The Ministry of Finance held a seminar in Dili from August 31st to September 4th, 2026, on reforming public and private sector accounting systems, as part of technical cooperation between Timor-Leste and Indonesia to strengthen public financial management and institutional capacity in this area.

Held at the Ministry of Finance’s Kay Rala Xanana Gusmão Auditorium, the event brought together officials and staff from the Ministry of Finance, along with Indonesian experts, to share knowledge and experience on accounting systems, financial management, internal auditing, and other areas of public financial administration.

At the seminar’s opening, the Vice-Minister of Finance, Regina de Jesus de Sousa, emphasised the need for Timor-Leste to develop a credible, consistent, and sustainable accounting system tailored to national needs and aligned with relevant international standards.

The Vice-Minister stressed that accounting reform is not limited to adopting new standards, procedures, or technical systems, but must produce accurate, reliable, and timely financial information, strengthen transparency and accountability, and improve the management of public resources.

“Standards provide direction, but it is their implementation that gives them meaning,” said Regina de Jesus de Sousa, adding that the success of the reform depends on the effective and consistent application of the adopted standards.

The process involves developing an appropriate accounting framework for both the public and private sectors and coordinating it with other areas of financial management, such as taxation, state asset management, public-private partnerships, and public debt management.

The Vice-Minister also called for expanding technical cooperation with Indonesia in internal auditing, specifically through capacity building for auditors, the development of risk-based audit methodologies, and the strengthening of government internal control systems.

Cooperation between Timor-Leste and Indonesia in this domain began in 2023, initially focusing on accounting reform and standards, and later expanded to cover taxation, asset management, and other areas of public financial management.

A representative from the Embassy of the Republic of Indonesia in Timor-Leste, Banga Malewa, reaffirmed Indonesia’s commitment to supporting institutional development and strengthening public financial management in Timor-Leste through training, technical assistance, and knowledge sharing.

Over five days, officials and staff from the Directorate-General of the Treasury, the Tax Authority, the Directorate-General for State Asset Management, and the Directorate-General for External Resources Mobilisation attended the seminar.

The initiative builds on the ongoing technical cooperation programme between the two countries to advance accounting, auditing, and public financial management systems in Timor-Leste.