HM Treasury is looking into the possibility of replacing government spending monitor the Combined Online Information System (COINS) with a new system being developed under the code-name Project Oscar.
The new system aims to provide greater transparency, highlighting exactly how public money is being spent.
A spokesperson for HM Treasury told GC News that COINS could be replaced by OSCAR, the new Online System for Central Accounting Reporting.
In a statement, the spokesperson said: “COINS was introduced in 2005 and is over half way through its expected life. The changing needs of the Treasury are outgrowing the capabilities of the current system.”
The decision to consider replacing the existing system comes at a time when the government is cracking down on IT spending as part of general plans to cut overall government expenditure.
Reports suggest that the change could be approved by the government by the end of the year.
An announcement on the future of the project is expected when the government publishes its Spending Review on 20 October.