| (1) | An independent representative must— |
| (a) | deposit all donations received into an account with a bank registered as a bank in terms of the Banks Act, in the independent representative’s name; |
| (b) | separate from his or her personal account keep an account with a bank registered as a bank in terms of the Banks Act, into which all money allocated to him or her from the Funds must be deposited; |
| (c) | appoint and auditor registered and practising as such in terms of the Auditing Professions Act, 2005 (Act No. 26 of 2005), to audit his or her books and financial statements; |
| (d) | 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 |
| (e) | within the prescribed period— |
| (i) | prepare a financial statement showing all money received by the independent representative 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, in the prescribed form, showing all donations received during that financial year; and |
| (iii) | submit those statements and the books and records of account to an auditor appointed in terms of paragaph (c). |
| (2) | On receipt of the statements, books and records contemplated in subsection (1)(e)(iii), the auditor must perform an audit of the financial statements and express an opinion on those statements— |
| (a) | indicating whether the donations received by the independent repre-sentative comply with section 8(1); |
| (b) | listing the donations required to be disclosed in terms of section 9(1); |
| (c) | listing the donations under the threshold prescribed in section 9(1); |
| (d) | indicating whether the transactions in the financial statements related to the money allocated from the Funds are in accordance with this Act; |
| (e) | indicating whether any income was received by the independent representative other than provided for in terms of this Act; and |
| (f) | indicating whether any money lent to the independent representative is on commercial terms. |
| (3) | The independent representative must submit the auditor’s opinion and audited financial statements to the Commission within the prescribed period. |
| (4) | An independent candidate must— |
| (a) | deposit all donations received by him or her into an account, separate from his or her personal account with a bank registered as a bank in terms of the Banks Act, in the candidate’s name; |
| (b) | prepare a statement, in the prescribed manner, showing— |
| (i) | all donations received by the candidate during the previous two financial years before his or her nomination of whatever form and into whatever account and after his or her nomination; |
| (ii) | any money lent to the independent candidate as well as the terms and conditions of such loan; and |
| (c) | submit those statements and the books and records of account together with a prescribed confirmation letter from its bank and an affidavit confirming the correctness of their contents to the Commission in the prescribed form and within the prescribed period. |
| (5) | Where an independent representative first becomes a member of the National Assembly or a provincial legislature— |
| (a) | the independent representative must submit the statement contemplated in subsection (4)(b) to an auditor appointed in terms of subsection (1)(c); |
| (b) | the auditor must perform an audit of the financial statements and express an opinion on those statements— |
| (i) | indicating whether the donations received by the independent representative after his or her nomination comply with section 8(1); |
| (ii) | listing the donations received after his or her nomination required to be disclosed in terms of section 9(1); |
| (iii) | listing the donations received after his or her nomination under the threshold prescribed in section 9(1); and |
| (iv) | indicating whether any money lent to the independent representative is on commercial terms. |
| (c) | the independent representative must submit the auditor’s opinion and audited financial statements to the Commission within the prescribed period. |
| (6) | The Auditor-General may at any reasonable time audit any independent representative’s books, records of account and financial statements relating to money allocated to the independent representative from the Political Representatives Fund. |
[Section 12A inserted by section 18 of the Electoral Matters Amendment Act, 2024, Notice No. 4790, GG50624, dated 7 May 2024 - Commencement 8 May 2024 by Proclamation 165, GG50628, dated 8 May 2024]
