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COLUMBIA (WACH) -- The state treasurer's office will be undergoing a financial audit, but the review comes by choice.

South Carolina Treasurer Curtis Loftis announced an independent accounting firm will look over the agency's finances immediately.

Loftis says an audit like this one hasn't been performed since 1988.

The Elliot Davis accounting firm will review all financial statements of funds totaling around $785 million leading up to the end of June.  A performance review of the office's workflow will also be conducted.

“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.

Loftis says the audit is part of a campaign promise on transparency he intends to keep.

“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.”

What do you think about the audit announcement?  Leave a comment below to weigh in.