The Deadline for Financial Accountability in South Carolina is March 7, 2026
The exterior of the South Carolina State House in Columbia, South Carolina.
Executive Summary
After years of accusations, investigations and resignations regarding the accuracy of SC's financial accountability reporting, a professional analysis was commissioned outlining specific actions by various state agencies to eliminate similar problems in the future. The date to complete these process improvements is March 7, 2026
The Investigation: What Happened with the 2022 Financial Report?
In South Carolina, state law requires an Annual Comprehensive Financial Report (ACFR). This detailed financial document covers all state government entities and is prepared by the Comptroller General’s Office (CGO) according to the standards of the Governmental Accounting Standards Board (GASB). In fiscal year 2022, the State’s ACFR, page 147, documented an accounting error as stated here:
“Until being discovered in 2022, this mapping error impacted the ACFRs for fiscal years 2012 through 2021, overstating General Fund cash and fund equity … by a cumulative amount of $3.53 billion, which necessitated the restatements … This mapping error...








