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SC auditor steps down following $1.8 billion accounting scandal in Palmetto Politics


South Carolina State Auditor George L. Kennedy resigned from his position following allegations of failing to recognize and report billions of dollars worth of accounting errors in the state’s financial system. Kennedy’s resignation came after a forensic audit conducted by consulting firm AlixPartners raised questions about his office’s role in assessing conduct by the Treasurer’s Office and the Office of the Comptroller General. The report highlighted structural issues in the state’s auditing system, including a lack of communication between Kennedy’s office and accounting firm CliftonLarsonAllen.

Kennedy had previously warned about issues within the state’s financial system, including a lack of internal checks. The Senate panel is working to adopt recommendations to reform the state’s accounting practices, which includes revising the state’s organizational chart to ensure the state auditor no longer reports directly to the state comptroller or treasurer.

Kennedy’s resignation has raised questions about the future of Treasurer Curtis Loftis, the last remaining figure standing in the scandal’s fallout. Despite calls for resignation from multiple state lawmakers, Loftis has been defiant and defended his actions, stating that there is no missing money and taxpayers should be confident that their money is safe. Governor Henry McMaster has also defended Loftis, stating that he believes Loftis’ errors were not made with ill intent. Kennedy has offered to assist in the transition and provide insights on strengthening the Office of the State Auditor in the future.

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