Political parties are obliged to submit annual financial reports to the NAO by 1 October every year. Political parties must keep consolidated accounts for all units they are comprised of, such as subsidiary associations, constituency boards, holding companies and related self-governing institutions. Party units with income less than ISK 400,000 per year may be omitted from the consolidated account reporting. Political organizations shall entrust auditors with auditing their financial statements.
Articles 8 and 9 of the Act on the Finances of Political Organisations and Candidates and their Information Disclosure (2006), last amended in 2011.