The Election Commission of Pakistan (ECP) has ordered all political party heads to furnish their complete financial accounts by 29th August through a directive. The move is part of the ECP’s efforts to make financial dealings in political parties transparent and accountable.
Deadline for Submission ECPÂ
The ECP requires political parties to provide their financial statements within 60 days after the close of the fiscal year. Which should be on Form D and certified by a chartered accountant to effectively capture all financial activities of the party. And report them accordingly.
Detailed Financial Disclosures ECPÂ
Political parties are expected to give detailed accounts of incomes. And expenditures annually. As well as sources of funding, assets, and liabilities. This comprehensive disclosure ensures that there is transparency in the business transactions of political groups. As per ECP’s guidelines, these financial statements must be provided with complete details to ensure compliance with regulatory requirements.
Importance of Compliance
The ECP has firmly stated that without honest reporting about finances, it will be almost impossible to have credible elections in the future. In calling for comprehensive disclosures on finances. The ECP seeks to avoid any breach of trust. The commission believes that openness in monetary matters can help establish faith among citizens in politics, preventing the illegal misappropriation of resources meant for campaigns or other activities.
Annual Audit Report Requirements
Additionally, parties must present an audited report on their accounts besides giving out their financial statements. This report should bear the signature of an authorized officer who attests to what he stated concerning his party’s position financially. Through this audit report, we can get an independent opinion about its overall health condition based on its liquid capital balance.
Role of Party Leaders
Party leaders must personally ensure their parties comply with the ECP’s directive. The ECP requires an authorized officer to sign and affirm the documents’ truthfulness. Consequently, the party’s top management checks the documents for accuracy.
The ECP’s order for political parties to submit their financial accounts by 29th August is a significant move towards making the political process transparent and accountable. The ECP demands that there should be detailed financial disclosures. And audited reports to ensure that political parties operate honestly within legal boundaries. This change will help increase faith among people in politics. And will make elections more fair.
