53. Must reports from political parties and/or candidates include information on itemized income?

12. (1) A political party must— (a) deposit all donations received by that political party, membership fees and levies imposed by the political party on its representatives into an account with a bank registered as a bank in terms of the Banks Act, 1990 (Act No. 94 of 1990), in that political party’s name; (b) keep a separate account with a bank registered as a bank in terms of the Banks Act, 1990 (Act No. 94 of 1990), into which all money allocated to it from the Funds must be deposited; (c) appoint an office-bearer or official of that political party as its accounting officer; and (d) appoint an auditor registered and practising as such in terms of the Auditing Professions Act, 2005 (Act No. 26 of 2005), to audit its books and financial statements. (2) The accounting officer contemplated in subsection (1)(c) must— (a) account for all income received by the political party; (b) ensure that— (i) any money allocated from the Funds is not paid out for a purpose not authorised by this Act; and (ii) the political party complies with this Act; (c) keep separate books and records of account, in the prescribed manner, in respect of money allocated from the Funds and all transactions involving that money; and (d) within the prescribed period— (i) 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; (ii) prepare a statement showing all donations and membership fees, and any levy imposed by the political party on its elected representatives during that financial year; and (iii) submit those statements and the books and records of account to an auditor appointed in terms of subsection (1)(d).

"The separate books and records of account required by section 12(2)(c) of the Act must be kept according to generally recognised accepted accounting practices, and must include the following: (a) Records showing all transactions involving allocated moneys; (b) records showing all assets acquired with allocated moneys; (c) records showing commitments entered into in respect of allocated moneys; (d) a balance sheet; (e) an income and expenditure statement; and (f) a cash flow statement."

Political Party Funding Act, 2018.