How do you make a $3.5B accounting error
- Thread starter blizzard
- Start date
Put the word "Government" on the line that says "Prepared by"
Moving a decimal point a couple spots to far would be my guess.
I must’ve put a decimal point in the wrong place or something. I always do that. I always mess up some mundane detail.
When you think you and your family are SC royalty and have had the same job for 20 years, you get lazy and think you can do no wrong.
This is not a mundane detail Michael!!!
You don't. Any accountant in a position that would even allow them to make such an expensive error, would never make such an expensive error. Any accountant that was capable of making such an expensive error would never be in a position to make such an expensive error.
ignore the zeros. Have you ever made a mistake balancing a checkbook (assuming you are over a certain age here....let me know if you need me to explain what a check is)............?
There is much more to this story. The first thing an auditor does is tie cash to the balance sheet and search for unreported bank accounts. Then they essentially follow it through the BS to the P&L. The rest is just internal control and classification stuff.
Better Off Dead was very underrated.It’s much less than that.
It’s a +/- 1.75b error.
Would you believe me if I told you that the sc state gov audits itself?
You don't. It isn't possible to mistakenly be off by 3.5 billion units of anything. This stupid state gets what it deserves by sending the same stupid, Republican legislature back to Columbia every few years. Wash, rinse, repeat.
Maybe now that the roads are literally crumbling away, maybe that will get people's attention. Republicans ruin everything. Always.
You got it! Goggle his name with “ethics issues” to assess whether you think that he is someone who should our state’s Comptroller General.
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State's finances had $3.5 billion accounting error, comptroller general says
Eckstrom said the issue had continued for more than 10 years and his staff noticed the problem at the start of the pandemic.
www.wltx.com
Look all around you, pal. This state has sat at or near the bottom of every metric that's kept track of, since WW2. You can call it crying all you want, but it's objectively true. The facts don't give a shit about you patting yourself on the back for owning a lib.
And yet its been a pretty dang good state to live in during that time. Still is actually and there is a reason why so damn many people are moving here from up North.
If it is the shithole you are claiming it to be then why is there such record growth?
Sadly, the ineptitude of SC government transcends party. It has been a boat anchor on the state for well over A hundred yrears. The parties have changed, the cronyism, sanctimony and ineptitude has been consistent
Not much different at the national level. 100 years of almost unbroken downward trendline.
Remember, we vote so we get the government we deserve. Paying attention to the individual rather than a party or cheerleading/bomb throwing media would be the first step in actually breaking the cycle.
You think the democratic leaders in this state are better though?
3.5 billion is a rounding error for them...the pentagon once lost 2.3 trillion - and this was back in 2001 when a trillion was still a lot of money
A little competition could probably help. Lindsay Graham appears to be working a lot harder for the people of SC since the last election when it was a lot less comfortable for him…or maybe I’m just noticing it more? Funny how fear of losing your job will make you pucker up.
My point was they could all lose their seats and get replaced by an equally bad democrat. In fact it’s pretty likely
There are so many shining examples of well run democrat cities and states. Maybe you should consider moving to Illinois, New York or New Jersey. Those are just fabulously run places. Clean balance sheets, low taxes, real safe, like leave your door unlocked kind of safe.
There is a reason that the states with growing populations are run by republicans.
My guess is that there was an issue with the way the system handled accruals. The states budget is pretty large so my guess is something along these lines.
I found a 4MM error when I first got out of college. My company had just implemented a new accounting system and it was accruing the full amount of expenses that had been partially paid. It wasn’t caught by anyone for 8 months until I found it.
Not saying the Govt. isn’t inept, but this was most likely not missing a zero, but an error in how the system treated something (my guess accruals) so all of the numbers actually tie out just like they did at my company.
I found a 4MM error when I first got out of college. My company had just implemented a new accounting system and it was accruing the full amount of expenses that had been partially paid. It wasn’t caught by anyone for 8 months until I found it.
Not saying the Govt. isn’t inept, but this was most likely not missing a zero, but an error in how the system treated something (my guess accruals) so all of the numbers actually tie out just like they did at my company.
Pretty sure they announced this and 9/11 happened immediately after… I’m not saying anything but just saying…
You’re also a shining example of the poor education system when you cant see past whatever fox and friends tells you to get all riled up about.
I see no difference other than rhetoric from republicans and democrats.
2.Spend a lot of money.
2.Get more votes.
3.Say whatever it is your base wants to be entertained by.
correct was announced the day before...i didnt want to go into the timing cause its too messed up to think about. ultimately was apparently more idiot govt accounting and they were able to track down a lot of it, but i'm sure the crack team looking for it was about as intellectually capable as the group that lost track of it so who knows what actually happened. all i know is that was one hilarious number to hear we straight up had no idea where it was
My wife worked for over 20 years programming Medicaid for the State if South Carolina. From what I could dig up, the state budget was 8.5 billion for their share of Medicaid in 2021. All those expenditures were processed through a mainframe computer AT CLEMSON. The state has been trying (unsuccessful) to move to cloud processing through industry provided sources. We have a legacy system running on Cobol (with programmers all near retirement age). The knowledge of how this intricate system works is aging out. To give an example: when the Federal Government wrote legislation to pay for COVID shots, a new fund code was needed. That was the responsibility of HHS. No one was left (after all their retirements) that knew how to create a new number! My wife had to instruct people to repurpose an expired fund code (allowing the state to charge the shots back to the federal government). Does this sound like the state government is on top of 8.5 Billion dollars of expenditure?
And guess where the office that housed the paper trail on that missing money was located?? I'll give you two guesses, but you'll only need one.
i have not heard this before. i guess i'm just better now at keeping up with conspiracy theories (not saying it is wrong)
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