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Political organisations should keep consolidated financial statements for all of their party units, such as trade associations, constituency councils, holding companies and related self-governing institutions. An individual party unit may be excluded from the consolidated accounts if its income does not exceed ISK 300,000 annually. Annual financial statements shall be drawn up according to the substantive rules of the Annual Accounts Act, as applicable. The Icelandic National Audit Office shall issue further instructions on accounting practices for political organisations.
Political organisations shall submit financial statements to chartered accountants for auditing. The auditors shall operate according to guidelines from the Icelandic National Audit Office and verify that the consolidated financial statements were prepared in accordance with provisions of this Act and general accounting principles, confirming that opinion by signing the statements. The Icelandic National Audit Office may at any time call for all documents in order to verify that contributions by individuals and legal entities have remained within the limitations stated in Chapter III.