The software currently being used to run the country’s financial system has adequate checks and balances to curb corruption, the national Treasury has said. Treasury, while rebuffing claims the Integrated Financial Management Information System (Ifmis) was aiding graft, on Sunday said the system was foolproof and did not allow loss of funds. The approval hierarchy ensures security, accountability, checks and balances and leaves audit trails at every point of action,” said Treasury in a statement. This will be in addition to the audit trails already in place,” said Dr Kamau Thugge, principal secretary, National Treasury in February. But that amount later leaped to Sh154.9 million when it was keyed into the Ifmis system.

Source: Daily Nation November 27, 2016 20:52 UTC