Tynwald asked to approve creation of auditor general this month
Setting up an office to identify ways for government to save money would require an annual budget of £855,000.
Tynwald will be asked to approve plans to establish a Tynwald Auditor General at this month's sitting.
It's estimated the role would identify savings in excess of £1million per year.
Chairman of the Tynwald Management Committee, Speaker of the House of Keys Juan Watterson, says the Isle of Man is one of a small number of countries not to already have such a system in place:
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