(1) The treasurer of a political party shall ensure that the accounting records are kept, with respect to the political party, in accordance with the principles and accounting practices and in accordance with generally accepted audit standards and in such manner which is sufficient to show and explain the political party's transactions.

(2) The accounting records shall be kept in such manner that they:

(a) disclose, at any time, and with reasonable accuracy, the financial position of the political party at that time; and

(b) enable the treasurer to ensure that any statement of accounts prepared by him for the purposes of the annual statements of accounts comply with the principles and accounting practices and in accordance with generally accepted audit standards and with the relevant provisions of this Act.

 (3) The accounting records must in particular contain:

(a) sufficient details to be able to identify all sources of income received and all disbursements made by the political party, and the matters in respect of which such receipts and expenditure takes place;

(b) a record of the assets and liabilities of the political party; and

(c) the   details   of entities   including   commercial enterprises which are related directly or indirectly to a political party or are otherwise under its effective management or control.