Crossword Genius

Funds erstwhile auditor needed for hearing (9)

Ross

I believe the answer is:

exchequer

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

'funds' is the definition.
(exchequer is a kind of funds)

'erstwhile auditor needed for hearing' is the wordplay.
I cannot really understand how this works, but
'erstwhile' could be 'ex' (prefix meaning former or onetime) and 'ex' is located in the answer.
The remaining letters 'chequer' is a valid word which might be clued in a way I don't see.
This explanation may well be incorrect...

Can you help me to learn more?

(Other definitions for exchequer that I've seen before include "National treasury" , "Purse" , "Department in charge of a nation's finances" , "old government office" , "Bank of England account" .)

I've seen this clue in The Independent.
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