The Royal Audit Authority (RAA) handed over a cheque amounting to Nu. 121.091 million, representing audit recoveries collected over the past ten months, to the Hon’ble Finance Minister during a meeting held at the Ministry of Finance (MoF) on 23 October 2026.
During the meeting, the RAA also presented two applications developed to improve financial reconciliation and reporting: the Fund Reconciliation Application and the FS Consolidator. The Fund Reconciliation Application automates and streamlines the fund reconciliation process, while the FS Consolidator facilitates the consolidation of Receipt and Payment Statements and Expenditure Statements.
The presentation was followed by discussions on the feasibility of adopting these applications for use by finance personnel in government agencies. The applications have the potential to reduce manual processes, improve accuracy, and enhance the timeliness of fund reconciliation and financial statement consolidation.
The engagement formed part of the continued collaboration between the RAA and MoF to strengthen public financial management through the use of technology and improved financial reconciliation and reporting processes.
