Crossword Genius

Former inspector reported Treasury department (9)

Ross

I believe the answer is:

exchequer

I'm a little stuck... Click here to teach me more about this clue!

'treasury department' is the definition.
Although both the answer and definition are singular nouns, I can't understand how they can define each other.

'former inspector reported' is the wordplay.
'former' becomes 'ex' (prefix meaning former or onetime).
'inspector' becomes 'checker' (checker is a kind of inspector).
'reported' shows a homophone (sound like).
'checker' sounds like 'chequer'.
'ex'+'chequer'='EXCHEQUER'

Can you help me to learn more?

(Other definitions for exchequer that I've seen before include "National treasury" , "large supply of money" , "Department in charge of a nation's finances" , "Bank of England account" , "Government funding?" .)

I've seen this clue in The Independent.
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