Proposal would give treasurer more audit authority

South Carolina Treasurer Curtis Loftis recently included a proviso in the state budget that would give his office the power to follow up on state legislative audits, launch new audits, and conduct recovery audits in order to recoup funds that have been misappropriated, FITSNews reports.

"My goal is to recover funds due the state and its agencies," Loftis wrote in a recent letter to the state's attorney general, Alan Wilson, as quoted by the news source. "My goal is to fight fraud, waste and mismanagement (and) to create systems of transparency and accountability in our financial structures."

Wilson had expressed concern that the proposal – which was approved by legislators in both the House and the Senate – would encroach upon his office's jurisdiction. However, Loftis provided assurance that nothing in the proviso would aid the AG's office in its pursuit of prosecuting fraud at the state government level, the news source reports. Rather, it would allow the treasurer's office to more effectively investigate instances of waste, duplicate payments, inefficiency, and fraud.

In January, Loftis filed a lawsuit in an attempt to recover $200 million in questionable investments for the state, according to the Post & Courier. 

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