Revised Financial Reporting Template Ushers in Efficiency, Accountability, and Good Governance for Political Parties
The Office of the Registrar of Political Parties (ORPP), in collaboration with the Public Sector Accounting Standards Board (PSASB), the Office of the Auditor General (OAG), the National Treasury, the Attorney General, and Political Parties representatives, has successfully revised and adopted a new financial reporting template for political parties. The adoption was made official during the Political Parties Liaison Committee plenary held on 5th–6th June 2025.
Representing the National Liberal Party (NLP) at the sensitization forum was Emmanuel Junior, the Director of Membership, who emphasized the party’s commitment to financial transparency, accountability, and professionalism in line with the revised framework.
The main objective of the meeting was to sensitize technical officers of funded political parties on the revised financial reporting template and prepare them ahead of the financial year 2024/25 statements.
Emmanuel Junior, Director of Membership, representing the National Liberal Party at the ORPP Sensitization Forum on the revised financial reporting template.
Impact of the New Template
The adoption of the revised financial reporting template is expected to bring far-reaching positive impacts, including:
Enhanced efficiency and cost reduction in financial reporting.
Improved and simplified financial reporting processes.
Stronger compliance with financial regulations.
Improved audit opinions for political parties.
Increased professionalism in party management.
Strengthened corporate governance practices.
Reduced financial risks and exposure for parties.
Mitigation of internal conflicts within political parties.
Enhanced public trust and accountability in political financing.
Participants of the ORPP Sensitization Forum on the revised financial reporting template, bringing together representatives from political parties, oversight institutions, and key stakeholders to strengthen transparency, accountability, and good governance in party financial management.
Opportunities Going Forward
The revised template also presents political parties with new opportunities such as:
Stronger structures and enhanced goodwill across the political space.
Sustained ORPP engagement with the National Treasury and Parliament to advocate for improved budgetary allocations.
Better aligned training and sensitization on financial reporting.
Anticipated ownership and compliance by political parties.
Reliable financial data to inform decision-making.
Consultative and participatory processes that enhance public trust.
Audit and Reporting Timelines
Additionally, parties were reminded of the financial and operational audits of FY 2024/25, with the Cabinet Secretary for the National Treasury issuing a revised audit timeline circular. The new timelines, effective 31st August 2025, will guide the timely preparation and submission of financial statements moving forward.
With these changes, political parties such as the National Liberal Party stand to benefit significantly from streamlined financial operations, improved accountability, and enhanced public confidence in political governance.
