina—and could cost the state’s treasurer his job - Fortune

Quick Summary:

For the first time in over two centuries as a U.S.state, South Carolina lawmakers are going to try to remove a statewide elected official from office.

In sum: if the treasurer cannot keep track of the treasury, then he should not remain treasurer,” senators wrote in their report that included more than 600 pages of exhibits.

The state paid millions of dollars to forensic accountants who eventually determined the missing money was not cash the state never spent, but instead was a series of errors in balancing books and shifting accounts from one system to another that were never reconciled.