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press release

Audit to provide new level of transparency and accountability. First audit since 1988.

(Columbia, SC) – State Treasurer Curtis Loftis announced his office has engaged the independent accounting firm Elliott Davis to begin an immediate two part audit of the Agency.

The first phase will be an audit of the financial statements of the State Treasurer’s Office, as of June 30, 2011. Such funds have not been independently audited since 1988.  The financial audit will address funds totaling approximately $785 million.

The financial audit will allow the auditors to express an opinion on the financial statements, identify any material errors, defalcations or irregularities that may exist, assure that internal controls are in place and assess control risk.

The second phase of the audit will be a performance review of the business work processes and procedures currently employed by the State Treasurer’s Office.  Its purpose is to identify improvements in work flow, work process and work practices which could advance productivity, efficiency, lower costs and streamline the work of the State Treasurer’s Office.

“This audit is long overdue and will provide this department and the taxpayers with a transparent look at how we are handling the state’s money,” Treasurer Loftis said.  “The State Treasurer’s Office has not had a full GAS (Government Auditing Standards) audit since Ronald Reagan was President.  I have every confidence that we will be successful in streamlining the business practices of this agency, as well as enhance our stewardship of the hard-earned money taxpayers have trusted us to invest.

“I made a promise to have this agency audited and I am pleased that we are doing so.  This audit is about giving taxpayers a level of transparency and accountability they deserve not just from this agency, but state government as a whole.”