COLUMBIA, S.C. (WSPA) - A forensic accounting review of South Carolina's finances found that an account purported to have more than $1.8 billion did not exist and was the result of accounting errors. In a report released Wednesday by Alix Partners, the consulting firm found that $1.6 billion of the money was the result of incorrect journal entries during a bank conversion process. The remaining $200 million was determined to be cash reported by the State Treasurer's Office and belongs to the General Fund, the report said. Governor Henry McMaster released a statement Wednesday following the release of the report. "This comprehensive forensic accounting report confirms that there is no $1.8 billion surplus," said McMaster. "There is no missing or stolen money. The funds do not exist." The governor went on to say that the report confirmed that there were "unintended accounting mistakes made by different parties involved in state government’s transition from an old accounting system to the new accounting system." McMaster said that he was confident the "corrective measures recommended in the report will be embraced by the parties and the General Assembly so that this does not happen again." "We thank Alix Partners for their efforts, which have validated what we've known all along - there is no mystery bank account with $1.8 billion in it," said Curtis Loftis, South Carolina State Treasurer. "No missing money. All cash and investments are accounted for." "The citizens of South Carolina can be confident that their money is safe," Loftis continued. "We, along with our state partners, look forward to reviewing the report in its entirety." Read the full report below: AlixPartners-Final-Report-011525