The results of the audit found that $1.6 billion of the $1.8 billion believed to have existed was the "result of incorrect journal entries."

A South Carolina Department of Administration report revealed origins of a $1.8 billion accounting discrepancy that has puzzled lawmakers and residents alike.

COLUMBIA, S.C. (AP) — It turns out that $1.8 billion in South Carolina state funds weren’t just sitting in a bank account waiting to be spent. Instead, it was an accounting error compounded over years instead of being reconciled, an independent forensic audit determined.

South Carolina’s mysterious $1.8 billion in a bank account doesn’t exist. That’s the answer to the nearly year-long questions of “Where did this money come from” and “Who does it belong to?” State Treasurer Curtis Loftis says he’s accounted for every single cent.

In the wake of a report that South Carolina’s financial leaders allowed a $1.8 accounting blunder to linger on the state’s ledger for nearly a decade, one House Democrat is calling for the impeachment of state Treasurer Curtis Loftis.

An independent forensic audit has unveiled a $1.8 billion accounting oversight in South Carolina's state funds, dispelling hopes of a financial windfall. This discovery, rooted in past errors and compounded over years,

State legislators are weighing in now following the independent forensic audit by AlixPartners determined that accounting errors compounded over years, instead of being reconciled, were responsible for what had been reported to be $1.