EC holds workshop with political party auditors

Election Commission on Monday held a meeting of account auditors of major political parties and discussed transparency guideline norms and filing statements for 2013-14 by them after completion of Lok Sabha polls as an effort to curb use of black money.

Sources said the EC, during the meeting-cum-workshop, detailed the auditors and chartered accountants about the guidelines it has framed for filing of financial reports of the parties as prepared by the Institute of Chartered Accountants of India (ICAI). They said the poll body expects these statements to be filed by October 30 after results are announced on May 16.

The EC, according to its revised transparency guidelines, has already mandated that all political parties should file their audited accounts to it by October 30. During the meeting, the EC briefed the auditors on scrupulously following the guidelines framed by it in this context and even asked for suggestions to improve the guidelines which will be notified by the end of this month.

The ICAI, top body for CAs in the country, has helped the EC on framing accounting standards for political parties in February 2012 and they were implemented during the Assembly polls that have been held in various states.

The poll panel, during the day-long interaction, also briefed the auditors and officials of Income Tax department about a host of measures it has taken to curb the use of illegal money in the polls and providing a level playing field to all candidates and parties trying their electoral luck.

One of the salient points mooted by the EC this time in the revised guidelines is that the parties which desire to provide any amount to its candidates for their election expenses, "shall make such payment, not exceeding the prescribed ceiling, only through crossed account-payee cheque or draft or through bank account transfer and not in cash".

"Treasurer of the political party or such person as authorised by the party shall, besides maintaining accounts at all state and local units, maintain consolidated accounts at the central party headquarters," says one of the guidelines that have been sent to political parties for comments.