47. Do political parties have to report regularly on their finances?

Articles 8 and 12, Political Party Funding Act, 2018.

Paragraph 11(2), Schedule 2 of Political Party Funding Act, 2018.

The law provides that within 3 months of the financial year-end, all political parties must prepare a statement showing all money received by the represented political party from the funds during the previous financial year, the application of that money, and the purposes for which the money has been applied.  
Political parties are required to designate an Accounting Officer whose responsibility among others is to ensure that all party income is well recorded, accounted for and audited. The Accounting Officer thereafter is enjoined to submit the auditor's opinion to the Independent Electoral Commission.